LGS 200 Charlye Adams Questions and Answers (Solved Papers) An agreement between two or more competent parties, for valuable consideration, to perform or to refrain from performing some act now or in the future - Correct Answers ✅Contract The parties' assent is judged not by the subjective intent of each party, but by the objective intent that a similarly situated reasonable person would understand what the parties to have - Correct Answers ✅Objective Theory of Contract The offeror must offer to enter into an agreement and the offeree must accept the terms of the offorer's offer - Correct Answers ✅Agreement The person proposing an agreement - Correct Answers ✅Offeror The person whom the offeror proposes the agreement - Correct Answers ✅Offeree Something of value given or promised to convince a party to agree to the deal - Correct Answers ✅Consideration Both parties much be legally competent to enter the agreement - Correct Answers ✅Contractual Capacity 1 / 2
LGS 200 Charlye Adams Questions and Answers (Solved Papers) The contract's purpose must be to accomplish some goal that is legal and not against public policy - Correct Answers ✅Legality The apparent consent of both parties must be genuine - Correct Answers ✅Genuineness of Assent The agreement must be in whatever form the law requires - Correct Answers ✅Form A bilateral contract arises when the offeror gives her promise in exchange for the offerees return promise - Correct Answers ✅Bilateral Contract A unilateral contract arises when the offeree can only accept the offer by performance. Once the offeree of a unilateral contract begins to perform, the offeror loses the ability to revoke the offer - Correct Answers ✅Unilateral Contract A contract in which the terms of the agreement are explicitly stated orally or in writing - Correct Answers ✅Express Contract A (2) the plaintiff reasonably expected to be paid and the defendant knew or should have known that a reasonable
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