LGS 200 EXAM 3 COMPREHENSIVE
QUESTIONS AND CORRECT ANSWERS
◉ Contracts under the U.C.C. (Uniform Commercial Code).
Answer: - Deals with contracts for the sale of good where there is a
merchant on one side or another
◉ Bilateral Contract.
Answer: (a promise for a promise) reciprocal arrangement between
two parties where each promises to perform an act in exchange for
the other party's act.
◉ Unilateral Contract.
Answer: one party pays the other party to perform a certain duty.
(most contracts are unilateral)
◉ Valid offers / elements.
Answer: -Not everything is a valid offer (EX: advertisement)
-Valid offer must have serious tent, definitiveness (know terms and
who parties are), communication
◉ Termination of an offer.
, Answer: -Will terminate by action of the parties or by the law, a valid
offer does not last forever
-The offerer can revoke any time prior to acceptance, or it can be
rejected or a counter offerer by the offeree
-Death or insanity by either party, illegality, can cause termination of
offer
-Counteroffer- doesn't contort with mirror image rule
◉ Acceptance of a contract.
Answer: -Effective as soon as it is communicated
◉ Mailbox Rule.
Answer: an offer is considered accepted at the time that the
acceptance is mailed.
◉ Acceptance by fax machine.
Answer: -Is not automatically accepted when faxed, reciepent can
say it was never delivered
◉ Counteroffers.
Answer: -An offer made in response to another
◉ Rejection.
QUESTIONS AND CORRECT ANSWERS
◉ Contracts under the U.C.C. (Uniform Commercial Code).
Answer: - Deals with contracts for the sale of good where there is a
merchant on one side or another
◉ Bilateral Contract.
Answer: (a promise for a promise) reciprocal arrangement between
two parties where each promises to perform an act in exchange for
the other party's act.
◉ Unilateral Contract.
Answer: one party pays the other party to perform a certain duty.
(most contracts are unilateral)
◉ Valid offers / elements.
Answer: -Not everything is a valid offer (EX: advertisement)
-Valid offer must have serious tent, definitiveness (know terms and
who parties are), communication
◉ Termination of an offer.
, Answer: -Will terminate by action of the parties or by the law, a valid
offer does not last forever
-The offerer can revoke any time prior to acceptance, or it can be
rejected or a counter offerer by the offeree
-Death or insanity by either party, illegality, can cause termination of
offer
-Counteroffer- doesn't contort with mirror image rule
◉ Acceptance of a contract.
Answer: -Effective as soon as it is communicated
◉ Mailbox Rule.
Answer: an offer is considered accepted at the time that the
acceptance is mailed.
◉ Acceptance by fax machine.
Answer: -Is not automatically accepted when faxed, reciepent can
say it was never delivered
◉ Counteroffers.
Answer: -An offer made in response to another
◉ Rejection.
