UNL BLAW 371 Exam 4 Steve Russell (1 - 55 CH 10 56 – 95 CH 11) UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Freedom of Contract means responsibilities to those who agree to create binding relationships
, Restatement of Contracts (2d) The manifestation of willingness to enter into a bargain, so made as to justify
another person in understanding that his assent to the bargain is invited and will
conclude it.
Uniform Commercial Code (UCC) Body of laws governing commercial transactions in the United States.
Lex Mercatoria the law of merchants that originated in English Courts
Binding Promise A promise enforceable by law.
Purpose of contract law Provide a legal mechanism for dealing with people
Binding v. Non Binding Promise Non binding is something for nothing
Express Contract Direct statement by the parties of the promises made,
May be oral or written,
Key terms expressly agreed upon by the parties.
Implied Contract Actions and circumstances infer and define the terms of the contract, May be
words, conduct, gestures, Contracts are implied at law.
Elements of a Valid Contract 1. An Agreement, through
Offer and Acceptance
2. Consideration
3. Contractual Capacity
4. Legality
5. Genuine Consent
Meeting of Minds about the contract
6. Writing (Can sometimes be oral)
If necessary under Statute of Frauds
Intent Reasonable Person believes the Offer is Real
Preliminary Negotiations request or invitation to negotiate is not an offer
Ads Most advertisements are regarded as invitations for others to submit an offer to
buy
Communication of Offer and Acceptance Define Terms and Conditions, as well as communicate them to the other party.
Termination or Withdrawal of Offer 3 Ways
Revocation
Rejection
By Operation of Law
ACTUAL QUESTIONS AND CORRECT ANSWERS
Freedom of Contract means responsibilities to those who agree to create binding relationships
, Restatement of Contracts (2d) The manifestation of willingness to enter into a bargain, so made as to justify
another person in understanding that his assent to the bargain is invited and will
conclude it.
Uniform Commercial Code (UCC) Body of laws governing commercial transactions in the United States.
Lex Mercatoria the law of merchants that originated in English Courts
Binding Promise A promise enforceable by law.
Purpose of contract law Provide a legal mechanism for dealing with people
Binding v. Non Binding Promise Non binding is something for nothing
Express Contract Direct statement by the parties of the promises made,
May be oral or written,
Key terms expressly agreed upon by the parties.
Implied Contract Actions and circumstances infer and define the terms of the contract, May be
words, conduct, gestures, Contracts are implied at law.
Elements of a Valid Contract 1. An Agreement, through
Offer and Acceptance
2. Consideration
3. Contractual Capacity
4. Legality
5. Genuine Consent
Meeting of Minds about the contract
6. Writing (Can sometimes be oral)
If necessary under Statute of Frauds
Intent Reasonable Person believes the Offer is Real
Preliminary Negotiations request or invitation to negotiate is not an offer
Ads Most advertisements are regarded as invitations for others to submit an offer to
buy
Communication of Offer and Acceptance Define Terms and Conditions, as well as communicate them to the other party.
Termination or Withdrawal of Offer 3 Ways
Revocation
Rejection
By Operation of Law
