LAW 1101 Exam
Comprehensive Questions and
Solutions Graded A+
Common Law - Answer: Governs all contracts except those modified or replaced by UCC or
NYGOL
UCC - Answer: Governs contracts for sales of goods
Good- tangible/movable personal property
Mixed Contracts (including the Predominant Factor Test) - Answer: Mixed Contract- contract for
goods & services
Predominant Factor Test- If the predominant factor/purpose of the contract as a whole is to
render goods, then UCC applies
Mutual Assent - Answer: Offer & acceptance
Consideration - Answer: Something of value in exchange for a promise
Capacity - Answer: Mental capacity to understand the nature and consequences of contract
Legality - Answer: Legal purpose
,Bilateral & Unilateral Contracts - Answer: Bilateral- promise for promise
- If offeree can accept by promising to perform, then contract is bilateral
- Contract is formed when promises are exchanged
Unilateral- promise for an act
- If an offeree can accept only by performances, then contract is unilateral
- Contract is formed when act is performed
Formal & Informal Contracts - Answer: Formal- requires a specific form
Informal (more common)- does not require a specific form
Express & Implied Contracts - Answer: Express- all terms are expressed by words (oral or
written)
Implied- some or all terms are implied by conduct
Executed & Executory Contracts - Answer: Executed- fully performed by both parties
Executory- not fully performed by one or both parties
Valid, Void, Voidable, and Unenforceable Contracts - Answer: Valid- meets the four elements of
the valid contract
Void- no contract; does not meet all four elements
, Voidable- valid contract that can be avoided (cancelled) at the option of one or more parties
- ex: fraud, mistake, capacity
Unenforceable- valid contract rendered unenforceable by law
- ex: statute of frauds
Quasi Contract (including general rule & emergency aid exception) - Answer: Fictional contract
imposed by law to avoid unjust enrichment
Quasi Contract imposed when following elements are met:
- benefit given to defendant by plaintiff
- knowledge of benefit by defendant
- acceptance/retention of benefit by defendant
Emergency Aid Exception- Quasi Contract will be imposed in emergency aid situations without
knowledge elements
What is the purpose of contract remedies? - Answer: If a party breaches (fails to perform
contract duties), injured party can sue for monetary damages or equitable remedies.
When are equitable remedies granted? - Answer: Courts will grant equitable remedies if
monetary damages are inadequate.
Monetary Damages - Answer: Compensatory Damages- quorded to compensate injured party
for actual losses
Punitive Damages- additional monetary damages on top of compensatory damages
Comprehensive Questions and
Solutions Graded A+
Common Law - Answer: Governs all contracts except those modified or replaced by UCC or
NYGOL
UCC - Answer: Governs contracts for sales of goods
Good- tangible/movable personal property
Mixed Contracts (including the Predominant Factor Test) - Answer: Mixed Contract- contract for
goods & services
Predominant Factor Test- If the predominant factor/purpose of the contract as a whole is to
render goods, then UCC applies
Mutual Assent - Answer: Offer & acceptance
Consideration - Answer: Something of value in exchange for a promise
Capacity - Answer: Mental capacity to understand the nature and consequences of contract
Legality - Answer: Legal purpose
,Bilateral & Unilateral Contracts - Answer: Bilateral- promise for promise
- If offeree can accept by promising to perform, then contract is bilateral
- Contract is formed when promises are exchanged
Unilateral- promise for an act
- If an offeree can accept only by performances, then contract is unilateral
- Contract is formed when act is performed
Formal & Informal Contracts - Answer: Formal- requires a specific form
Informal (more common)- does not require a specific form
Express & Implied Contracts - Answer: Express- all terms are expressed by words (oral or
written)
Implied- some or all terms are implied by conduct
Executed & Executory Contracts - Answer: Executed- fully performed by both parties
Executory- not fully performed by one or both parties
Valid, Void, Voidable, and Unenforceable Contracts - Answer: Valid- meets the four elements of
the valid contract
Void- no contract; does not meet all four elements
, Voidable- valid contract that can be avoided (cancelled) at the option of one or more parties
- ex: fraud, mistake, capacity
Unenforceable- valid contract rendered unenforceable by law
- ex: statute of frauds
Quasi Contract (including general rule & emergency aid exception) - Answer: Fictional contract
imposed by law to avoid unjust enrichment
Quasi Contract imposed when following elements are met:
- benefit given to defendant by plaintiff
- knowledge of benefit by defendant
- acceptance/retention of benefit by defendant
Emergency Aid Exception- Quasi Contract will be imposed in emergency aid situations without
knowledge elements
What is the purpose of contract remedies? - Answer: If a party breaches (fails to perform
contract duties), injured party can sue for monetary damages or equitable remedies.
When are equitable remedies granted? - Answer: Courts will grant equitable remedies if
monetary damages are inadequate.
Monetary Damages - Answer: Compensatory Damages- quorded to compensate injured party
for actual losses
Punitive Damages- additional monetary damages on top of compensatory damages
