CONTRACTS AND CONTRACT LAW EXAM 2025 QUESTIOSN AND ANSWERS

CONTRACTS AND CONTRACT LAW
EXAM 2025 QUESTIOSN AND
ANSWERS


UCC - ....ANSWER ...-Uniform Commercial Code governs certain forms of

contracts.


State Statutory Law - ....ANSWER ...-Laws enacted by the state legislature.


Four Requirements of a Valid Contract - ....ANSWER ...-Agreement,

Consideration, Capacity, Legality.


Parol Evidence Rule - ....ANSWER ...-Prevents oral agreements from

altering written contracts.


Statute of Frauds - ....ANSWER ...-Requires certain contracts to be in

writing to be enforceable.


Novation - ....ANSWER ...-Substituting a new obligation for an existing one.




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, Unilateral Contract - ....ANSWER ...-A contract where one party makes a

promise.


Doctrine of Accord and Satisfaction - ....ANSWER ...-Discharging a

contractual obligation through a new agreement.


Good Faith and Fair Dealing - ....ANSWER ...-Expectation that parties will

deal fairly with each other.


Past Consideration - ....ANSWER ...-An act done before a contract is

formed.


Capacity - ....ANSWER ...-Legal ability to enter into a contract.


Offer - ....ANSWER ...-Proposal by one party to another to enter into a

contract.


Acceptance - ....ANSWER ...-Agreement to the terms of an offer.


Consideration - ....ANSWER ...-Something of value exchanged in a contract.


Legality - ....ANSWER ...-Contract must be legal and not against public

policy.


Agreement - ....ANSWER ...-Meeting of the minds between parties.




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