Lsb 3213 exam 2docx - Study guides, Class notes & Summaries

What are the sources of contract law? - correct answer 1. common law 2. UCC (Uniform Commercial Code) Common law governs all contracts except when it has been modified or replaced by statutory law, such as UCC, or by administrative agency regulations. What's the purpose of policy behind contract law? - correct answer To assure the parties to private agreements that the promise they make will be enforceable. What is a promise? - correct answer A person's declaration that he/she will p...

what is a contract? - correct answer legally enforceable promise or set of promises what are the four basic required elements of a valid contract? - correct answer Mutual Assent: parties to contract must indicate through words or behavior that they willingly agree to enter into contract Consideration: both sides must obtain something of value (legal benefit) and give something of value (legal detriment) Legality of purpose: contract must satisfy legal purpose Capacity: both parties ...

Retail Outlets, Inc., contracts with Smooth Paving Inc. to grade and pave a parking lot. Smooth assigns the contract to Tough Road Company, which has a poor record of completing projects. Retail could most successfully argue that the contract cannot be assigned because - correct answer the assignment will materially increase the risk of nonperformance. In an exchange of e-mails, Rob, a landlord, and Sam agree to a lease of a certain apartment for one year. Under the Statute of Frauds, this le...

What are the sources of contract law? - correct answer Common Law & UCC What is the purpose/policy behind contract law? - correct answer To assure the parties to private agreements that the promises they make will be enforceable What is the objective theory of contracts? - correct answer This looks at the circumstances that determine the intent of the parties. What are two defenses to the enforceability of a contract? - correct answer The parties must both voluntarily consent to a form,...

Elements of a contract - correct answer 1) Offer and acceptance (agreement) 2) Consideration (something of value) 3) Capacity (ability to enter into agreement) 4) Legal (legal under law) Formal Contract - correct answer Contracts that require a special form or method of creation to be enforceable (checks, drafts, promissory notes, etc) Informal Contract (simple contracts) - correct answer No special form required. (trades.. Craigslist - i'll give you subwoofer for drums. bartering) ...