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LEGL 2700 Roessing Exam 2 Questions and Answers (100% Pass) $13.49   Add to cart

Exam (elaborations)

LEGL 2700 Roessing Exam 2 Questions and Answers (100% Pass)

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  • LEGL 2700
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  • LEGL 2700

LEGL 2700 Roessing Exam 2 Questions and Answers (100% Pass)

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  • October 29, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • LEGL 2700
  • LEGL 2700
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LEGL 2700 Roessing Exam 2
Questions and Answers (100% Pass)
Promise


✓ A commitment or willingness to be bound to a contract obligation




Uniform Commercial Code (UCC)


✓ The most successful attempt to have states adopt a uniform law

✓ Purpose is to simplify, clarify, and modernize the laws governing

commercial transactions




Goods


✓ Tangible (touchable), movable personal property




Bilateral Contract




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Promise in exchange for a promise

✓ Involves promisor and promisee

✓ Usually made to a specific person

✓ Acceptance, then performance later

✓ Binding even when promise hasn't been fulfilled yet

✓ Ex) work order to paint house




Unilateral Contract


✓ Promise in exchange for an action

✓ Made to the whole world

✓ Acceptance and performance happen at the same time

✓ Not binding until action has been done

✓ Ex) lost dog poster and reward




Express Contracts


✓ A contract in which parties show their agreement in words




Implied-in-fact Contracts




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ A legally enforceable agreement inferred from the circumstances and

conduct of the parties




Implied-in-law Contract


✓ A quasi-contract; not a true contract

✓ Legal fiction that the courts use to prevent unjust enrichment and

wrongdoing

✓ Courts permit the person who conferred a benefit to recover the

reasonable value of that benefit

✓ Nonetheless, the elements of a true contract are not present




Quasi-contract


✓ An implied-in-law contract; not a true contract

✓ Legal fiction that the courts use to prevent unjust enrichment and

wrongdoing

✓ Courts permit the person who conferred a benefit to recover the

reasonable value of that benefit

✓ Nonetheless, the elements of a true contract are not present




Enforceable Contract




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ A contract that can be enforced in court




Unenforceable Contract


✓ A contract that cannot be enforced in court




Valid Contract


✓ A contract that contains all of the proper elements of a contract




Void Contract


✓ A contract that is empty, having no legal force; ineffectual,

unenforceable

✓ Ex) drug sale, killer-for-hire




In Pari Delicto


✓ The parties to an illegal contract are equally at fault




Voidable Contract


✓ Capable of being declared a nullity, though otherwise valid

✓ Party taken advantage of can avoid contract; other party cannot




Master01 | October, 2024/2025 | Latest update

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