FREE KS Bar Contracts Questions and Answers
What type of contract is formed when one party makes a promise in exchange for the performance of an act by another party?
A unilateral contract is formed when one party makes a promise in exchange for the performance of an act by another party. For example, a reward contract where one promises to pay for the return of lost property is a unilateral contract because the promise is contingent on the performance of the act (returning the property).
What are the essential elements required to form a valid contract?
The essential elements required to form a valid contract are offer, acceptance, consideration, and mutual assent (often referred to as a "meeting of the minds"). These elements ensure that both parties agree to the terms and intend to be bound by the contract.
Which of the following is a valid defense to the enforcement of a contract?
A contract that is based on an illegal purpose is not enforceable. Contracts must have a lawful objective and not violate public policy or statutes to be valid and enforceable.
Which doctrine allows a party to recover damages for work performed under an unenforceable contract if the party has conferred a benefit on the other party?
Quantum meruit is a legal doctrine that allows a party to recover damages for work performed under an unenforceable contract or in the absence of a contract, based on the value of the benefit conferred to the other party. It ensures that a party is compensated for the value of their performance.
What is the legal effect of a material breach of contract?
A material breach of contract allows the non-breaching party to seek damages and terminate the contract. A material breach is a significant failure to perform that undermines the contract's purpose and justifies legal remedies or termination of the agreement.