LGS 200 EXAM 3 COMPLETE STUDY GUIDE
WITH SOLVED QUESTIONS
◉ Contracts under the U.C.C. (Uniform Commercial Code).
Answer: applies to sales of goods with merchant involved and has
provisions governing leases of property. must be written. statute of
limitations is 4 years. more flexible than common law. Terms may be
left open until known.
◉ Bilateral Contract.
Answer: A promise made in exchange for another promise
◉ Unilateral Contract.
Answer: promise in exchange for an act EX: rewards
◉ Valid Offer.
Answer: A serious specific offer and a specific demand in a contract
setting.
◉ elements/ requirements for a valid offer.
Answer: 1. serious intent
2. Definiteness
,3. Communication to offeree
◉ Termination of an offer.
Answer: revocation by the offeree, rejection by the offeror,
counteroffer by the offeree, expiration of time, death or insanity,
destruction of the subject matter of the offer, illegality offer becomes
illegal to perform.
◉ Acceptance of a contract.
Answer: an agreement to the exact details of an offer. Effective when
it is mailed or communicated to the offeror.
◉ Mailbox Rule.
Answer: A rule providing that an acceptance of an offer becomes
effective on dispatch or as soon as it leaves the offeree's hand.
◉ acceptance by fax, phone or email.
Answer: valid binding contract when acceptance reaches offeror and
the offeror opens/ reads it.
◉ Counteroffer.
Answer: An offeree's response to an offer in which the offeree rejects
the original offer and at the same time makes a new offer.
, ◉ rejection.
Answer: Refusal by the offeree
◉ Revocation.
Answer: the taking back of an offer by the offeror
◉ Offers of a reward.
Answer: never enforceable
◉ Unilateral Offer.
Answer: The party accepting a contract can accept by performance
◉ Objective Theory.
Answer: A theory that says the intent to contract is judged by the
reasonable person standard and not by the subjective intent of the
parties.
◉ objective tests.
Answer: Personality tests that are administered and scored in a
standard way
◉ Lucy v. Zehmer.
WITH SOLVED QUESTIONS
◉ Contracts under the U.C.C. (Uniform Commercial Code).
Answer: applies to sales of goods with merchant involved and has
provisions governing leases of property. must be written. statute of
limitations is 4 years. more flexible than common law. Terms may be
left open until known.
◉ Bilateral Contract.
Answer: A promise made in exchange for another promise
◉ Unilateral Contract.
Answer: promise in exchange for an act EX: rewards
◉ Valid Offer.
Answer: A serious specific offer and a specific demand in a contract
setting.
◉ elements/ requirements for a valid offer.
Answer: 1. serious intent
2. Definiteness
,3. Communication to offeree
◉ Termination of an offer.
Answer: revocation by the offeree, rejection by the offeror,
counteroffer by the offeree, expiration of time, death or insanity,
destruction of the subject matter of the offer, illegality offer becomes
illegal to perform.
◉ Acceptance of a contract.
Answer: an agreement to the exact details of an offer. Effective when
it is mailed or communicated to the offeror.
◉ Mailbox Rule.
Answer: A rule providing that an acceptance of an offer becomes
effective on dispatch or as soon as it leaves the offeree's hand.
◉ acceptance by fax, phone or email.
Answer: valid binding contract when acceptance reaches offeror and
the offeror opens/ reads it.
◉ Counteroffer.
Answer: An offeree's response to an offer in which the offeree rejects
the original offer and at the same time makes a new offer.
, ◉ rejection.
Answer: Refusal by the offeree
◉ Revocation.
Answer: the taking back of an offer by the offeror
◉ Offers of a reward.
Answer: never enforceable
◉ Unilateral Offer.
Answer: The party accepting a contract can accept by performance
◉ Objective Theory.
Answer: A theory that says the intent to contract is judged by the
reasonable person standard and not by the subjective intent of the
parties.
◉ objective tests.
Answer: Personality tests that are administered and scored in a
standard way
◉ Lucy v. Zehmer.
