LEGL 2700 Exam 2 Questions With
100% Verified Answers
Contracts -
correct answer ✅Promises that are enforceable with predictable
consequences for performance failures, does not have to be written
(ch 8)
Contract Law comes from either -
correct answer ✅Legislation- UCC Article 2 covers sale of goods
Common Law- judge made law for contracts for things other than
goods (ch 8)
bilateral contract -
correct answer ✅promise for promise exchange (ch 8)
unilateral contract -
correct answer ✅promise is made in exchange for performance so
only one party is committed to perform (ch 8)
express contracts -
correct answer ✅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)
,LEGL 2700 Exam 2 Questions With
100% Verified Answers
implied-in fact contracts -
correct answer ✅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 -
correct answer ✅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 -
correct answer ✅enforceable until a party w/ the right to do so
elects to void agreement (ch 8)
unenforceable contract -
correct answer ✅result if nonperforming party has a justifiable
reason for noncompliance with a promise; void (ch 8)
,LEGL 2700 Exam 2 Questions With
100% Verified Answers
Requirements for an Enforceable Contract -
correct answer ✅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 -
correct answer ✅acceptance must match the offer exactly
i. UCC 2207: expression of acceptance or written acceptance is
acceptance, even if terms are changed
1. Unless offer limits acceptance to original terms
2. Unless additional terms are so far removed from original
3. Unless receiver rejects goods
(ch 8)
Silence -
correct answer ✅is not acceptance unless otherwise noted (ch 8)
, LEGL 2700 Exam 2 Questions With
100% Verified Answers
Defenses to Contract Enforcement -
correct answer ✅- Improper form when a writing is required
- No true meeting of the minds due to fraud or mistake
(ch 8)
Who do not have the capacity to be bound by contracts? -
correct answer ✅Minors
Intoxicated people
Mentally incompetent people
(ch 8)
What kind of contracts do not have a lawful purpose? -
correct answer ✅Contracts that require commission of a crime or
tort or violate accepted standards of behavior (they are void) and
Courts typically do not take action on such contracts
(ch 8)
Termination of Contract -
correct answer ✅Must be done before acceptance
i. Explicit acts:
1. Revocation: revoke offer ("I take it back!")
100% Verified Answers
Contracts -
correct answer ✅Promises that are enforceable with predictable
consequences for performance failures, does not have to be written
(ch 8)
Contract Law comes from either -
correct answer ✅Legislation- UCC Article 2 covers sale of goods
Common Law- judge made law for contracts for things other than
goods (ch 8)
bilateral contract -
correct answer ✅promise for promise exchange (ch 8)
unilateral contract -
correct answer ✅promise is made in exchange for performance so
only one party is committed to perform (ch 8)
express contracts -
correct answer ✅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)
,LEGL 2700 Exam 2 Questions With
100% Verified Answers
implied-in fact contracts -
correct answer ✅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 -
correct answer ✅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 -
correct answer ✅enforceable until a party w/ the right to do so
elects to void agreement (ch 8)
unenforceable contract -
correct answer ✅result if nonperforming party has a justifiable
reason for noncompliance with a promise; void (ch 8)
,LEGL 2700 Exam 2 Questions With
100% Verified Answers
Requirements for an Enforceable Contract -
correct answer ✅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 -
correct answer ✅acceptance must match the offer exactly
i. UCC 2207: expression of acceptance or written acceptance is
acceptance, even if terms are changed
1. Unless offer limits acceptance to original terms
2. Unless additional terms are so far removed from original
3. Unless receiver rejects goods
(ch 8)
Silence -
correct answer ✅is not acceptance unless otherwise noted (ch 8)
, LEGL 2700 Exam 2 Questions With
100% Verified Answers
Defenses to Contract Enforcement -
correct answer ✅- Improper form when a writing is required
- No true meeting of the minds due to fraud or mistake
(ch 8)
Who do not have the capacity to be bound by contracts? -
correct answer ✅Minors
Intoxicated people
Mentally incompetent people
(ch 8)
What kind of contracts do not have a lawful purpose? -
correct answer ✅Contracts that require commission of a crime or
tort or violate accepted standards of behavior (they are void) and
Courts typically do not take action on such contracts
(ch 8)
Termination of Contract -
correct answer ✅Must be done before acceptance
i. Explicit acts:
1. Revocation: revoke offer ("I take it back!")
