LEGL 2700 Roessing Exam 2 UPDATED ACTUAL Questions
and CORRECT Answers
Promise A commitment or willingness to be bound to a contract obligation
Contract A legally enforceable agreement between two or more parties that requires:
-Offer and acceptance
-Contractural capacity
-Genuine Assent
-Lawful Purpose
-Lawful Form
Uniform Commercial Code (UCC) The most successful attempt to have states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing commercial
transactions; Article 2 covers the sale of goods
Goods Tangible (touchable), movable personal property
Bilateral Contract Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
Unilateral Contract Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same time
Not binding until action has been done
Ex) lost dog poster and reward
Express Contracts A contract in which parties show their agreement in words
Implied-in-fact Contracts A legally enforceable agreement inferred from the circumstances and conduct of
the parties
Ex) asking an accountant for professional advice implies a promise to pay the
going rate
Related case: Leyden v. American Accreditation Healthcare
Implied-in-law Contract A quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable
value of that benefit
Nonetheless, the elements of a true contract are not present
, Quasi-contract An implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable
value of that benefit
Nonetheless, the elements of a true contract are not present
Enforceable Contract A contract that can be enforced in court
Unenforceable Contract A contract that cannot be enforced in court
Valid Contract A contract that contains all of the proper elements of a contract
Void Contract A contract that is empty, having no legal force; ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto The parties to an illegal contract are equally at fault
Voidable Contract Capable of being declared a nullity, though otherwise valid
Party taken advantage of can avoid contract; other party cannot
Executed Contract A contract that is fully accomplished or performed, leaving nothing unfulfilled
Executory Contract An agreement that is not completed
Remains this state until the performance required in a contract is completed
Offer A contractual communication that contains a specific promise and a specific
demand
Definite, present intent to be bound to a contract
Initiates the process of making a contract
Puffery Saying something that sounds like an offer but no reasonable person would take
seriously
Related case: Leonard v. Pepsico
Case that was determined to be puffery and dismissed Papa John's "Better Ingredients, Better Pizza"
Invitation to negotiate Terms and conditions may apply to an ad pre-offer
Ex) billboard on highway
Indefiniteness When the terms of an agreement are not sufficiently specific, the agreement does
not rise to the level of a contract
Revocation The contractual communication of withdrawing an offer
Cannot be done upon completion of performance
Rejection The refusal of an offer
Terminates an offer
Cannot be reversed
and CORRECT Answers
Promise A commitment or willingness to be bound to a contract obligation
Contract A legally enforceable agreement between two or more parties that requires:
-Offer and acceptance
-Contractural capacity
-Genuine Assent
-Lawful Purpose
-Lawful Form
Uniform Commercial Code (UCC) The most successful attempt to have states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing commercial
transactions; Article 2 covers the sale of goods
Goods Tangible (touchable), movable personal property
Bilateral Contract Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
Unilateral Contract Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same time
Not binding until action has been done
Ex) lost dog poster and reward
Express Contracts A contract in which parties show their agreement in words
Implied-in-fact Contracts A legally enforceable agreement inferred from the circumstances and conduct of
the parties
Ex) asking an accountant for professional advice implies a promise to pay the
going rate
Related case: Leyden v. American Accreditation Healthcare
Implied-in-law Contract A quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable
value of that benefit
Nonetheless, the elements of a true contract are not present
, Quasi-contract An implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable
value of that benefit
Nonetheless, the elements of a true contract are not present
Enforceable Contract A contract that can be enforced in court
Unenforceable Contract A contract that cannot be enforced in court
Valid Contract A contract that contains all of the proper elements of a contract
Void Contract A contract that is empty, having no legal force; ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto The parties to an illegal contract are equally at fault
Voidable Contract Capable of being declared a nullity, though otherwise valid
Party taken advantage of can avoid contract; other party cannot
Executed Contract A contract that is fully accomplished or performed, leaving nothing unfulfilled
Executory Contract An agreement that is not completed
Remains this state until the performance required in a contract is completed
Offer A contractual communication that contains a specific promise and a specific
demand
Definite, present intent to be bound to a contract
Initiates the process of making a contract
Puffery Saying something that sounds like an offer but no reasonable person would take
seriously
Related case: Leonard v. Pepsico
Case that was determined to be puffery and dismissed Papa John's "Better Ingredients, Better Pizza"
Invitation to negotiate Terms and conditions may apply to an ad pre-offer
Ex) billboard on highway
Indefiniteness When the terms of an agreement are not sufficiently specific, the agreement does
not rise to the level of a contract
Revocation The contractual communication of withdrawing an offer
Cannot be done upon completion of performance
Rejection The refusal of an offer
Terminates an offer
Cannot be reversed
