Law Unit 4 - Contracts

Any agreement enforceable by law

• Offer

• Contract

• Agreement

• Consideration

According to law, which types of contracts MUST be in writing? (hint: more than 1 answer)

• Sale of land/real estate

• Sales for more than $500

• Contracts lasting 1+ years

• Agreements to pay someone else's debt

The law that requires certain agreements be in writing is called the:

• Statute of frauds

• Promissory estopple

• Parole Evidence

• Genunie Agreement Doctrine

Which of these is NOT one of the required elements of a contract?

• Genuine agreement

• Capacity

• Exchange of money

• Legality

The thing of value promised to be exchanged by parties is known as....

• Consideration

• Capacity

• Offer

• Acceptance

The mirror image rule means that:

• You can always negotiate for a better offer

• All terms must be written into a contract

• The terms of acceptance must match the exact terms of the offer

• You must make a change starting with the man in the mirror

Not all agreements are contracts, but...

• All contracts ARE agreements

• All agreements are legally binding

• An agreement can be changed after the contract is made

• All offers are invitations to negotiate

A contract with a promise made by one party to do something after something else happens is a ...

• Bilateral contract

• Genuine agreement

• Unilateral Contract

• Express Contract

If a contract lacks one or more required elements, it is considered....

• Valid

• Void

• Voidable

• Illegal

An express contract is one that is:

• Taking place in less than a year

• Quick to perform

• Created by the actions of the parties

• Stated in words or writing