BUS 250 Exam #2 Haymans || with Complete Solutions.
What are some things to remember about Contract Law? correct answers -there is no requirement
that you have to let certain people in (can have rules that aren't discriminating)
-government stays out of contract law
What all must be included in a Contracts Checklist? correct answers Offer
Acceptance
Consideration
Contracts
Legality
Capacity
Consent
Writing
What does an Offer require to count towards checklist? correct answers all contracts begin when
a person or a company proposes a deal
might involve buying something, selling something, doing a job, or anything else
What does an Acceptance require to count towards checklist? correct answers once a party
receives an offer, he must respond to it in a certain way
What does Consideration require to count towards checklist? correct answers there has to be
bargaining that leads to an exchange between the parties
What do Contracts require to count towards checklist? correct answers cannot be a one-way
street; both sides must receive some measurable benefit--
Have to get something (give to get)
What does Legality require to count towards checklist? correct answers contract must be for a
lawful purpose
Courts will not enforce agreements to sell cocaine, for example.
What does Capacity require to count towards checklist? correct answers the parties must be
adults of sound mind
What does Consent require to count towards checklist? correct answers certain kinds of trickery
and force can prevent the formation of a contract
(Have to freely enter into a contract--Not valid if involves Blackmail, Sue, Pressure Illegally)
What does Writing require to count towards checklist? correct answers while verbal agreements
are often contracts, some types of contracts must be in writing to be enforceable
,(Certain contracts have to be in writing! If you don't write the important terms and sign it, it may
not be enforceable--Any convince in an interest in land has to be written to be enforceable--If
missing one on checklist then it may not be a contract)
What is a contract? correct answers a legally enforceable agreement & is a promise that the law
will enforce
What does forbearance mean? correct answers not doing something you have the right to do!!
What is the main point in the Chris vs Chez Luc case?! correct answers Write from book!!!
What is a noncompete agreement? correct answers a contract in which one party agrees not to
compete with another
What is a Bilateral Contract? correct answers both parties make a promise
(Most contracts are bilateral contracts
Implied that I am going to follow it and they will get reward in contract)
What is an Unilateral Contract? correct answers one party makes a promise that the other party
can accept only by ACTUALLY DOING something
When does Executory mean and when does it occur? correct answers occurs when a contract has
been made, but one or more parties has not yet fulfilled its obligations(someone still has
something to do in contract)
When does an Executed Contract mean and when does it occur? correct answers a contract is
executed when all parties have fulfilled their obligations
(means it is completely done--both parties have done everything they are supposed to do
means done)
When does a Valid Contract mean and when does it occur? correct answers one that satisfies all
of the law's requirements
(where all the laws requirements are satisfied=7 boxes are checked)
When does an Unenforceable Agreement mean and when does it occur? correct answers when
the parties intend to form a valid bargain, but a court declares that some rule of law prevents
enforcing it
(when the party intends to sign a contract but the law says I did not follow all requirement--*A
rule of law makes a contract unenforceable*--
Statue of way is the biggest way to make contract unenforceable)
, When does an Voidable Contract mean and when does it occur? correct answers when the law
permits one party to terminate the agreement
(One or more parties have the right to void/terminate the contract at any point until you are of
age--Minor has age of majority to void contract (in MS age is 21)--
The party who had fraud against has power to terminate)
When does a Void Agreement mean and when does it occur? correct answers one that neither
party can enforce, usually because the purpose of the deal is illegal or because one of the parties
had no legal authority to make a contract
(Is void when it's illegal or had)
What does an Express Contract mean? correct answers the two parties explicitly state all the
important terms of their agreement
(all important deal points have been agreed to/stated
EXAM Questions: Do Express Contracts have to be in writing (T/F)? correct answers FALSE
(should be in writing but does not have to be, can be oral)
What does an Implied Contract mean? correct answers the words and conduct of the parties
indicate that they intended an agreement
(ex. Uber over charging (should have asked price to begin with)
Don't discuss/negotiate the price and still order it is an implied contract
What indicates you have an agreement? correct answers Words or Conduct
Where did traditional source of Contract Law come from? correct answers Common Law
What does UCC stand for? correct answers Uniform Commercial Code
When was the UCC created? correct answers 1952
What was the purpose of creating the UCC? correct answers drafters intended the UCC to
facilitate the easy formation and enforcement of contracts in a fast-paced world
Is UCC Common Law? correct answers No, not common law (opposite, is statue)
What was the UCC known as? correct answers Book of Law
What are some things to remember about Contract Law? correct answers -there is no requirement
that you have to let certain people in (can have rules that aren't discriminating)
-government stays out of contract law
What all must be included in a Contracts Checklist? correct answers Offer
Acceptance
Consideration
Contracts
Legality
Capacity
Consent
Writing
What does an Offer require to count towards checklist? correct answers all contracts begin when
a person or a company proposes a deal
might involve buying something, selling something, doing a job, or anything else
What does an Acceptance require to count towards checklist? correct answers once a party
receives an offer, he must respond to it in a certain way
What does Consideration require to count towards checklist? correct answers there has to be
bargaining that leads to an exchange between the parties
What do Contracts require to count towards checklist? correct answers cannot be a one-way
street; both sides must receive some measurable benefit--
Have to get something (give to get)
What does Legality require to count towards checklist? correct answers contract must be for a
lawful purpose
Courts will not enforce agreements to sell cocaine, for example.
What does Capacity require to count towards checklist? correct answers the parties must be
adults of sound mind
What does Consent require to count towards checklist? correct answers certain kinds of trickery
and force can prevent the formation of a contract
(Have to freely enter into a contract--Not valid if involves Blackmail, Sue, Pressure Illegally)
What does Writing require to count towards checklist? correct answers while verbal agreements
are often contracts, some types of contracts must be in writing to be enforceable
,(Certain contracts have to be in writing! If you don't write the important terms and sign it, it may
not be enforceable--Any convince in an interest in land has to be written to be enforceable--If
missing one on checklist then it may not be a contract)
What is a contract? correct answers a legally enforceable agreement & is a promise that the law
will enforce
What does forbearance mean? correct answers not doing something you have the right to do!!
What is the main point in the Chris vs Chez Luc case?! correct answers Write from book!!!
What is a noncompete agreement? correct answers a contract in which one party agrees not to
compete with another
What is a Bilateral Contract? correct answers both parties make a promise
(Most contracts are bilateral contracts
Implied that I am going to follow it and they will get reward in contract)
What is an Unilateral Contract? correct answers one party makes a promise that the other party
can accept only by ACTUALLY DOING something
When does Executory mean and when does it occur? correct answers occurs when a contract has
been made, but one or more parties has not yet fulfilled its obligations(someone still has
something to do in contract)
When does an Executed Contract mean and when does it occur? correct answers a contract is
executed when all parties have fulfilled their obligations
(means it is completely done--both parties have done everything they are supposed to do
means done)
When does a Valid Contract mean and when does it occur? correct answers one that satisfies all
of the law's requirements
(where all the laws requirements are satisfied=7 boxes are checked)
When does an Unenforceable Agreement mean and when does it occur? correct answers when
the parties intend to form a valid bargain, but a court declares that some rule of law prevents
enforcing it
(when the party intends to sign a contract but the law says I did not follow all requirement--*A
rule of law makes a contract unenforceable*--
Statue of way is the biggest way to make contract unenforceable)
, When does an Voidable Contract mean and when does it occur? correct answers when the law
permits one party to terminate the agreement
(One or more parties have the right to void/terminate the contract at any point until you are of
age--Minor has age of majority to void contract (in MS age is 21)--
The party who had fraud against has power to terminate)
When does a Void Agreement mean and when does it occur? correct answers one that neither
party can enforce, usually because the purpose of the deal is illegal or because one of the parties
had no legal authority to make a contract
(Is void when it's illegal or had)
What does an Express Contract mean? correct answers the two parties explicitly state all the
important terms of their agreement
(all important deal points have been agreed to/stated
EXAM Questions: Do Express Contracts have to be in writing (T/F)? correct answers FALSE
(should be in writing but does not have to be, can be oral)
What does an Implied Contract mean? correct answers the words and conduct of the parties
indicate that they intended an agreement
(ex. Uber over charging (should have asked price to begin with)
Don't discuss/negotiate the price and still order it is an implied contract
What indicates you have an agreement? correct answers Words or Conduct
Where did traditional source of Contract Law come from? correct answers Common Law
What does UCC stand for? correct answers Uniform Commercial Code
When was the UCC created? correct answers 1952
What was the purpose of creating the UCC? correct answers drafters intended the UCC to
facilitate the easy formation and enforcement of contracts in a fast-paced world
Is UCC Common Law? correct answers No, not common law (opposite, is statue)
What was the UCC known as? correct answers Book of Law
