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LAW OF CONTRACTS Questions and Answers Latest (Verified Answers) | Graded A+ | 100% Correct

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LAW OF CONTRACTS Questions and Answers Latest (Verified Answers) | Graded A+ | 100% Correct

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Law Of Contracts
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Law of contracts

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LAW OF CONTRACTS Questions and Answers
Latest (Verified Answers) | Graded A+ |
100% Correct
• What governs all contracts except when modified by statutory law? -
✓✓Common law

• What is the primary statutory law governing sale and lease contracts
involving goods? -✓✓Uniform Commercial Code (UCC)

• What is the function of contract law? -✓✓To assure parties to private
agreements that their promises will be enforceable.

• What is a promise in contract law? -✓✓A declaration or assurance that
one will or will not do something.

• Who is the promisor in a contract? -✓✓The party who makes the
promise.

• Who is the promisee in a contract? -✓✓The party to whom a promise
is made.

• What does contract law teach us? -✓✓Whether a promisor is legally
obligated to keep their promise.

• What is the legal definition of a contract? -✓✓An agreement that can
be enforced in court, formed by two or more parties, each of whom
makes a promise.

• What are the essential elements of a contract? -✓✓Agreement,
consideration, contractual capacity, legality
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