Podcast
Questions and Answers
What are the three requirements for an offer to be valid?
What are the three requirements for an offer to be valid?
- Intent, consideration, and legality
- Intent, communication, and consideration
- Intent, communication, and definite terms (correct)
- Communication, consideration, and definite terms
What are the two main sources of contract law?
What are the two main sources of contract law?
- International law and the Uniform Commercial Code
- State common law and the Uniform Commercial Code (correct)
- State and federal law
- Federal law and international law
What are the three requirements for a valid offer?
What are the three requirements for a valid offer?
- Intent, acceptance, and definite terms
- Communication, acceptance, and definite terms
- Intent, communication, and acceptance
- Intent, communication, and definite terms (correct)
Which rule requires interpreting a contract according to its plain and ordinary meaning?
Which rule requires interpreting a contract according to its plain and ordinary meaning?
What is the plain meaning rule?
What is the plain meaning rule?
Which of the following is necessary for a contract to be legally binding?
Which of the following is necessary for a contract to be legally binding?
What is the difference between unilateral and bilateral contracts?
What is the difference between unilateral and bilateral contracts?
What is necessary for a contract to be legally binding?
What is necessary for a contract to be legally binding?
What is recognized by the law as sufficient consideration?
What is recognized by the law as sufficient consideration?
What is necessary to support a contract?
What is necessary to support a contract?
How can an offer be terminated?
How can an offer be terminated?
What is necessary to support a contract?
What is necessary to support a contract?
Does adequacy of consideration have to be equal or fair?
Does adequacy of consideration have to be equal or fair?
Which issues can affect the enforceability of a contract?
Which issues can affect the enforceability of a contract?
Can grossly unfair exchanges be challenged in a contract?
Can grossly unfair exchanges be challenged in a contract?
What is necessary for acceptance to be valid?
What is necessary for acceptance to be valid?
Flashcards
Contract
Contract
A legally binding agreement between two or more parties.
Valid Offer
Valid Offer
A statement by the offeror with the intent to be bound, communicated to the offeree, and containing definite terms.
Mutual Assent
Mutual Assent
The parties involved in a contract must agree on the terms.
Consideration
Consideration
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Bilateral Contract
Bilateral Contract
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Unilateral Contract
Unilateral Contract
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Plain Meaning Rule
Plain Meaning Rule
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Capacity
Capacity
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Legality
Legality
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Intent
Intent
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Communication
Communication
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Definite Terms
Definite Terms
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Mirror Image Rule
Mirror Image Rule
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Communication of Acceptance
Communication of Acceptance
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Offer Termination
Offer Termination
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Adequacy of Consideration
Adequacy of Consideration
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Study Notes
- A contract consists of offer, acceptance, consideration, legal object, and parties with contractual capacity.
- State common law and the Uniform Commercial Code are the two main sources of contract law.
- Contracts can be classified as unilateral or bilateral, express or implied, valid, voidable, void, or enforceable, executed or executory, and formal or informal.
- Unilateral contracts require a performance, while bilateral contracts consist of a promise in exchange for a promise.
- Express contracts have all terms clearly set forth, while implied contracts arise from the conduct of the parties.
- Valid contracts contain all legal elements, while void contracts have an illegal object or serious defect.
- Unenforceable contracts cannot be enforced due to some law, while voidable contracts can be withdrawn or enforced.
- Executed contracts are fully performed, while executory contracts have some duties not yet performed.
- Courts interpret contracts to ascertain and enforce the intent of the agreement.
- The plain-meaning rule requires determining the meaning of a writing or term from the instrument itself with ordinary words.
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Description
Test your knowledge of contract law with this quiz! From the essential elements of a contract to the different classifications and types, this quiz covers all the basics. You'll learn about unilateral and bilateral contracts, express and implied contracts, valid and void contracts, and more. See how much you know about contract interpretation and the plain-meaning rule. Whether you're a law student or just interested in learning more about contracts, take this quiz to test your understanding!
