Promisor Study guides, Revision notes & Summaries

Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves promisor and promisee Usually made to a specific...

BUL4421 Final Gendler Exam 2024 QuestioContract - ANSWERS"A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty" an agreement between two or more competent parties, to perform or refrain from performing some present or future act. Contract Law - ANSWERSReflects what promises/commitments our society believes should be legally binding. Breach of contract - ANSWERSThe failure, without legal excuse, of a ...

LEGL 2700 Roessing Exam 2 Prep Set Questions & Correct Answers Promise - ANSWER : A commitment or willingness to be bound to a contract obligation Contract - ANSWER : 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) - ANSWER : The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize t...

Promise - Answer-A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer-The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer-Tangible (touchable), movable personal property Bilateral Contract - Answer-Promise in exchange for a promise Involves promisor and promisee Usually made to a specific person Acceptance, then perfor...

BLAW212 Final Exam Questions with Correct Answers Executory consideration - Answer-a promise to do something (or refrain from it) in the future; e.g. hire purchase of a car, mow lawns next week for $20 (a promise for a promise) Executed consideration - Answer-something given or done when the contract comes into existence; cash purchase, reward for lost property Privity of Contract - Answer-only a party to the contract can sue on the contract. a third party may not sue for a benefit ...

what is strict performance? - recquires one party to fufill obligation and there is no deviation from the contract; obligation must be expressly demanded within the contract & the demand must be reasonable what is substantial performance? - 1 party fulfills enough of the contract to obtain a warrant of payment what results from a failed substantial performance? - the party that fails to perform will receive nothing in the contract itself & will recover only the value of the work (if any) ...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

LEGL 2700 Roessing Exam 2 Questions and Answers Promise - Answer ️️ A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer ️️ The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer ️️ Tangible (touchable), movable personal property Bilateral Contract - Answer ️️ Promise in exchange for a promise Involves promisor ...

Express Actual Authority: - ANSWERSAuthority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: - ANSWERSauthority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: - ANSWERSsomeone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: - ANSWERShe FAR and states that each authority is delegable unless speci...

Identify the three essential elements required to form a contract Offer Consideration Acceptance T/F The uniform commercial code applies to all contracts made by any two or more parties False T/F The statute of frauds is a law created yo prevent oral evidence from being considered by a court to determine the intent of the parties False In a unilateral contract, the offer is accepted when the offeree performs the requested act T/F If a party materially breach a c...