Business Law Module 2
Contract - ANS -A promise to perform based on the agreement of the parties
Negotiation - ANS -Process of creating a contract
Abbreviation of contract - ANS -K
Purpose of contracts - ANS -Lock down parties expectations, increase predictability,
strengthens relationships, allocate risks (shift risk, limit damages)
Express Contract - ANS -A written or oral contract .
Implied-in-Fact Contract - ANS -Contract formed by conduct
(Getting a haircut-expected to pay after the haircut)
Unilateral Contract - ANS -One promise in exchange for performance
(Contract not formed until performance is completed)
Bilateral Contract - ANS -Promise exchanged for a promise
(Contract formed when promises are exchanged)
Executory Contract - ANS -Duties of a contract remain to be performed or have been partially
performed
Executed Contract - ANS -All duties under the contract have been performed
Common Law contracts - ANS -Governs real estate, insurance, services and employment
(R.I.S.E.)
Uniform Commercial Code Sales Article - ANS -Statutory law that governs contracts for the sale
of goods and leases
Sale of "Goods" - ANS -Must be tangible and movable
NOT governed by UCC Sales Article - ANS -RISE, fixtures, intangible property
Lemon grove and Buskens Bakery - ANS -Covered under UCC Sales Article
Contract - ANS -A promise to perform based on the agreement of the parties
Negotiation - ANS -Process of creating a contract
Abbreviation of contract - ANS -K
Purpose of contracts - ANS -Lock down parties expectations, increase predictability,
strengthens relationships, allocate risks (shift risk, limit damages)
Express Contract - ANS -A written or oral contract .
Implied-in-Fact Contract - ANS -Contract formed by conduct
(Getting a haircut-expected to pay after the haircut)
Unilateral Contract - ANS -One promise in exchange for performance
(Contract not formed until performance is completed)
Bilateral Contract - ANS -Promise exchanged for a promise
(Contract formed when promises are exchanged)
Executory Contract - ANS -Duties of a contract remain to be performed or have been partially
performed
Executed Contract - ANS -All duties under the contract have been performed
Common Law contracts - ANS -Governs real estate, insurance, services and employment
(R.I.S.E.)
Uniform Commercial Code Sales Article - ANS -Statutory law that governs contracts for the sale
of goods and leases
Sale of "Goods" - ANS -Must be tangible and movable
NOT governed by UCC Sales Article - ANS -RISE, fixtures, intangible property
Lemon grove and Buskens Bakery - ANS -Covered under UCC Sales Article
