EXAM STUDY MATERIALS 8/7/2024 11:29 AM
LEGAL EXAM III REVIEW Questions
With Correct Answers
Based on common law (previous cases). - answer✔✔Contract Law
persuasive document adopted by all states, except 1, that provides guidance on commercial
contracts. - answer✔✔Uniform Commercial Code (UCC)
a compilation of the general principles of contract common law. - answer✔✔Restatement of
Contracts
1. The Offer
2. Acceptance
3. Consideration - answer✔✔Steps to Form a Contract:
to do something or not to do something. - answer✔✔The Offer
consists of two promises; both parties are bound/obligated to perform.
ex. car buyer agrees to pay the seller a certain amount of money in exchange for the title to the
car. - answer✔✔Bilateral
does not involve an exchange of promises; rather a promise in exchange of an act.
ex. a baseball player promises a fan $100k to return their home run ball. - answer✔✔Unilateral
only by the party to whom the contract was made. - answer✔✔Acceptance
price both parties pay; exchange of value/benefit that each party receives. -
answer✔✔Consideration
certain contracts are unenforceable unless they are in writing; (sales, mortgage, or lease of land;
services not performed 1 year from date of marking; sale of goods of $500 or more). -
answer✔✔Statute of Frauds
LEGAL EXAM III REVIEW Questions
With Correct Answers
Based on common law (previous cases). - answer✔✔Contract Law
persuasive document adopted by all states, except 1, that provides guidance on commercial
contracts. - answer✔✔Uniform Commercial Code (UCC)
a compilation of the general principles of contract common law. - answer✔✔Restatement of
Contracts
1. The Offer
2. Acceptance
3. Consideration - answer✔✔Steps to Form a Contract:
to do something or not to do something. - answer✔✔The Offer
consists of two promises; both parties are bound/obligated to perform.
ex. car buyer agrees to pay the seller a certain amount of money in exchange for the title to the
car. - answer✔✔Bilateral
does not involve an exchange of promises; rather a promise in exchange of an act.
ex. a baseball player promises a fan $100k to return their home run ball. - answer✔✔Unilateral
only by the party to whom the contract was made. - answer✔✔Acceptance
price both parties pay; exchange of value/benefit that each party receives. -
answer✔✔Consideration
certain contracts are unenforceable unless they are in writing; (sales, mortgage, or lease of land;
services not performed 1 year from date of marking; sale of goods of $500 or more). -
answer✔✔Statute of Frauds
