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LEGL 2700 Roessing Exam 2 Questions and Answers (100% Pass)
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LEGL 2700 Roessing Exam 2 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+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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