LEGL 2700 Roessing {Exam 1-3}2025 with 100% correct answers
5 views 0 purchase
Course
LEGL 2700 Roessing
Institution
LEGL 2700 Roessing
LEGL 2700 Roessing {Exam 1-3}2025 with 100%
correct answers
Promise - CORRECT ANSWER A commitment or willingness to be
bound to a contract obligation
Uniform Commercial Code (UCC) - CORRECT ANSWER The most
successful attempt to have states adopt a uniform law
Purpose is to simplify, clarif...
LEGL 2700 Roessing {Exam 1-3}2025 with 100%
correct answers
Promise - CORRECT ANSWER A commitment or willingness to be
bound to a contract obligation
Uniform Commercial Code (UCC) - CORRECT ANSWER The most
successful attempt to have states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing
commercial transactions
Goods - CORRECT ANSWER Tangible (touchable), movable personal
property
Bilateral Contract - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER A contract in which parties
show their agreement in words
Implied-in-fact Contracts - CORRECT ANSWER A legally enforceable
agreement inferred from the circumstances and conduct of the parties
,Implied-in-law Contract - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER A contract that can be
enforced in court
Unenforceable Contract - CORRECT ANSWER A contract that cannot
be enforced in court
Valid Contract - CORRECT ANSWER A contract that contains all of
the proper elements of a contract
Void Contract - CORRECT ANSWER A contract that is empty, having
no legal force; ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto - CORRECT ANSWER The parties to an illegal contract
are equally at fault
Voidable Contract - CORRECT ANSWER Capable of being declared a
nullity, though otherwise valid
Party taken advantage of can avoid contract; other party cannot
Executed Contract - CORRECT ANSWER A contract that is fully
accomplished or performed, leaving nothing unfulfilled
,Promise - CORRECT ANSWER A commitment or willingness to be
bound to a contract obligation
Contract - CORRECT ANSWER A legally enforceable agreement
between two or more parties that requires:
-Offer and acceptance
-Contractural capacity
-Genuine Assent
-Lawful Purpose
-Lawful Form
Uniform Commercial Code (UCC) - CORRECT ANSWER The most
successful attempt to have states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing
commercial transactions; Article 2 covers the sale of goods
Goods - CORRECT ANSWER Tangible (touchable), movable personal
property
Bilateral Contract - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER A contract in which parties
show their agreement in words
, Implied-in-fact Contracts - CORRECT ANSWER A legally enforceable
agreement inferred from the circumstances and conduct of the parties
Ex) asking an accountant for professional advice implies a promise to
pay the going rate
Related case: Leyden v. American Accreditation Healthcare
Implied-in-law Contract - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER A contract that can be
enforced in court
Unenforceable Contract - CORRECT ANSWER A contract that cannot
be enforced in court
Valid Contract - CORRECT ANSWER A contract that contains all of
the proper elements of a contract
Void Contract - CORRECT ANSWER A contract that is empty, having
no legal force; ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto - CORRECT ANSWER The parties to an illegal contract
are equally at fault
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEO888. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $25.49. You're not tied to anything after your purchase.
