LEGL 2700 Exam 2 Review Questions and answers, RATED A+/| LATEST EXAM UPDATES| 2024/25 |

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 is committed to perform (ch 8) express contracts - -contracts which arise from interactions in which parties actually discuss the promised terms of their agreement(i.e. negotiated purchase of land for construction of a plant) (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) Implied-in-law or quasi-contracts - -judicial remedy to prevent 1 party from receiving unjust enrichment or 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 tho there is no contract b/t the 2 parties (ch 8) voidable - -enforceable until a party w/ the right to do so elects to void agreement (ch 8) unenforceable contract - -result if nonperforming party has a justifiable reason for noncompliance with a promise; void (ch 8) Requirements for an Enforceable Contract - -1) offer to enter into contract 2) acceptance of offer 3)Consideration for each promise 4) Capacity of each party to enter into binding agreement 5) legality of subject matter (ch 8) Mirror Image Rule - -acceptance must match the offe