BLW 302 EXAM4

What is a contract?

A legally binding agreement between two or more parties that creates an obligation to do or not do something.

What are the essential elements of a contract?

Agreement, Consideration, Contractual Capacity, Legality.

What is the Statute of Frauds?

A law requiring certain contracts to be in writing to be enforceable.

Name one type of contract that must be in writing according to the Statute of Frauds.

Contracts involving the sale or transfer of an interest in land.

What is a bilateral contract?

A contract where both parties make promises to each other.

What is a unilateral contract?

A contract where one party makes a promise in exchange for the other party's performance.

What are equitable remedies?

Non-monetary relief such as specific performance, injunction, or rescission.

What does the Mailbox Rule state?

Acceptance of an offer is generally effective upon dispatch.

What is a voidable contract?

A contract that can be canceled by one party under certain circumstances.

What is consideration in a contract?

Something of legal value exchanged between the parties.

When can a contract be discharged by performance?

When both parties fulfill their contractual obligations.

What is the difference between an executed contract and an executory contract?

An executed contract is fully performed; an executory contract has yet to be completely fulfilled.

Define a valid contract.

A contract that is legally binding.

What is fraudulent misrepresentation?

Inducement into a contract by intentional false statements of fact.

What can cause a contract to be discharged by operation of law?

Events like impossibility of performance, bankruptcy, or changes in law.

Name a situation where consideration may be lacking.

In cases of a pre-existing duty or past consideration.

What is promissory estoppel?

A legal principle that enforces a promise when one party relies on it to their detriment.

What distinguishes formal contracts from informal contracts?

Formal contracts require a specific form, while informal contracts do not.

What is the difference between express and implied contracts?

Express contracts state terms explicitly, while implied contracts are based on conduct.

What is duress in the context of contracts?

Entering into a contract under threat of harm or illegal action.

What happens if a contract is void?

It has no legal effect.

What does it mean for a contract to be unenforceable?

It is valid but cannot be enforced due to a legal issue.