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| LATEST EXAM UPDATES| 2024/25 |LEGL 2700 (chpt 8 Hackleman), Exam Review Questions and answers, rated A+

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LEGL 2700 (chpt 8 Hackleman), Exam Review Questions and answers, rated A+ What are Contracts? - -promises that are enforceable with predictable consequences for performance failures What does Contract Law enable? - -private agreements to be legally enforceable Contracts - --enable buyers and sellers to account for future risks or have confidence in exchanging valuables -provides flexibility and precision in business dealings What are the 2 sources of contract law? - -legislation and common law Legislation of Contract Law - -includes uniform commercial code and contracts for goods Common Law of Contract Law - -includes judges' decisions and contracts for things other than goods Classifications of Contracts - -1. bilateral & unilateral contracts 2. express and implied-in-fact contracts 3. implied-in-law or quasi contracts What are the terms for Contractual Enforcement? - --enforceable -unenforceable -valid -void -voidable What are the terms for Contract Performance? - -executed contract and executory contract Executed Contract - -parties have performed their promises

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