LAW OF CONTRACTS Questions and Answers
Latest (Verified Answers) | Grade A+ | 100%
Correct
• Contract law -✓✓Provides a legal mechanism for dealing with others
and creates binding relationships with responsibilities.
• Freedom of contract -✓✓The principle that people are free to enter
contracts but must accept the legal responsibilities of the agreements
they make.
• Common law -✓✓Judge-made law developed through court decisions
that governs most contract principles.
• Lex mercatoria -✓✓The "law merchant," historical commercial law
used by traders that influenced modern contract law.
• Uniform Commercial Code (UCC) -✓✓A uniform set of laws
governing commercial transactions adopted by all states except
Louisiana.
• UCC Article 2 -✓✓The section of the UCC that governs contracts for
the sale of goods.
• Blackstone definition of contract -✓✓"An agreement, upon sufficient
consideration, to do or not to do a particular thing."
• Modern definition of contract -✓✓A promise or set of promises for
which the law gives a remedy if breached or recognizes a duty to
perform.
, • Express contract -✓✓A contract where the parties explicitly state the
promises made, either orally or in writing.
• Implied contract -✓✓A contract formed through actions, conduct, or
circumstances rather than explicit words.
• Elements of a contract -✓✓Agreement, consideration, contractual
capacity, legality, genuine consent, and writing if required.
• Agreement -✓✓In contract law, the combination of an offer and
acceptance.
• Offer -✓✓A manifestation of willingness to enter a bargain so another
person understands assent will create a contract.
• Offeror -✓✓The party who makes the offer.
• Offeree -✓✓The party who receives the offer and has the power to
accept it.
• Requirements of a valid offer -✓✓Manifestation of intent, definite
terms and conditions, and communication to the offeree.
• Advertisements in contract law -✓✓Generally treated as invitations for
others to make offers rather than actual offers.
• Revocation -✓✓The withdrawal of an offer by the offeror before it is
accepted.
• Rejection -✓✓When the offeree refuses the offer.
• Counteroffer -✓✓Rejection of the original offer combined with a new
offer with different terms.
Latest (Verified Answers) | Grade A+ | 100%
Correct
• Contract law -✓✓Provides a legal mechanism for dealing with others
and creates binding relationships with responsibilities.
• Freedom of contract -✓✓The principle that people are free to enter
contracts but must accept the legal responsibilities of the agreements
they make.
• Common law -✓✓Judge-made law developed through court decisions
that governs most contract principles.
• Lex mercatoria -✓✓The "law merchant," historical commercial law
used by traders that influenced modern contract law.
• Uniform Commercial Code (UCC) -✓✓A uniform set of laws
governing commercial transactions adopted by all states except
Louisiana.
• UCC Article 2 -✓✓The section of the UCC that governs contracts for
the sale of goods.
• Blackstone definition of contract -✓✓"An agreement, upon sufficient
consideration, to do or not to do a particular thing."
• Modern definition of contract -✓✓A promise or set of promises for
which the law gives a remedy if breached or recognizes a duty to
perform.
, • Express contract -✓✓A contract where the parties explicitly state the
promises made, either orally or in writing.
• Implied contract -✓✓A contract formed through actions, conduct, or
circumstances rather than explicit words.
• Elements of a contract -✓✓Agreement, consideration, contractual
capacity, legality, genuine consent, and writing if required.
• Agreement -✓✓In contract law, the combination of an offer and
acceptance.
• Offer -✓✓A manifestation of willingness to enter a bargain so another
person understands assent will create a contract.
• Offeror -✓✓The party who makes the offer.
• Offeree -✓✓The party who receives the offer and has the power to
accept it.
• Requirements of a valid offer -✓✓Manifestation of intent, definite
terms and conditions, and communication to the offeree.
• Advertisements in contract law -✓✓Generally treated as invitations for
others to make offers rather than actual offers.
• Revocation -✓✓The withdrawal of an offer by the offeror before it is
accepted.
• Rejection -✓✓When the offeree refuses the offer.
• Counteroffer -✓✓Rejection of the original offer combined with a new
offer with different terms.
