Baruch 1101 Law Midterm Study Guide
Exam and All Correct Answers 2026
Updated.
4 sources of contract law - Answer the contract, common law, UCC, NY Gol
Common Law - Answer the Restatement (Second) of the Law of Contracts; governs all
contracts except when it has been modified or replaced by statutory law
UCC - Answer (use this second) a proposed law from the NCCUSL, adopted by all states
NY Gol - Answer (Start with this) adopting the UCC with some modification
Elements of a Valid Contract - Answer Agreement, Consideration, Legal Capacity, and Legality
Defenses to the Enforceability of a Valid Contract - Answer Voluntary Consent and Form
Objective Theory of Contracts - Answer a Party's intention to enter into a contract is judged
by outward, objective facts as interpreted by a reasonable person, rather than by the party's
secret, subjective intentions; Intent to form a contract may be manifested by conduct, as well as
by words, oral or written
agreement - Answer includes an offer and an acceptance ; Need IDC
consideration - Answer promises must be supported by legally sufficient and bargained for
xxx
legal capacity - Answer must be competent parties
Legality - Answer Contract's purpose must be to accomplish some goal that is legal and not
against public policy
Form - Answer the contract must be in whatever form the law requires
, contract - Answer A set of promises constituting an agreement between parties, giving each
a legal duty to the other and also the right to seek a remedy for the breach of the promises or
duties.
bilateral contract - Answer promise for a promise
unilateral contract - Answer a promise for an act
formal contracts - Answer An agreement that by law requires a specific form for its validity.
informal contracts (simple contracts) - Answer a contract that does not require a specific
form or method of creation to be valid
express contracts - Answer a contract in which the terms of the agreement are stated in
words, oral or written (form required)
Implied contract - Answer a contract formed in whole or in part from the conduct of the
parties (no form required)
executed contract - Answer a contract that has been fully performed by both parties
executory contract - Answer a contract that has not yet been fully performed
valid contract - Answer a contract that results when the elements necessary for contract
formation are present
voidable contract - Answer a contract that may be legally avoided at the option of one or
both of the parties
unenforceable contract - Answer a valid contract rendered unenforceable by some statute or
law
IDC for agreement - Answer Intention, definiteness, communication
Mutual Assent - Answer
quasi contract - Answer implied contract in law-
Exam and All Correct Answers 2026
Updated.
4 sources of contract law - Answer the contract, common law, UCC, NY Gol
Common Law - Answer the Restatement (Second) of the Law of Contracts; governs all
contracts except when it has been modified or replaced by statutory law
UCC - Answer (use this second) a proposed law from the NCCUSL, adopted by all states
NY Gol - Answer (Start with this) adopting the UCC with some modification
Elements of a Valid Contract - Answer Agreement, Consideration, Legal Capacity, and Legality
Defenses to the Enforceability of a Valid Contract - Answer Voluntary Consent and Form
Objective Theory of Contracts - Answer a Party's intention to enter into a contract is judged
by outward, objective facts as interpreted by a reasonable person, rather than by the party's
secret, subjective intentions; Intent to form a contract may be manifested by conduct, as well as
by words, oral or written
agreement - Answer includes an offer and an acceptance ; Need IDC
consideration - Answer promises must be supported by legally sufficient and bargained for
xxx
legal capacity - Answer must be competent parties
Legality - Answer Contract's purpose must be to accomplish some goal that is legal and not
against public policy
Form - Answer the contract must be in whatever form the law requires
, contract - Answer A set of promises constituting an agreement between parties, giving each
a legal duty to the other and also the right to seek a remedy for the breach of the promises or
duties.
bilateral contract - Answer promise for a promise
unilateral contract - Answer a promise for an act
formal contracts - Answer An agreement that by law requires a specific form for its validity.
informal contracts (simple contracts) - Answer a contract that does not require a specific
form or method of creation to be valid
express contracts - Answer a contract in which the terms of the agreement are stated in
words, oral or written (form required)
Implied contract - Answer a contract formed in whole or in part from the conduct of the
parties (no form required)
executed contract - Answer a contract that has been fully performed by both parties
executory contract - Answer a contract that has not yet been fully performed
valid contract - Answer a contract that results when the elements necessary for contract
formation are present
voidable contract - Answer a contract that may be legally avoided at the option of one or
both of the parties
unenforceable contract - Answer a valid contract rendered unenforceable by some statute or
law
IDC for agreement - Answer Intention, definiteness, communication
Mutual Assent - Answer
quasi contract - Answer implied contract in law-
