BLAW 2301 EXAM 2 questions answer
100% correct
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? - correct answer ✔✔what is a contract
-offer
-acceptance
-consideration
-legality
-capacity
consent
-writing (for some) - correct answer ✔✔7 key characteristics that must be present to make a
contract enforceable
contract in which one party agrees not to compete with another (Davis v Mason 1792) - correct
answer ✔✔noncompetition agreement
a promise made in exchange for another promise (most contracts are bilateral) - correct answer
✔✔bilateral contract
one party makes a promise that the other party can accept only by actually doing something
(contingent on some action) - correct answer ✔✔unilateral contract
, an agreement in which one or more parties has not yet fulfilled its obligations - correct answer
✔✔executory contract
an agreement in which all parties have fulfilled their obligations - correct answer ✔✔executed
contract
occurs when the parties intended to form a valid bargain, but a court declares that some rule of
law prevents enforcing it - correct answer ✔✔unenforceable contract
an agreement that may be terminated by one of the parties - correct answer ✔✔voidable
contract
an agreement that neither party can enforce, because that bargain is illegal or one of the parties
had no legal authority to make it - correct answer ✔✔void agreement
an agreement with all important terms explicitly stated - correct answer ✔✔express contract
an agreement in which the words and conduct of the parties indicate that they intend an
agreement - correct answer ✔✔implied contract
Body of laws governing commercial transactions in the United States. - correct answer
✔✔uniform commercial code (UCC)
sale of goods - correct answer ✔✔article 2 UCC
promissory estoppel
100% correct
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? - correct answer ✔✔what is a contract
-offer
-acceptance
-consideration
-legality
-capacity
consent
-writing (for some) - correct answer ✔✔7 key characteristics that must be present to make a
contract enforceable
contract in which one party agrees not to compete with another (Davis v Mason 1792) - correct
answer ✔✔noncompetition agreement
a promise made in exchange for another promise (most contracts are bilateral) - correct answer
✔✔bilateral contract
one party makes a promise that the other party can accept only by actually doing something
(contingent on some action) - correct answer ✔✔unilateral contract
, an agreement in which one or more parties has not yet fulfilled its obligations - correct answer
✔✔executory contract
an agreement in which all parties have fulfilled their obligations - correct answer ✔✔executed
contract
occurs when the parties intended to form a valid bargain, but a court declares that some rule of
law prevents enforcing it - correct answer ✔✔unenforceable contract
an agreement that may be terminated by one of the parties - correct answer ✔✔voidable
contract
an agreement that neither party can enforce, because that bargain is illegal or one of the parties
had no legal authority to make it - correct answer ✔✔void agreement
an agreement with all important terms explicitly stated - correct answer ✔✔express contract
an agreement in which the words and conduct of the parties indicate that they intend an
agreement - correct answer ✔✔implied contract
Body of laws governing commercial transactions in the United States. - correct answer
✔✔uniform commercial code (UCC)
sale of goods - correct answer ✔✔article 2 UCC
promissory estoppel
