LGLS 3610 Test 2
Contracts - Answer-Promises that are enforceable with predictable consequences for performance
failures
• Enable buyers and sellers to account for future risks or have confidence in exchanging valuables
Sources of Contract Law - Answer-legislation and common law
Legislation - Answer-Uniform Commercial code - Uniformity in how states sell goods across state lines
(State Law)
Ex. If you buy something you must pay or there are legal consequences
Common Law - Answer-Judges decisions based on precedent - used for contracts other than goods
Ex. services & real estate
UCC Article 2 - Answer-Applies to contracts for the sale of goods
Goods - Answer-movable tangible at the time of sale
Requirements for an enforceable contract - Answer-offer, acceptance, consideration, capacity, legality
Enforceable contract - Answer-A contract that meets all the elements of a valid contract, therefore
contract is enforceable
, Unenforceable Contract - Answer-Does not meet all the elements of a valid contract, cannot be
enforced by law
Valid Contract - Answer-A contract that complies with all the essentials of a contract and is binding and
enforceable on all parties to it.
Void Contract - Answer-A contract having no legal force or binding effect.
Voidable Contract - Answer-An agreement that may be terminated by one of the parties but not both
Offer - Answer-an offer which has contractual objective intent (and in common law contracts, has
definite terms as well)
Acceptance - Answer-Manifestation of assent by the offeree to the terms of the offer
Consideration - Answer-Something of legal value given in a bargained-for exchange
Offer Termination - Answer-- Lapse of time
* Contract specified time
- Revocation
- Rejection
- offeror death or insanity
-Subject matter illegality
-Counteroffer
-Subject matter destruction
Contracts - Answer-Promises that are enforceable with predictable consequences for performance
failures
• Enable buyers and sellers to account for future risks or have confidence in exchanging valuables
Sources of Contract Law - Answer-legislation and common law
Legislation - Answer-Uniform Commercial code - Uniformity in how states sell goods across state lines
(State Law)
Ex. If you buy something you must pay or there are legal consequences
Common Law - Answer-Judges decisions based on precedent - used for contracts other than goods
Ex. services & real estate
UCC Article 2 - Answer-Applies to contracts for the sale of goods
Goods - Answer-movable tangible at the time of sale
Requirements for an enforceable contract - Answer-offer, acceptance, consideration, capacity, legality
Enforceable contract - Answer-A contract that meets all the elements of a valid contract, therefore
contract is enforceable
, Unenforceable Contract - Answer-Does not meet all the elements of a valid contract, cannot be
enforced by law
Valid Contract - Answer-A contract that complies with all the essentials of a contract and is binding and
enforceable on all parties to it.
Void Contract - Answer-A contract having no legal force or binding effect.
Voidable Contract - Answer-An agreement that may be terminated by one of the parties but not both
Offer - Answer-an offer which has contractual objective intent (and in common law contracts, has
definite terms as well)
Acceptance - Answer-Manifestation of assent by the offeree to the terms of the offer
Consideration - Answer-Something of legal value given in a bargained-for exchange
Offer Termination - Answer-- Lapse of time
* Contract specified time
- Revocation
- Rejection
- offeror death or insanity
-Subject matter illegality
-Counteroffer
-Subject matter destruction
