20/06/2025, 12:11 Legl 2700 Roessing COMPLETE (2025) EXAM TEST WITH LATEST UPDATED (QUESTIONS AND ANSWERS) Flashcards | Qui…
Legl 2700 Roessing COMPLETE (2025) EXAM
TEST WITH LATEST UPDATED (QUESTIONS AND
ANSWERS)
Save
Terms in this set (120)
A commitment or willingness to be bound to a
Promise
contract obligation
The most successful attempt to have states adopt a
Uniform Commercial uniform law
Code (UCC) Purpose is to simplify, clarify, and modernize the laws
governing commercial transactions
Goods Tangible (touchable), movable personal property
Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
Bilateral Contract
Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same
Unilateral Contract
time
Not binding until action has been done
Ex) lost dog poster and reward
https://quizlet.com/1055789894/legl-2700-roessing-complete-2025-exam-test-with-latest-updated-questions-and-answers-flash-cards/?new 1/14
, 20/06/2025, 12:11 Legl 2700 Roessing COMPLETE (2025) EXAM TEST WITH LATEST UPDATED (QUESTIONS AND ANSWERS) Flashcards | Qui…
A contract in which parties show their agreement in
Express Contracts
words
A legally enforceable agreement inferred from the
Implied-in-fact Contracts
circumstances and conduct of the parties
A quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust
enrichment and wrongdoing
Implied-in-law Contract 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
An implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust
enrichment and wrongdoing
Quasi-contract 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 A contract that can be enforced in court
Unenforceable Contract A contract that cannot be enforced in court
A contract that contains all of the proper elements of
Valid Contract
a contract
A contract that is empty, having no legal force;
Void Contract ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto The parties to an illegal contract are equally at fault
Capable of being declared a nullity, though otherwise
valid
Voidable Contract
Party taken advantage of can avoid contract; other
party cannot
A contract that is fully accomplished or performed,
Executed Contract
leaving nothing unfulfilled
https://quizlet.com/1055789894/legl-2700-roessing-complete-2025-exam-test-with-latest-updated-questions-and-answers-flash-cards/?new 2/14
Legl 2700 Roessing COMPLETE (2025) EXAM
TEST WITH LATEST UPDATED (QUESTIONS AND
ANSWERS)
Save
Terms in this set (120)
A commitment or willingness to be bound to a
Promise
contract obligation
The most successful attempt to have states adopt a
Uniform Commercial uniform law
Code (UCC) Purpose is to simplify, clarify, and modernize the laws
governing commercial transactions
Goods Tangible (touchable), movable personal property
Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
Bilateral Contract
Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same
Unilateral Contract
time
Not binding until action has been done
Ex) lost dog poster and reward
https://quizlet.com/1055789894/legl-2700-roessing-complete-2025-exam-test-with-latest-updated-questions-and-answers-flash-cards/?new 1/14
, 20/06/2025, 12:11 Legl 2700 Roessing COMPLETE (2025) EXAM TEST WITH LATEST UPDATED (QUESTIONS AND ANSWERS) Flashcards | Qui…
A contract in which parties show their agreement in
Express Contracts
words
A legally enforceable agreement inferred from the
Implied-in-fact Contracts
circumstances and conduct of the parties
A quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust
enrichment and wrongdoing
Implied-in-law Contract 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
An implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust
enrichment and wrongdoing
Quasi-contract 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 A contract that can be enforced in court
Unenforceable Contract A contract that cannot be enforced in court
A contract that contains all of the proper elements of
Valid Contract
a contract
A contract that is empty, having no legal force;
Void Contract ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto The parties to an illegal contract are equally at fault
Capable of being declared a nullity, though otherwise
valid
Voidable Contract
Party taken advantage of can avoid contract; other
party cannot
A contract that is fully accomplished or performed,
Executed Contract
leaving nothing unfulfilled
https://quizlet.com/1055789894/legl-2700-roessing-complete-2025-exam-test-with-latest-updated-questions-and-answers-flash-cards/?new 2/14
