74 Questions
What is required for a contract to be legally enforceable?
Mutual agreement
Which status applies to contracts that meet all necessary criteria?
Valid
What type of contracts pertain to specific oral contracts that, if performed, cannot modify the outcome?
Valid but unenforceable
What does 'void' mean in terms of contract law?
Not valid or enforceable
What is required for a contract to be voidable?
Presence of coercion or fraud
Which is a requirement for competent parties in a contract?
Legal age and mental competency
What must accompany a clear and unequivocal offer and acceptance in a contract?
Meeting of the minds
'Valuable consideration' in a contract refers to:
$Exchange of value for performance$
'Legal purpose' in a contract refers to:
$Promise, intent, and content must be lawful$
'Voluntary good faith' in a contract ensures:
$Absence of coercion, fraud, or misrepresentation$
What must a contract include according to the Statute of Frauds?
Legal description of the property being conveyed
Which term refers to an expressed intention to enter into a contract?
Offer
What type of contract includes all terms explicitly agreed upon by the parties?
Express contract
In a bilateral contract, how many parties promise to perform certain obligations?
Both parties
What happens in an executed contract?
All obligations have been fulfilled by both parties involved
Which legal remedy involves canceling the contract and returning any deposits made?
Rescission
What must an acceptance be in relation to an offer?
No changes made to the original offer
What does a unilateral contract involve?
One party agreeing to perform only if another party performs first or fulfills certain conditions specified in the agreement before performance takes place.
What is required for a contract to be considered voidable?
There should be no duress, coercion, fraud or misrepresentation
What does 'valuable consideration' refer to in a contract?
The exchange of valuable consideration for performance by the other party
What is necessary to ensure 'voluntary good faith' in a contract?
No duress, coercion, fraud or misrepresentation
In a contract, what does 'legal purpose' ensure?
The promise, intent, and content must be lawful
What makes a contract void?
Not valid or enforceable
What does 'competent parties' refer to in a contract?
Individuals who have reached the legal age and possess mental competency
'Mutual consent' in a contract involves:
A clear and unequivocal offer and acceptance with a meeting of the minds
'Requirements for Conveyance Contracts' specifies that:
'Legal purpose' must be ensured
'Status of Contracts: Valid but unenforceable' pertains to:
'Voidable' contracts if performed cannot modify the outcome
What is the key requirement for a contract to be legally enforceable?
Offer expressed intention to enter into a contract
Which type of contract may not be legally enforceable?
Oral vs. Written
What does specific performance involve in contract law?
Filing a legal suit to compel adherence to promised contractual obligations
In a bilateral contract, how do the parties promise to perform?
Certain obligations under the agreement
What is the key characteristic of an executed contract?
All obligations have been fulfilled and completed by both parties
What is the main consequence of rescission in contract law?
'Canceling' the contract and returning any deposits made
When does a unilateral contract occur?
One party agrees to perform only if another party performs first
What is the significance of valuable consideration in a contract?
'Forfeiting' something as per agreement terms
What does 'legal purpose' refer to in a contract?
Ensuring that the contract objective is lawful
Which party must communicate acceptance for revocation of an offer to occur?
The offeree's communication of acceptance must be received by the offeror.
What type of contract arises from one party's actions suggesting a mutual understanding to enter into a contractual relationship?
Implied contract
What is the main difference between an executed contract and an executory contract?
Whether all obligations have been completed
What legal remedy involves filing a civil lawsuit seeking financial compensation not covered by the original contract?
Suit for damages
When can an acceptance in a contract be considered unequivocal?
When it agrees exactly to the terms of the offer
What type of contract involves one party agreeing to perform only if another party fulfills certain conditions specified in the agreement before performance takes place?
Unilateral contract
What legal remedy involves canceling a contract and returning any deposits made?
Rescission
'Contract Assignment' allows assignment unless under what circumstances?
If expressly prohibited or personal service agreement
What is the key requirement for a contract to be considered void?
Legal purpose
Which term refers to a type of contract that may be rescinded due to subsequent discoveries?
Voidable
What ensures no duress, coercion, fraud, or misrepresentation in a contract?
Voluntary good faith
Which status applies to contracts that are valid but cannot be enforced?
Valid but unenforceable
What refers to the exchange of valuable consideration for performance in a contract?
Valuable consideration
In a bilateral contract, how many parties must have reached the legal age and possess mental competency?
Two parties
What does 'voluntary good faith' aim to prevent in a contract?
Duress and coercion
Which type of contract cannot be enforced by any court of law?
'Void' contract
'Mutual consent' in a contract involves:
'Meeting of the minds'
'Requirements for Conveyance Contracts' specifies that:
'Contracts must be documented in writing'
What is the main purpose of 'mutual consent' in a contract?
To guarantee a lawful promise
What does 'voidable' mean in terms of contract law?
The contract may be rescinded due to subsequent discoveries
Why is 'valuable consideration' essential in a contract?
To exchange value for performance
What does 'competent parties' in a contract refer to?
Parties who have reached the legal age and possess mental competency
Why must a contract have 'legal purpose'?
To guarantee lawful intent and content
In contract law, what does 'voluntary good faith' aim to prevent?
Fraud or misrepresentation
What is necessary for a contract to be considered 'valid'?
Mutual consent
Why is 'valuable consideration' vital in a contract?
To exchange something of value
What does 'void' mean concerning contracts?
Not valid or enforceable
Why is 'mutual consent' so crucial in contracts?
To establish a clear understanding between parties
What is the main consequence of forfeiture in contract law?
The party at fault must surrender something as per the terms mentioned in the agreement.
In a unilateral contract, when does performance take place?
After one party agrees to perform if certain conditions are met by another party.
What is the key characteristic of an executed contract?
All obligations have been fulfilled and completed by both parties involved.
When does a bilateral contract occur?
When both parties promise to perform certain obligations under the agreement.
What is the significance of liquidated damages in contract law?
Compensation is awarded to an aggrieved party as specified in the contract.
What type of contracts pertain to agreements where some duties remain unfulfilled?
Executory contracts
In a contract, what is 'specific performance' aimed at achieving?
Compelling adherence to promised contractual obligations.
'Express vs. Implied' contracts differ in that:
An express contract includes all terms explicitly agreed upon, while an implied contract arises without intentional agreement.
'Voiding an Offer' can occur:
At any point before offeree's communication of acceptance.
What does an executed contract signify?
It indicates fulfillment of all obligations by both parties involved.
Learn about the definition of a contract in the context of contract law, the necessary requirements for a contract to be legally enforceable, and the different statuses of contracts such as valid and unenforceable ones.
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