LEGL 2700 ROESSING EXAM 2 QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED
A+
Promise - (answers)A commitment or willingness to be bound to a contract
obligation
Uniform Commercial Code (UCC) - (answers)The most successful attempt to have
states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing commercial
transactions
Goods - (answers)Tangible (touchable), movable personal property
Bilateral Contract - (answers)Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
Unilateral Contract - (answers)Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same time
,Not binding until action has been done
Ex) lost dog poster and reward
Express Contracts - (answers)A contract in which parties show their agreement in
words
Implied-in-fact Contracts - (answers)A legally enforceable agreement inferred
from the circumstances and conduct of the parties
Implied-in-law Contract - (answers)A quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
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
Quasi-contract - (answers)An implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
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 - (answers)A contract that can be enforced in court
, Unenforceable Contract - (answers)A contract that cannot be enforced in court
Valid Contract - (answers)A contract that contains all of the proper elements of a
contract
Void Contract - (answers)A contract that is empty, having no legal force;
ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto - (answers)The parties to an illegal contract are equally at fault
Voidable Contract - (answers)Capable of being declared a nullity, though
otherwise valid
Party taken advantage of can avoid contract; other party cannot
Executed Contract - (answers)A contract that is fully accomplished or performed,
leaving nothing unfulfilled
Executory Contract - (answers)An agreement that is not completed
Remains this state until the performance required in a contract is completed
Offer - (answers)A contractual communication that contains a specific promise
and a specific demand
CORRECT DETAILED ANSWERS |ALREADY GRADED
A+
Promise - (answers)A commitment or willingness to be bound to a contract
obligation
Uniform Commercial Code (UCC) - (answers)The most successful attempt to have
states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing commercial
transactions
Goods - (answers)Tangible (touchable), movable personal property
Bilateral Contract - (answers)Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
Unilateral Contract - (answers)Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same time
,Not binding until action has been done
Ex) lost dog poster and reward
Express Contracts - (answers)A contract in which parties show their agreement in
words
Implied-in-fact Contracts - (answers)A legally enforceable agreement inferred
from the circumstances and conduct of the parties
Implied-in-law Contract - (answers)A quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
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
Quasi-contract - (answers)An implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
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 - (answers)A contract that can be enforced in court
, Unenforceable Contract - (answers)A contract that cannot be enforced in court
Valid Contract - (answers)A contract that contains all of the proper elements of a
contract
Void Contract - (answers)A contract that is empty, having no legal force;
ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto - (answers)The parties to an illegal contract are equally at fault
Voidable Contract - (answers)Capable of being declared a nullity, though
otherwise valid
Party taken advantage of can avoid contract; other party cannot
Executed Contract - (answers)A contract that is fully accomplished or performed,
leaving nothing unfulfilled
Executory Contract - (answers)An agreement that is not completed
Remains this state until the performance required in a contract is completed
Offer - (answers)A contractual communication that contains a specific promise
and a specific demand
