LSTD 2106 Exam 2 Questions and Answers
100% Solved
what is the UCC governs contracts for the sale of goods
what is a good something that is tangible and movable
what does not count as a good intellectual property and land or things permanently
attached to land
what is state common law all other contracts (any sale of a non-good, service,
employment, etc.)
what is a hybrid contract sale of goods and services
what test is used under hybrid contracts the primary purpose test aka predominant thrust
test
,what are the four overarching questions when determining if it is a contract 1. did the
parties form an enforceable contract
2. what were the terms and duties of the contract
3. did the defendant do what they promised
4. what remedy will we provide to compensate the plaintiff
what test do we use to determine if it was an enforceable contract 7 elements test (has to
meet each element)
what are the 7 elements of the 7 elements test 1. offer
2. acceptance
3. consideration
4. legality
5. capacity
6. consent
7. writing
what does offer + acceptance = mutual assent
,what is an offer a promise or commitment to do or refrain from doing some specific
activity
what criteria has to be met for it to be an offer has to be clear and communicated and have
serious intent to be bound
what does clear mean both parties know what is going on
what does serious intent to be bound mean every statement can be labeled as: 1. serious
offer; or 2. invitation to deal; or 3. jest (joking)
what is a test what we can use to distinguish serious offers from jokes objective test
(reasonable person test)
why can't we use a subjective test to distinguish an offer from a joke it is problematic
because we do not know what is going on is someone's head
what is acceptance the offeree's expression of agreement to the terms of the offer
, as long as the offer is floating out there, the offer can be _______ accepted
under the acceptance element, to be effective, the offeree has to do ______ accept the
terms of the offer
what is it called when the offer goes away it is terminated
when can an offer terminate parties kill an offer or when the law steps in and says there is
no more offer
when can parties terminate an offer revocation or when an action occurs that goes against
the offer
what is revocation offeror takes back the offer
what are the 2 situations when the offeror cannot revoke an offer partial
performance/detrimental reliance or option contract
100% Solved
what is the UCC governs contracts for the sale of goods
what is a good something that is tangible and movable
what does not count as a good intellectual property and land or things permanently
attached to land
what is state common law all other contracts (any sale of a non-good, service,
employment, etc.)
what is a hybrid contract sale of goods and services
what test is used under hybrid contracts the primary purpose test aka predominant thrust
test
,what are the four overarching questions when determining if it is a contract 1. did the
parties form an enforceable contract
2. what were the terms and duties of the contract
3. did the defendant do what they promised
4. what remedy will we provide to compensate the plaintiff
what test do we use to determine if it was an enforceable contract 7 elements test (has to
meet each element)
what are the 7 elements of the 7 elements test 1. offer
2. acceptance
3. consideration
4. legality
5. capacity
6. consent
7. writing
what does offer + acceptance = mutual assent
,what is an offer a promise or commitment to do or refrain from doing some specific
activity
what criteria has to be met for it to be an offer has to be clear and communicated and have
serious intent to be bound
what does clear mean both parties know what is going on
what does serious intent to be bound mean every statement can be labeled as: 1. serious
offer; or 2. invitation to deal; or 3. jest (joking)
what is a test what we can use to distinguish serious offers from jokes objective test
(reasonable person test)
why can't we use a subjective test to distinguish an offer from a joke it is problematic
because we do not know what is going on is someone's head
what is acceptance the offeree's expression of agreement to the terms of the offer
, as long as the offer is floating out there, the offer can be _______ accepted
under the acceptance element, to be effective, the offeree has to do ______ accept the
terms of the offer
what is it called when the offer goes away it is terminated
when can an offer terminate parties kill an offer or when the law steps in and says there is
no more offer
when can parties terminate an offer revocation or when an action occurs that goes against
the offer
what is revocation offeror takes back the offer
what are the 2 situations when the offeror cannot revoke an offer partial
performance/detrimental reliance or option contract
