Exam (elaborations)
BUL 5810 EXAM 3 QUESTIONS AND ANSWERS
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BUL 5810 EXAM 3 QUESTIONS AND ANSWERS...
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BUL 5810 EXAM 3 QUESTIONS AND ANSWERSMost contracts are governed primarily by State ___________ ______, including
contracts involving employment, services, insurance, real property (land and
anything attached to it), patents, and copyrights. - ANSWER common law
Article 2 of the UCC governs the: - ANSWER sale of goods
"Sale" is defined as: - ANSWER the transfer of title from seller to buyer.
Goods are defined as: - ANSWER tangible personal property (personal property is
all property other than an interest in land)
International Contracts involve additional issues beyond those in domestic
contracts, such as: - ANSWER differences in language, legal systems, and
currency.
T or F: The United Nations Convention on Contracts for the International Sales of
Goods (CISG) governs all contracts for international sales of goods between parties
located in different nations that have ratified the CISG. - ANSWER True
What is a contract? - ANSWER A binding agreement that the courts will enforce.
Failure to perform a contractual obligation properly is known as a: - ANSWER
breach
The parties to a contract must manifest by words or conduct that they have agreed
to enter into a contract; this is known as: - ANSWER Mutual Assent
Each party to a contract must intentionally exchange a legal benefit or incur a legal
detriment as an inducement to the other party to make a return exchange; this is
according to the principle of: - ANSWER consideration.
T or F: The purpose of a contract may be criminal, tortious, or otherwise against
public policy. - ANSWER False
The parties to a contract must have contractual ________________. - ANSWER
capacity
An express contract is: - ANSWER an agreement that is stated in words, either
,orally or in writing.
An implied (in fact) contract is: - ANSWER a contract in which the agreement of
the parties is inferred from their conduct.
A contract in which both parties exchange promises is called a: - ANSWER
bilateral contract
A contract in which only one party makes a promise, and that promise is exchanged
for an act or a forbearance to act, is called a: - ANSWER unilateral contract
A valid contract is one that: - ANSWER meets all of the requirements of a binding
contract.
A void contract is no contract at all and has no: - ANSWER legal effect
A contract capable of being made void is known as: - ANSWER voidable
A contract for the breach of which the law provides no remedy is a(n): - ANSWER
unenforceable contract
An executed contract: - ANSWER is a contract that has been fully performed by all
of the parties.
A contract that has yet to be fully performed is a(n): - ANSWER executory contract
A __________ ________________ is an agreement that is legally binding because
of its particular form or mode of expression. - ANSWER formal contract
All contracts other than formal contracts are: - ANSWER informal contracts
Promissory Estoppel is: - ANSWER a doctrine enforcing some noncontractual
promises.
What are the requirements to qualify under Promissory Estoppel? - ANSWER A
promise made under circumstances that should lead the promisor reasonably to
expect that the promise would induce the promisee to take definite and substantial
action and the promisee does take such action.
What is the remedy associated with Promissory Estoppel? - ANSWER A court will
enforce the promise to the extent necessary to avoid injustice.
, An obligation not based on a contract that is imposed to avoid injustice is known
as: - ANSWER a quasi-contract or restitution.
What are the requirements for quasi-contracts/restitution? - ANSWER A court will
impose a quasi-contract or restitution when (1) the plaintiff confers a benefit upon
the defendant, (2) the defendant knows or appreciates the benefit, and (3) the
defendant's retention of the benefit is inequitable.
What remedy is available for quasi-contracts/restitution? - ANSWER The plaintiff
recovers the reasonable value of the benefit she conferred upon the defendant.
An offer is defined as: - ANSWER indication of willingness to enter into a
contract.
T or F: Offeree must have knowledge of the offer, and the offer must be made by
the offeror to the offeree. - ANSWER True
Intent is determined by: - ANSWER an objective standard of what a reasonable
offeree would have believed.
An offer's terms must be clear enough to provide a court with: - ANSWER a basis
for giving an appropriate remedy.
An offer remains open for the time period specified or, if no time is stated, for a: -
ANSWER reasonable period of time.
Generally, an offer may be terminated at any time before it is accepted, subject to
the following exceptions: - ANSWER 1. Option Contract - contract that binds
offeror to keep an offer open for a specified time
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