LEGL 2700 Roessing Test 3 UPDATED ACTUAL Questions and
CORRECT Answers
contract a legally enforceable promise or an exchange of promises
Uniform Commercial Code (UCC) -covers the sale of goods
-goods are tangible, movable items of personal property
-applies to individuals & firms
-uniform state law
-Article 2: applies to contracts
-Section 207: "Battle of Forms" -> Deal still goes through
bilateral contracts -involve a promise for promise exchange ( mutual promises)
-acceptance is before action
unilateral contracts -exist when a promise is made in exchange for performance
-ex. reward for lost pet
-acceptance has a time period before action is performed
express contracts parties discuss the promised terms of their agreement
implied-in-fact contracts -arise from the conduct of the parties rather than from the words
-Ex. asking an accountant for advice -> implies a promise to pay the going rate for
this advice
, Leyden v. American Accreditation Healthcare -Leyden got terminated from her job -> claimed that termination was a breach of
Commission an implied contract
-enforcing implied-in-fact agreements is an important means of ensuring that two
parties' intent to make binding promises is honored
-implied-in-fact must contain the same elements as contracts -> acceptance and
consideration
-employers can weaken the presumption of an at-will employment relationship by
making statements about the employee rights and expectation in policies and
manuals
implied-in-law contract when one party is unjustly enriched at the expense of another, the law may imply
a duty on the first party to pay the second even though there is no contract
between the two parties
quasi-contract not true contracts, but a judicial remedy to prevent on part from receiving unjust
enrichment
enforceable contract when courts uphold the validity of such promises
unenforceable contract if a nonperforming party has a justifiable reason for noncompliance with a
promise
valid contract -when an agreement is enforceable because all the essential requirements are
present
-can be voided by both parties
void contract -one that appears to be an agreement but lacks an essential requirement for
validity and enforceability
-only minor can get out of contract
in pari delicto a situation in which both parties are equally at fault in an illegal contract
voidable contract -an agreement when at least one party has the right to withdraw from the promise
made without incurring any legal liability
-can't be voided by either parties
executed contract one in which the parties have performed their promises
executory contract when the parties have not yet performed their agreement
Elements of an Enforceable Contract -Offer to enter into a contract
-Acceptance of the offer
-Consideration for each promise
-Capacity of each party to enter into a binding agreement
-Legality of subject matter
Defenses to Contract Enforcement -Improper form when a writing is required
-no true meeting of the minds due to fraud or mistake
offer contains a specific promise and a specific amount
CORRECT Answers
contract a legally enforceable promise or an exchange of promises
Uniform Commercial Code (UCC) -covers the sale of goods
-goods are tangible, movable items of personal property
-applies to individuals & firms
-uniform state law
-Article 2: applies to contracts
-Section 207: "Battle of Forms" -> Deal still goes through
bilateral contracts -involve a promise for promise exchange ( mutual promises)
-acceptance is before action
unilateral contracts -exist when a promise is made in exchange for performance
-ex. reward for lost pet
-acceptance has a time period before action is performed
express contracts parties discuss the promised terms of their agreement
implied-in-fact contracts -arise from the conduct of the parties rather than from the words
-Ex. asking an accountant for advice -> implies a promise to pay the going rate for
this advice
, Leyden v. American Accreditation Healthcare -Leyden got terminated from her job -> claimed that termination was a breach of
Commission an implied contract
-enforcing implied-in-fact agreements is an important means of ensuring that two
parties' intent to make binding promises is honored
-implied-in-fact must contain the same elements as contracts -> acceptance and
consideration
-employers can weaken the presumption of an at-will employment relationship by
making statements about the employee rights and expectation in policies and
manuals
implied-in-law contract when one party is unjustly enriched at the expense of another, the law may imply
a duty on the first party to pay the second even though there is no contract
between the two parties
quasi-contract not true contracts, but a judicial remedy to prevent on part from receiving unjust
enrichment
enforceable contract when courts uphold the validity of such promises
unenforceable contract if a nonperforming party has a justifiable reason for noncompliance with a
promise
valid contract -when an agreement is enforceable because all the essential requirements are
present
-can be voided by both parties
void contract -one that appears to be an agreement but lacks an essential requirement for
validity and enforceability
-only minor can get out of contract
in pari delicto a situation in which both parties are equally at fault in an illegal contract
voidable contract -an agreement when at least one party has the right to withdraw from the promise
made without incurring any legal liability
-can't be voided by either parties
executed contract one in which the parties have performed their promises
executory contract when the parties have not yet performed their agreement
Elements of an Enforceable Contract -Offer to enter into a contract
-Acceptance of the offer
-Consideration for each promise
-Capacity of each party to enter into a binding agreement
-Legality of subject matter
Defenses to Contract Enforcement -Improper form when a writing is required
-no true meeting of the minds due to fraud or mistake
offer contains a specific promise and a specific amount
