BUL4310 EXAM 2 COMPREHENSIVE EXAM QUESTIONS
WITH DETAILED VERIFIED AND 100% ACCURATE
ANSWERS BRAND NEW EXAM ALREADY GRADED (A+
PASS)
Contract Ans✓✓✓ a legally enforceable agreement
Contract law reduces transaction costs by Ans✓✓✓ 1. Encouraging the
performance of
voluntary agreements by providing a sanction for breach
2. Reducing negotiation costs by
providing standard or customary terms for various types of transactions;
and
3. Discouraging misleading conduct
in contract negotiations.
Contract Law LSB 177 Ans✓✓✓ Ensures that the other party will act as
agreed.
Elements of a Contract Ans✓✓✓ 1. Offer 2. Acceptance 3.
Consideration 4. Mutuality 5. Capacity 6. Legality * Generally, NOT
form
Mutuality Ans✓✓✓ Was there a misunderstanding?
Was a party under duress or undue influence?
Did a party lie?
,Capacity Ans✓✓✓ Do the parties know what's going on?
Do the parties have mental capability?
Do the parties understand key concepts?
Legality Ans✓✓✓ A contact cannot violate criminal law or otherwise be
against public policy
Form Ans✓✓✓ There usually is no set format for Contract Formation.
Contracts do not need to be in complex language.
Most contracts do not have to be written.
Contracts can be _______ and inferred from ____________ Ans✓✓✓
oral; conduct
Written contract Ans✓✓✓ serves as evidence: 1. Evidence there was a
contract,
and 2. Evidence of what the parties agreed.
Sale of Goods Ans✓✓✓ all things (including specially
manufactured goods) which are movable at the time of identification to
the contract for sale
, What Types of Contracts are Governed by Article 2? Ans✓✓✓ Sale of
goods
Merchants Ans✓✓✓ a person who deals in goods of the
kind or otherwise by his occupation holds himself out as having
knowledge or skill peculiar to the practices or goods involved in the
transaction.
____ Nations have adopted the CISG Ans✓✓✓ 77
Every contract contains Ans✓✓✓ an implied covenant of good faith and
fair dealing in its performance
Good faith and fair dealing Ans✓✓✓ Refrain from imposing improper
conditions on the negotiation
Disclose enough about parallel negotiations to allow the other party to
make a counterproposal
Keep negotiating until an agreement has been reached
Objective Facts Ans✓✓✓ 1. What the party wrote or said when entering
into a contract
2. How the party acted or appeared
3. The circumstances surrounding the transaction
WITH DETAILED VERIFIED AND 100% ACCURATE
ANSWERS BRAND NEW EXAM ALREADY GRADED (A+
PASS)
Contract Ans✓✓✓ a legally enforceable agreement
Contract law reduces transaction costs by Ans✓✓✓ 1. Encouraging the
performance of
voluntary agreements by providing a sanction for breach
2. Reducing negotiation costs by
providing standard or customary terms for various types of transactions;
and
3. Discouraging misleading conduct
in contract negotiations.
Contract Law LSB 177 Ans✓✓✓ Ensures that the other party will act as
agreed.
Elements of a Contract Ans✓✓✓ 1. Offer 2. Acceptance 3.
Consideration 4. Mutuality 5. Capacity 6. Legality * Generally, NOT
form
Mutuality Ans✓✓✓ Was there a misunderstanding?
Was a party under duress or undue influence?
Did a party lie?
,Capacity Ans✓✓✓ Do the parties know what's going on?
Do the parties have mental capability?
Do the parties understand key concepts?
Legality Ans✓✓✓ A contact cannot violate criminal law or otherwise be
against public policy
Form Ans✓✓✓ There usually is no set format for Contract Formation.
Contracts do not need to be in complex language.
Most contracts do not have to be written.
Contracts can be _______ and inferred from ____________ Ans✓✓✓
oral; conduct
Written contract Ans✓✓✓ serves as evidence: 1. Evidence there was a
contract,
and 2. Evidence of what the parties agreed.
Sale of Goods Ans✓✓✓ all things (including specially
manufactured goods) which are movable at the time of identification to
the contract for sale
, What Types of Contracts are Governed by Article 2? Ans✓✓✓ Sale of
goods
Merchants Ans✓✓✓ a person who deals in goods of the
kind or otherwise by his occupation holds himself out as having
knowledge or skill peculiar to the practices or goods involved in the
transaction.
____ Nations have adopted the CISG Ans✓✓✓ 77
Every contract contains Ans✓✓✓ an implied covenant of good faith and
fair dealing in its performance
Good faith and fair dealing Ans✓✓✓ Refrain from imposing improper
conditions on the negotiation
Disclose enough about parallel negotiations to allow the other party to
make a counterproposal
Keep negotiating until an agreement has been reached
Objective Facts Ans✓✓✓ 1. What the party wrote or said when entering
into a contract
2. How the party acted or appeared
3. The circumstances surrounding the transaction
