WGU C713 Business Law What are the main elements of a contract? - correct answerOffer, Acceptance, Consideration, Legality, Capacity, Consent, and Writing
Express Contract and Implied Contract - correct answerThe types of contracts (ways of classifying contracts)
The role the UCC play in contracts - correct answerGoverns contracts for a sale of goods, while common-
law principles govern contracts for sale of services and everything else.
Personal satisfaction contracts - correct answerPermit the promise to make subjective evaluations of the
promisor's performance
Contract - correct answerA legal enforceable agreement
Void contracts - correct answerA contract that neither party can enforce, because the bargain is illegal or more of the parties had no legal authority to make it.
Voidable contracts - correct answerAn agreement that may be terminated by one of the parties.
Promissory estoppel - correct answerA possible remedy for an injured plaintiff in a case with no valid contract, when the plaintiff can show a promise, reasonable reliance, and injustice.
What does UCC stand for - correct answerUniform Commercial Code
Bilateral contract - correct answerA promise made in exchange for another promise
Unilateral contract - correct answerOne party makes a promise that the other party can accept only by actually doing something. Express contract - correct answerAn agreement with all the important terms explicitly stated
Implied contract - correct answerThe words and conduct of the parties indicate that they intended an agreement.
Rescind - correct answerTo terminate a contract by mutual agreement
Discharged - correct answerA party has no more duties under the contract
Reliance interest - correct answerPuts the injures party in the position he would have been in had the parties never entered into a contract
Restitution interest - correct answerDesigned to return to the injures party a benefit he has conferred on the other party.
Rescission - correct answerTo "undo" a contract and put the parties where they where before they made the agreement.
Quasi-contract - correct answerA possible remedy for an injured plaintiff in a case with no valid contract,
when the plaintiff can show benefit to the defendant, reasonable expectations of payment, and unjust enrichment.
Specific performance - correct answerForces both parties to complete the deal
Injunction - correct answerA court order that requires someone to do something or refrain from doing something.
Preliminary injunction - correct answerAn order issued early in a law suit prohibiting a party from doing something during the course of the lawsuit
Types of injunction - correct answerPreliminary injunction & Permanent injunction
Express Contract and Implied Contract - correct answerThe types of contracts (ways of classifying contracts)
The role the UCC play in contracts - correct answerGoverns contracts for a sale of goods, while common-
law principles govern contracts for sale of services and everything else.
Personal satisfaction contracts - correct answerPermit the promise to make subjective evaluations of the
promisor's performance
Contract - correct answerA legal enforceable agreement
Void contracts - correct answerA contract that neither party can enforce, because the bargain is illegal or more of the parties had no legal authority to make it.
Voidable contracts - correct answerAn agreement that may be terminated by one of the parties.
Promissory estoppel - correct answerA possible remedy for an injured plaintiff in a case with no valid contract, when the plaintiff can show a promise, reasonable reliance, and injustice.
What does UCC stand for - correct answerUniform Commercial Code
Bilateral contract - correct answerA promise made in exchange for another promise
Unilateral contract - correct answerOne party makes a promise that the other party can accept only by actually doing something. Express contract - correct answerAn agreement with all the important terms explicitly stated
Implied contract - correct answerThe words and conduct of the parties indicate that they intended an agreement.
Rescind - correct answerTo terminate a contract by mutual agreement
Discharged - correct answerA party has no more duties under the contract
Reliance interest - correct answerPuts the injures party in the position he would have been in had the parties never entered into a contract
Restitution interest - correct answerDesigned to return to the injures party a benefit he has conferred on the other party.
Rescission - correct answerTo "undo" a contract and put the parties where they where before they made the agreement.
Quasi-contract - correct answerA possible remedy for an injured plaintiff in a case with no valid contract,
when the plaintiff can show benefit to the defendant, reasonable expectations of payment, and unjust enrichment.
Specific performance - correct answerForces both parties to complete the deal
Injunction - correct answerA court order that requires someone to do something or refrain from doing something.
Preliminary injunction - correct answerAn order issued early in a law suit prohibiting a party from doing something during the course of the lawsuit
Types of injunction - correct answerPreliminary injunction & Permanent injunction
