Legl 2700 exam 2 - Study guides, Class notes & Summaries

LEGL 2700 Roessing Exam 2 Questions and Answers Promise - Answer ️️ A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - 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 - Answer ️️ Tangible (touchable), movable personal property Bilateral Contract - Answer ️️ Promise in exchange for a promise Involves promisor ...

LEGL 2700 Exam 2 Questions and Answers

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 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...

What kind of contracts do not have a lawful purpose? - ️️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 (ch 8) implied-in fact contracts - ️️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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LEGL 2700 Exam 2 Review Questions and answers, RATED A+/ Contracts - -Promises that are enforceable with predictable consequences for performance failures, does not have to be written (ch 8) Contract Law comes from either - -Legislation- UCC Article 2 covers sale of goods Common Law- judge made law for contracts for things other than goods (ch 8) bilateral contract - -promise for promise exchange (ch 8) unilateral contract - -promise is made in exchange for performance so only one party...

Law - correct answer intended to tell members of a society what they can and cannot do made of of rules and these rules are laid down by the state and backed up by enforcement Rule of Law - correct answer laws that are made generally and equally applicable apply to all members of society / nobody is above the law Property - correct answer ownership the right to turn to public authorities to help you keep others from interfering with what you own private (own as an individual) common...

Promise - Answer ️️ A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - 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 - Answer ️️ Tangible (touchable), movable personal property Bilateral Contract - Answer ️️ Promise in exchange for a promise Involves promisor and promisee Usually made to a specific person

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...