it\'s business law class . short answers please as much as possible. Thanks KEY
ID: 363766 • Letter: I
Question
it's business law class . short answers please as much as possible. Thanks
KEY CONCEPTS: 1) 2) 3) Define the 4 elements of a valid contract What are the 2 main sources of contract law? Explain the following classifications: Unilateral v. Bilateral Express v. Implied Valid, void, voidable Executed v. executory 4) What are the elements of a valid offer? 5) Identify the ways an offer can be terminated 6) What are the elements of a valid acceptance? 7) What are the elements of promissory estoppel? 8) Describe the following legal rules: . Adequacy of consideration .Illusory promise . Past consideration .Preexisting duty DEFINITIONS: Contract Consideration .Liquidated debt Unliquidated debt Accord and satisfactionExplanation / Answer
Answer 1 ) 4 elements of valid contract are : Offer, Consideration, Acceptance and Mutuality
Answer 2) 2 main sources of contract law are : Common Law and Stattory law
Answer 3)
Unilateral and Bilateral : Unilateral contracts involve only promisor while bilateral contracts involve both a promisor and a promisee.
Express and Implied : In case of an expressed contract, the promises should be in clear language whereas in an implied contract the behaviors or actions lead parties to believe an agreement exists.
Answer 4) The elements of a valid offer are : its terms must be definite and clear, it must be communicated to the other party,it must be capable of creating legal relationship etc
Answer 5)Offers can be terminated in the following ways: Revocation of offer by the offeror; counteroffer by offered; rejection of offer by offered; lapse of time; death or disability of either party; or performance of the contract becomes illegal after the offer is made.
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