BLAW 2301 EXAM 2
what is a contract - correct answer ✔✔s legally enforceable agreement
-did the defendant promise to do something?
-is it fair to make her honor her word?
-are there unusual reasons to hold her liable?
7 key characteristics that must be present to make a contract enforceable - correct answer ✔✔-offer
-acceptance
-consideration
-legality
-capacity
consent
-writing (for some)
noncompetition agreement - correct answer ✔✔contract in which one party agrees not to compete with
another (Davis v Mason 1792)
bilateral contract - correct answer ✔✔a promise made in exchange for another promise (most contracts
are bilateral)
unilateral contract - correct answer ✔✔one party makes a promise that the other party can accept only
by actually doing something (contingent on some action)
executory contract - correct answer ✔✔an agreement in which one or more parties has not yet fulfilled
its obligations
executed contract - correct answer ✔✔an agreement in which all parties have fulfilled their obligations
, unenforceable contract - correct answer ✔✔occurs when the parties intended to form a valid bargain,
but a court declares that some rule of law prevents enforcing it
voidable contract - correct answer ✔✔an agreement that may be terminated by one of the parties
void agreement - correct answer ✔✔an agreement that neither party can enforce, because that bargain
is illegal or one of the parties had no legal authority to make it
express contract - correct answer ✔✔an agreement with all important terms explicitly stated
implied contract - correct answer ✔✔an agreement in which the words and conduct of the parties
indicate that they intend an agreement
uniform commercial code (UCC) - correct answer ✔✔Body of laws governing commercial transactions in
the United States.
article 2 UCC - correct answer ✔✔sale of goods
how to enforce non-contracts - correct answer ✔✔promissory estoppel
quasi-contract
promissory estoppel - correct answer ✔✔the defendant made a promise that the plaintiff relied on
in promissory estoppel, the injured plaintiff must prove - correct answer ✔✔(in a case with no valid
contract) the plaintiff can prove promissory estoppel if there is promise, reasonable reliance, and
injustice
quasi-contract - correct answer ✔✔the defendant received benefit from the plaintiff and retaining that
benefit would be unfair
what is a contract - correct answer ✔✔s legally enforceable agreement
-did the defendant promise to do something?
-is it fair to make her honor her word?
-are there unusual reasons to hold her liable?
7 key characteristics that must be present to make a contract enforceable - correct answer ✔✔-offer
-acceptance
-consideration
-legality
-capacity
consent
-writing (for some)
noncompetition agreement - correct answer ✔✔contract in which one party agrees not to compete with
another (Davis v Mason 1792)
bilateral contract - correct answer ✔✔a promise made in exchange for another promise (most contracts
are bilateral)
unilateral contract - correct answer ✔✔one party makes a promise that the other party can accept only
by actually doing something (contingent on some action)
executory contract - correct answer ✔✔an agreement in which one or more parties has not yet fulfilled
its obligations
executed contract - correct answer ✔✔an agreement in which all parties have fulfilled their obligations
, unenforceable contract - correct answer ✔✔occurs when the parties intended to form a valid bargain,
but a court declares that some rule of law prevents enforcing it
voidable contract - correct answer ✔✔an agreement that may be terminated by one of the parties
void agreement - correct answer ✔✔an agreement that neither party can enforce, because that bargain
is illegal or one of the parties had no legal authority to make it
express contract - correct answer ✔✔an agreement with all important terms explicitly stated
implied contract - correct answer ✔✔an agreement in which the words and conduct of the parties
indicate that they intend an agreement
uniform commercial code (UCC) - correct answer ✔✔Body of laws governing commercial transactions in
the United States.
article 2 UCC - correct answer ✔✔sale of goods
how to enforce non-contracts - correct answer ✔✔promissory estoppel
quasi-contract
promissory estoppel - correct answer ✔✔the defendant made a promise that the plaintiff relied on
in promissory estoppel, the injured plaintiff must prove - correct answer ✔✔(in a case with no valid
contract) the plaintiff can prove promissory estoppel if there is promise, reasonable reliance, and
injustice
quasi-contract - correct answer ✔✔the defendant received benefit from the plaintiff and retaining that
benefit would be unfair
