Sophia Business Law, Unit 2 Exam Qestions & Answers Solved 100%

Uniform Commercial Code - Answer Article 2 of the UCC governs the sales of goods Sale - Answer the transfer of title from seller to buyer Goods - Answer tangible personal property Common law - Answer most contracts are primarily governed by state common law, including contracts involving employment, services, insurance, real property, patents, and copyrights. Personal property - Answer property other than an interest in land. Real property - Answer land and anything attached to it. Contract - Answer binding agreement that the courts will enforce Breach - Answer failure to properly perform a contractual obligation 4 requirements of a contract - Answer Mutual assent, Consideration, legality of object, capacity Implied in fact contract - Answer contract where agreement of the parties is inferred from their conduct Express contract - Answer agreement of parties that is stated in words either in writing or orally Bilateral contract - Answer contract in which both parties exchange promises promisor - Answer person making a promise Promisee - Answer person to whom a promise is made Unilateral contract - Answer contract in which only one party makes a promise valid contract - Answer contract that meets all of the requirements of binding contract Void contract - Answer an agreement without legal effect Voidable contract - Answer contract capable of being made void Uneforceable contract - Answer contract for the breach of which the law does not provide a remedy. Executed contract - Answer contract fully performed by all of the parties Executory contract - Answer contract not fully performed Promissory estoppel - Answer doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires enforcement. Quasi contract - Answer obligation NOT based upon contract that is imposed to avoid injustice Offer - Answer a proposal indicating a willingness to enter into a contract Offeror - Answer person making the offer Offeree - Answer person to whom the offer is made Communication - Answer offeree must have knowledge of the offer and the offer must be made by the offeror or her authorized agent to the offeree Intent - Answer determined by an objective standard of what a reasonable offeree would have believed. Without reserve - Answer auctioneer may not withdraw the goods from the auction Defiteness - Answer offer's terms must be clear enough to provide a court with a basis for giving an appropriate remedy Good faith - Answer honesty in fact Commercial reasonableness - Answer judgement of reasonable persons familar with the business transaction Output contract - Answer an agreement of a buyer to purchase the entire output of a seller's factory. Requirements contract - Answer an agreement of a seller to supply a buyer with all his requirements for certain goods. Lapse of time - Answer offer remains open for the time period specifed or, if not time is stated, for a resonable period of time. Revocation - Answer cancellation of an offer by an offeror; generally, an offer may be terminated at any time before it is accepted Option - Answer contract providing that an offer will stay open for a specified period of time Consideration - Answer the inducement to enter into a contract, consisitng of an act or promise that has legal value Firm offer - Answer irrevocable offer by a merchant to sell or buy goods, made in a signed writing that gives assurance that it will not be revoked for up to three months Statutory irrevocability - Answer offer made irrevocable by statue Irrevocable offer of unilateral contracts - Answer a unilateral offer may not be revoked for a reasonable time and performance is begun Promissory estoppel - Answer noncontractual promise that binds the promisor because she should reasonably expect that the promise will induce the promisee (offeree) to take action in reliance on it.