Exam (elaborations)
Contract Law- Business Law Exam 3:Questions and Answers (A+)
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Contract Law- Business Law Exam 3:Questions and Answers (A+)
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Contract Law- Business Law Exam 3:Questions andAnswers (A+)
Uniform Commercial Code (UCC) Correct-written by legal scholars, governs contracts for
the sale and lease of goods
contract Correct-a promise for the breach of which the law provides a remedy
elements of a valid contract Correct-agreement, consideration, contractual capacity, and
legality
agreement Correct-an offer and an acceptance
consideration Correct-something of value must be received or promised
contractual capacity Correct-both parties must be competent to enter a contract
legality Correct-the contract's purpose must be legal
, Contract Law- Business Law Exam 3:Questions and
Answers (A+)
bilateral contract Correct-the offeree accepts by promising to perform the contract
unilateral contract Correct-the offer can accept only by performing the terms of the
contract
If offeree has substantially completed the terms of the unilateral contract, Correct-the
contract cannot be revoked
formal contract Correct-must be in a specified format to be enforceable
informal contract Correct-no special format is required
express contract Correct-the terms are fully stated whether written or orally
implied contract Correct-the conduct of the party determines the terms
, Contract Law- Business Law Exam 3:Questions and
Answers (A+)
requirements of an implied contract Correct-the plaintiff furnished some service or
property,the plaintiff expected to be paid for that service or property, and the defendant
knew or should have known that payment was expected, the defendant had a chance to
reject the services or property and did not
Contract Performance Correct-executed contract, executory contract
executed contract Correct-a contract that has been fully performed by both parties
executory contract Correct-a contract that has not been fully performed
agreement requires Correct-offeror and offeree
offeror Correct-the one who makes the offer
offeree Correct-the one to home the offer is made
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