Legl 2700 roessing exam 2 Study guides, Class notes & Summaries

Promise - Answer- A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer- The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer- Tangible (touchable), movable personal property Bilateral Contract - Answer- Promise in exchange for a promise Involves promisor and promisee Usually made to a specific person Acceptance, then p...