Baruch 1101 Law Midterm
Study Guide Comprehensive
Questions and Solutions
Graded A+
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 modificationE
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)
Study Guide Comprehensive
Questions and Solutions
Graded A+
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 modificationE
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)
