bmgt380 chapter 9 Questions and Answers Fully Solved 100%
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Course
Bmgt380
Institution
Bmgt380
executed contracts - ️️when all of the parties have fully performed their contractual
duties until such duties have been fully performed
Relationship of the UCC and the Common Law of Contracts - ️️code does not
change all of the traditional contract rules. courts have demonstrated a sign...
bmgt380 chapter 9
executed contracts - ✔️✔️when all of the parties have fully performed their contractual
duties until such duties have been fully performed
Relationship of the UCC and the Common Law of Contracts - ✔️✔️code does not
change all of the traditional contract rules. courts have demonstrated a signifigant
tendency to apply code contract concepts by analogy to some contracts that are not
technically governed by article 2
express contracts - ✔️✔️parties have directly stated in terms of their contract orally or
in writing at the time the contract was formed. mutual agreement necessary to create a
contract may also be demonstrated by conduct of the parties
basic elements of contract - ✔️✔️voluntary agreement, offer, acceptance of offer,
consideration to support each partys promise, capacity to contract, must be legal
function of contracts - ✔️✔️let us create a type of private law, facilitate planning
steps in getting to a contract - ✔️✔️negotation, agreement, voluntary, considerations,
capacity, legality, contract, writing required?
bilateral contract - ✔️✔️both parties exchange promises and contract is formed as
soon as promises are exchanged
unilateral contract - ✔️✔️only one party makes a promise
valid contract - ✔️✔️meets all legal requirmenets. enfoforcebale in court
unforceable contract - ✔️✔️meets basic legal requirements for contract but may not be
enforceable because of some otehr legal rule
voidable contract - ✔️✔️one or more of parties have legal right to cancel obligations
under the contract. injured party has right to cancel contract if he chooses
implied contract - ✔️✔️surrounding facts and circumstances indicate that an
agreement has been reached
executory contracts - ✔️✔️...
sources of law governing contracts - ✔️✔️article 2 of uniform commerical code and
common law of contracts
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