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LEGL 2700 ROESSING EXAM 2 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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LEGL 2700 ROESSING EXAM 2 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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LEGL 2700 ROESSING EXAM 2QUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
PromiseW-WANSWERWAWcommitmentWorWwillingnessWtoWbeWboundWtoWaWcontractWobligation
UniformWCommercialWCodeW(UCC)W-
WANSWERWTheWmostWsuccessfulWattemptWtoWhaveWstatesWadoptWaWuniformWlaw
PurposeWisWtoWsimplify,Wclarify,WandWmodernizeWtheWlawsWgoverningWcommercialWtransactions
GoodsW-WANSWERWTangibleW(touchable),WmovableWpersonalWproperty
BilateralWContractW-WANSWERWPromiseWinWexchangeWforWaWpromise
InvolvesWpromisorWandWpromisee
UsuallyWmadeWtoWaWspecificWperson
Acceptance,WthenWperformanceWlater
BindingWevenWwhenWpromiseWhasn'tWbeenWfulfilledWyet
Ex)WworkWorderWtoWpaintWhouse
UnilateralWContractW-WANSWERWPromiseWinWexchangeWforWanWaction
MadeWtoWtheWwholeWworld
AcceptanceWandWperformanceWhappenWatWtheWsameWtime
NotWbindingWuntilWactionWhasWbeenWdone
Ex)WlostWdogWposterWandWreward
ExpressWContractsW-WANSWERWAWcontractWinWwhichWpartiesWshowWtheirWagreementWinWwords
Implied-in-factWContractsW-
WANSWERWAWlegallyWenforceableWagreementWinferredWfromWtheWcircumstancesWandWconductWofWtheWpar
ties
,Implied-in-lawWContractW-WANSWERWAWquasi-contract;WnotWaWtrueWcontract
LegalWfictionWthatWtheWcourtsWuseWtoWpreventWunjustWenrichmentWandWwrongdoing
CourtsWpermitWtheWpersonWwhoWconferredWaWbenefitWtoWrecoverWtheWreasonableWvalueWofWthatWbenefit
Nonetheless,WtheWelementsWofWaWtrueWcontractWareWnotWpresent
Quasi-contractW-WANSWERWAnWimplied-in-lawWcontract;WnotWaWtrueWcontract
LegalWfictionWthatWtheWcourtsWuseWtoWpreventWunjustWenrichmentWandWwrongdoing
CourtsWpermitWtheWpersonWwhoWconferredWaWbenefitWtoWrecoverWtheWreasonableWvalueWofWthatWbenefit
Nonetheless,WtheWelementsWofWaWtrueWcontractWareWnotWpresent
EnforceableWContractW-WANSWERWAWcontractWthatWcanWbeWenforcedWinWcourt
UnenforceableWContractW-WANSWERWAWcontractWthatWcannotWbeWenforcedWinWcourt
ValidWContractW-WANSWERWAWcontractWthatWcontainsWallWofWtheWproperWelementsWofWaWcontract
VoidWContractW-WANSWERWAWcontractWthatWisWempty,WhavingWnoWlegalWforce;Wineffectual,Wunenforceable
Ex)WdrugWsale,Wkiller-for-hire
InWPariWDelictoW-WANSWERWTheWpartiesWtoWanWillegalWcontractWareWequallyWatWfault
VoidableWContractW-WANSWERWCapableWofWbeingWdeclaredWaWnullity,WthoughWotherwiseWvalid
PartyWtakenWadvantageWofWcanWavoidWcontract;WotherWpartyWcannot
ExecutedWContractW-
WANSWERWAWcontractWthatWisWfullyWaccomplishedWorWperformed,WleavingWnothingWunfulfilled
ExecutoryWContractW-WANSWERWAnWagreementWthatWisWnotWcompleted
, RemainsWthisWstateWuntilWtheWperformanceWrequiredWinWaWcontractWisWcompleted
OfferW-
WANSWERWAWcontractualWcommunicationWthatWcontainsWaWspecificWpromiseWandWaWspecificWdemand
Definite,WpresentWintentWtoWbeWboundWtoWaWcontract
InitiatesWtheWprocessWofWmakingWaWcontract
IndefinitenessW-
WANSWERWWhenWtheWtermsWofWanWagreementWareWnotWsufficientlyWspecific,WtheWagreementWdoesWnotWr
iseWtoWtheWlevelWofWaWcontract
RevocationW-WANSWERWTheWcontractualWcommunicationWofWwithdrawingWanWoffer
CannotWbeWdoneWuponWcompletionWofWperformance
RejectionW-WANSWERWTheWrefusalWofWanWoffer
TerminatesWanWoffer
CannotWbeWreversed
CounterofferW-WANSWERWAnWofferWmadeWinWresponseWtoWanother'sWoffer
AcceptanceWmustWbeWforWasWitWis
UsuallyWmadeWinWplaceWofWanWacceptance
UsuallyWterminatesWanWoffer
LapseWofWTimeW-
WANSWERWWhenWtheWoffereeWfailsWtoWacceptWbyWaWdeadlineWdefinedWinWtheWofferWorWafterWaWreasonabl
eWperiodWofWtime
SubjectWMatterWDestructionW-
WANSWERWWhenWtheWobjectWofWtheWcontractWisWdestroyedWorWlegallyWeliminated
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