LEGL 2700 Roessing Exam 2 Questions and Answers 2024.

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves promisor and promisee Usually made to a specific person Acceptance, then performance later Binding even when promise hasn't been fulfilled yet Ex) work order to paint house Unilateral Contract - correct answer Promise in exchange for an action Made to the whole world Acceptance and performance happen at the same time Not binding until action has been done Ex) lost dog poster and reward Express Contracts - correct answer A contract in which parties show their agreement in words LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Implied-in-fact Contracts - correct answer A legally enforceable agreement inferred from the circumstances and conduct of the parties Implied-in-law Contract - correct answer A quasi-contract; not a true contract Legal fiction that the courts use to prevent unjust enrichment and wrongdoing Courts permit the person who conferred a benefit to recover the reasonable value of that benefit Nonetheless, the elements of a true contract are not present Quasi-contract - correct answer An implied-in-law contract; not a true contract Legal fiction that the courts use to prevent unjust enrichment and wrongdoing Courts permit the person who conferred a benefit to recover the reasonable value of that benefit Nonetheless, the elements of a true contract are not present Enforceable Contract - correct answer A contract that can be enforced in court Unenforceable Contract - correct answer A contract that cannot be enforced in court Valid Contract - correct answer A contract that contains all of the proper elements of a contract Void Contract - correct answer A contract that is empty, having no legal force; ineffectual, unenforceable Ex) drug sale, killer-for-hire In Pari Delicto - correct answer The parties to an illegal contract are equally at fault Voidable Contract - correct answer Capable of being declared a nullity, though otherwise valid Party taken advantage of can avoid contract; other party cannot Executed Contract - correct answer A contract that is fully accomplished or performed, leaving nothing unfulfilled Executory Contract - correct answer An agreement that is not completed Remains this state until the performance required in a contract is completed Offer - correct answer A contractual communication that contains a specific promise and a specific demand Definite, present intent to be bound to a contract Initiates the process of making a contract Indefiniteness - correct answer When the terms of an agreement are not sufficiently specific, the agreement does not rise to the level of a contract Revocation - correct answer The contractual communication of withdrawing an offer Cannot be done upon completion of performance Rejection - correct answer The refusal of an offer Terminates an offer Cannot be reversed Counteroffer - correct answer An offer made in response to another's offer Acceptance must be for as it is Usually made in place of an acceptance Usually terminates an offer Lapse of Time - correct answer When the offeree fails to accept by a deadline defined in the offer or after a reasonable period of time Subject Matter Destruction - correct answer When the object of the contract is destroyed or legally eliminated.