MIE 305 Final Questions & Answers 100% Correct(RATED A+)

Contract - ANSWERSa promise or set of promises supported by the exchange of bargained-for consideration for the breach of which the law gives a remedy, or the performance of which the law recognizes as an enforceable duty. "a promise or set of promises that are enforceable in court." primarily state based common law contract elements - ANSWERS-Agreement: the parties agree to the exchange of legal detriment as to each other -Bargained-for consideration: exchange of value, including their detriment, for purpose of K -Freely entered: the parties' volitionally (knowingly, with capacity) enter the K -Legal purpose: the subject of the contract is legal, and doesn't violate public policy. uniform commercial code (UCC) - ANSWERS-standardize commercial transactions in goods across all states. limited in scope, but does change some important CL contract rules. Falls back on CL when there isn't an answer to a problem. deals with all phases which may ordinarily arise in the handling of a commercial transaction from start to finish. rejects the mirror-image rule -changes tend to reflect a preference toward less formal good faith dealings rather than formality. -purpose: to harmonize the law of contracts in sales of goods between states so that the interstate market for goods is stable and predictable. all 50 states have adopted at least part of the UCC. only applies in transactions for goods (not services, not realty), and only where one or both parties to a K are merchants. Bilateral contract - ANSWERStwo promises; each party is both a promisor and a promisee, enforceable at the moment of exchange. ex) "My company will buy 10,000 widgets from your firm at $6 each, deliverable within 30 days" "Agreed"