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BUS 302L Law Exam | Questions and Answers Latest {} A+ Graded | 100% Verified
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BUS 302L Law Exam | Questions and Answers Latest {} A+ Graded | 100% Verified
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BUS 302L Law Exam | Questions and Answers Latest {2024- 2025} A+ Graded | 100%Verified
Offer Requirements - 1. intent to contract
2. definiteness of terms
3. communicated
*NOT ADS
Firm Offer Requirements (Merchant Rule) - 1. be made by an offeror who is merchant
2. be contained in a signed writing
3. give assurances that the offer will be kept open
(max 90 days)
Unilateral Contract - when only one party makes a promise
*rewards program, lost dog
Bilateral Contract - both parties make promises and the contract is formed after they exchange
*traditional sale/rent etc.
Option - separate contract in which an offeror agrees not to revoke in exchange for valuables
*rent deposit
Promissory Estoppel - prevents offeror from revoking their offers before acceptance
, Valid Contract - meets all of the legal requirements for a binding contract
Unenforceable Contract - meets the basic legal requirements, but may not be enforceable because of
some other legal rule
Voidable Contracts - parties have the legal right to cancel their obligations under the contract
Void Contracts - create no legal obligations and for which no remedy will be given
*hit man
Express Contract - orally/written contracts while being formed
Implied Contract - when the surrounding facts and circumstances indicate that an agreement has in fact
been reached
*doctor's appointment
2 Bodies of the Law that Govern Contracts - 1. article 2 of uniform commercial code (UCC)
2. common law contract
Uniform Commercial Code (UCC) - statuary in every state
Common Law Contract - court-made law constantly evolving
A2 UCC applies on to the - sale of goods
Goods - tangible, movable, personal property
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