Promissory estoppel Study guides, Class notes & Summaries

What is the definition of a contract? Correct Answer A promise that the law will enforce Describe the various types of contracts? Correct Answer *Bilateral Contract *Unilateral Contract *Express Contract *Implied Contract *Executory Contract *Executed Contract *Valid Contract Bilateral Contract Correct Answer Both parties make a promise Unilateral Contract Correct Answer One party makes a promise that the other party can accept only by doing something. Express Contract Correct ...

Uniform Commercial Code - Answer Article 2 of the UCC governs the sales of goods Sale - Answer the transfer of title from seller to buyer Goods - Answer tangible personal property Common law - Answer most contracts are primarily governed by state common law, including contracts involving employment, services, insurance, real property, patents, and copyrights. Personal property - Answer property other than an interest in land. Real property - Answer land and anything attached to it...

What are the main elements of a contract? Offer, Acceptance, Consideration, Legality, Capacity, Consent, and Writing Express Contract and Implied Contract The types of contracts (ways of classifying contracts) The role the UCC play in contracts Governs contracts for a sale of goods, while common-law principles govern contracts for sale of services and everything else. Personal satisfaction contracts Permit the promise to make subjective evaluations of the promisor's per...

NALA Certified Paralegal Exam Terms and ConceptsEstate administration - correct answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will...

CA property & Casualty Practice Exam Guaranteed Success Bob is thinking about obtaining insurance because he just found out he needs extensive surgery that will require several days in the hospital. This situation of waiting until the last minute to obtain insurance is known as: ️Adverse Selection According to the California insurance law, either party may rescind a contract for any of the following reasons EXCEPT: ️ ️ One party intentionally omits information from the other ...

Bilateral Contract A promise made in exchange for another promise. Unilateral Contract One party makes a promise that the other party can accept only by actually doing something. Executory Contract Control that has yet to be fulfilled Executed Contract Contract where all parties have fulfilled their obligations Voidable Contract When the law permits one party to terminate the agreement. Void Contract Contract that neither party can enforce Unenforc...

Gold coast chapter 12 questions with correct answers 2024/2025 the instrument that contains the amount of the loan, interest rate, payment provisions, and other terms of the loan is the blank - correct answer Promissory note A mortgage is a blank - correct answer Pledge of security the clause in a mortgage that protects the borrowers interest and requires the lender to acknowledge performance by the borrower is the blank clause - correct answer Defeasance The clause that allows a par...

BUSI 2001 Week 6: Negotiable Instruments and Government Regulation - Final Exam Help Time Remaining: 1. Except as provided by statute, oral contracts are just as enforceable as written contracts. (Points: 5) True False 2. Full performance is the most common method by which contracts are discharged. (Points: 5) True False 3. One of the elements necessary to establish fraud is a false statement or concealment of a material fact. (Points: 5) True False 4. The UCC requires all...

WGU C713 Study Guide (V.3) Unit 5 Questions and Answers 100% Pass What is the restatement of contracts? Detailed Analyses of the decided cases in the field. the restatements declare the law as the courts have determined it to be. What is the Uniform Commercial Code? A large collection of legal rules regarding many important businesses or commercial activities. What are the Elements of a legal contract? 1. the parties reached an agreement. 2. consideration was present. 3. the agreement was lega...

TTU - Eko - CMI 3358 - Final Exam Questions And 100% Correct Answers