Promisor Study guides, Class notes & Summaries

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

Assignments and Delegations: Bring 3ps into K as partiesDonne Bénéficiaire they are donating something of value (don't owe anything ahead of time) Creditor Beneficiare creditor beneficiary is a beneficiary between A and B, C is waiting. Usually when they bring in someone they owe money to, into the contract Intended Beneficiary has the power to sue for breach (Insurance contract) Unintended Beneficiary parties that benefit from the contract between A and B, but it wasn't f...

AIC 301 Test Exam Questions Marking Scheme A legally enforceable agreement between two or more parties. - Answer -contract The party to a contract making a promise. - Answer -Promisor The party to a contract to whom a promise is made. - Answer -Promisee The relationship that exists between the parties to a contract. - Answer -Privity of contract A person who is not a party to a contract but who benefits from it and has a legal right to enforce the contract if it is breached by eit...

Is contract law statutory or common law? Usually common law Can vary state by state, but is becoming more uniform Can be supplemented by State statutes Two functions of contracts Dictate Performance Allocate Risk Contract law definition System of rules for enforcing promises and the breaking of promises Least cost avoider of risks Better at minimizing costs associated with risks Efficient legal rules are one that enforce contracts when the risk is borne by the ...

Express Actual Authority: Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: he FAR and states that each authority is delegable unless specifically stated otherwise (FAR 1.108(...

what makes a contract irrevocable? - option contract detrimental reliance what is an option contract? - offeror promises to hold offer open for a special period in exchange for consideration what is determinantal reliance (promissory estoppel)? - 1. If Person A reasonable relies on 2. Person's B promise 3. In a way that causes Person A harm, then 4. Person B is estopped form not fulfilling the promise (Person B has kept the promise) what is partial performance? - form of detrim...

Elements of a binding contract correct answers1 .An offer must be made. 2. An acceptance must be given. 3. Something of value must be exchanged (consideration) When is a contract not enforceable? correct answers"illegal," Fraud, Minor Quasi-Contract (unjust enrichment) correct answers- Not necessarily a contract, but enforceable - A party confers a benefit that the second party accepts, would be unjust for the acceptor to keep benefit without paying. Promissory Estoppel correct ans...

Contract - ANSWERS"A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty" an agreement between two or more competent parties, to perform or refrain from performing some present or future act. Contract Law - ANSWERSReflects what promises/commitments our society believes should be legally binding. Breach of contract - ANSWERSThe failure, without legal excuse, of a promisor to perform the obligations of ...

AIC 301 - All the terms and definitions Test Exam Questions Marking Scheme What is a contract? - Answer -A legally enforceable agreement between two or more parties. Who is the promisor? - Answer -The party to a contract making a promise. Who is the promisee? - Answer -The party to a contract to whom a promise is made. What is privity of contract? - Answer -The relationship that exists between the parties to a contract. Who is a third-party beneficiary? - Answer -A person who is n...