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LEGL 2700 Exam 2 Study Guide Solutions
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LEGL 2700 Exam 2 Study Guide Solutions Contracts - ANSWER-Promises that are enforceable with predictable consequences for performance failures, does not have to be written (ch 8) Contract Law comes from either - ANSWER-Legislation- UCC Article 2 covers sale of goods Common Law- judge made law...

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  • November 13, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
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LEGL 2700 Exam 2 Study Guide
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Contracts - ANSWER✔✔-Promises that are enforceable with predictable consequences

for performance failures, does not have to be written (ch 8)


Contract Law comes from either - ANSWER✔✔-Legislation- UCC Article 2 covers sale

of goods


Common Law- judge made law for contracts for things other than goods (ch 8)


bilateral contract - ANSWER✔✔-promise for promise exchange (ch 8)


unilateral contract - ANSWER✔✔-promise is made in exchange for performance so only

one party is committed to perform (ch 8)


express contracts - ANSWER✔✔-contracts which arise from interactions in which

parties actually discuss the promised terms of their agreement(i.e. negotiated purchase

of land for construction of a plant) (ch 8)


implied-in fact contracts - ANSWER✔✔-contracts which arise from the conduct of the

parties rather than words (i.e. asking an accountant for professional advice implies a

promise to pay money for it though u don't make an express promise to pay for it) (ch

8)
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,Implied-in-law or quasi-contracts - ANSWER✔✔-judicial remedy to prevent 1 party

from receiving unjust enrichment


or


when one party is unjustly enriched at the expense of another, the law may imply a

duty on the first party to pay the second even tho there is no contract b/t the 2 parties

(ch 8)


voidable - ANSWER✔✔-enforceable until a party w/ the right to do so elects to void

agreement (ch 8)


unenforceable contract - ANSWER✔✔-result if nonperforming party has a justifiable

reason for noncompliance with a promise; void (ch 8)


Requirements for an Enforceable Contract - ANSWER✔✔-1) offer to enter into contract


2) acceptance of offer


3)Consideration for each promise


4) Capacity of each party to enter into binding agreement


5) legality of subject matter


(ch 8)


Mirror Image Rule - ANSWER✔✔-acceptance must match the offer exactly




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,i. UCC 2207: expression of acceptance or written acceptance is acceptance, even if terms

are changed


1. Unless offer limits acceptance to original terms


2. Unless additional terms are so far removed from original


3. Unless receiver rejects goods


(ch 8)


Silence - ANSWER✔✔-is not acceptance unless otherwise noted (ch 8)


Defenses to Contract Enforcement - ANSWER✔✔-- Improper form when a writing is

required


- No true meeting of the minds due to fraud or mistake


(ch 8)


Who do not have the capacity to be bound by contracts? - ANSWER✔✔-Minors


Intoxicated people


Mentally incompetent people


(ch 8)


What kind of contracts do not have a lawful purpose? - ANSWER✔✔-Contracts that

require commission of a crime or tort or violate accepted standards of behavior (they

are void) and Courts typically do not take action on such contracts
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Page 3/38

, (ch 8)


Termination of Contract - ANSWER✔✔-Must be done before acceptance


i. Explicit acts:


1. Revocation: revoke offer ("I take it back!")


2. Rejection: offeree rejects offer


3. Counter-offer: offeree rejects offer and makes offer of new contract


4. Lapse of time: deadline either referred to in offer or after a reasonable amount of time


ii. Operation of law


1. Subject matter destruction: object of contract is destroyed


2. Death or insanity: offeror is incapacitated from making decisions


3. Subject matter legality


(ch 8)


"Meeting of Minds" - ANSWER✔✔-mutual understanding of contract (ch 8)


The elements of fraud are (lacking meeting of minds) - ANSWER✔✔-1)

misrepresentation of fact (opinion is not fraud)


2) intent to deceive


3) innocent party has to reasonably believe lies


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