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Contracts Flashcards

5 cards from real KS BAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. What are the essential elements required to form a valid contract?

    Answer: Offer, acceptance, consideration, and mutual assent

    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.

  2. Which of the following is a valid defense to the enforcement of a contract?

    Answer: The contract is based on an illegal purpose

    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.

  3. What type of contract is formed when one party makes a promise in exchange for the performance of an act by another party?

    Answer: Unilateral contract

    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).

  4. What is the legal effect of a material breach of contract?

    Answer: The non-breaching party can seek damages and terminate the 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.

  5. 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?

    Answer: Quantum meruit

    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.