Business Law 2 with verified answers

Business Law 2 with verified answers Common Law - correct answer This governs contracts involving employment, services, insurance, real property (land), patents, and copyrights. Uniform Commercial Code - correct answer Article 2 of the UCC governs contracts for the sale of goods. formal - correct answer this classification is dependant on the form of the document (negotiable instruments, checks, etc.) Informal - correct answer Classification for all other kinds of contracts. express - correct answer classification for contracts that is stated in words, orally or in writing. implied - correct answer classification for contracts that are inferred from the actions of the parties. bilateral - correct answer classification for contracts that exist when both parties exchange promises. Unilateral - correct answer classification for contracts involving only one party making a contract. valid - correct answer when a contract meets all of the legal requirements void - correct answer when a contract has no legal effect. voidable - correct answer when a contract allows one party to either go ahead with the contract or avoid it. unenforceable - correct answer contracts that will provide no remedy through the courts.