Champions - Promulgated Contract
Forms exam review
Mutual Consent - correct answers Often referred to as a "meeting of the minds."
Five Elements Of A Valid and Enforceable Contract - correct answers COLIC
1. Competent parties
2. Offer and acceptance (mutual consent)
3. Legal purpose
4. In writing (when required by law)
5. Consideration,
Unilateral Contract - correct answers Only one party is obligated to perform. A unilateral contract is said
to lack mutuality.
Consideration - correct answers Something of value given in exchange for a promise.
Option - correct answers An agreement between a buyer and seller or landlord and tenant. A seller, in
exchange for some form of consideration (an option fee), gives the buyer the right to purchase the
property at some preset price and terms for a period of time.
Unenforceable Contract - correct answers Is one that cannot be enforced due to some flaw in the
contract, passage of time, or other issues that make enforcement impossible.
Valid Contract - correct answers One that meets all of the requirements of law.
Void Contract - correct answers Is invalid from the beginning, and has no effect on the parties. A contract
to perform an illegal act is a ______ contract.
Voidable Contract - correct answers Is one that cannot be enforced against one or more of the parties.
Most contracts entered into with minors are ________ at the option of the minor
