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Commercial Law - Contracts questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating
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Commercial Law - Contracts questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • commercial law contracts
  • commercial law contracts questions and correct a

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  • Commercial Construction
  • Commercial Construction

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Commercial Law - Contracts
Bilateral Contract - ANS-A contract in which both parties exchange promises

Capacity - ANS-The parties to a contract must have contractual capacity

Common Law - ANS-Presented primarily by the Restatement of Contract Law; governs most
contracts including contracts involving employment, services, insurance, real property (land and
anything attached to it), patents, and copyrights.

Consideration - ANS-A mutual exchange of legal benefit or legal detriment as an inducement to
the other party to make a return exchange

Definition of Contract - ANS-A binding agreement that the courts will enforce

Executed Contract - ANS-A contract that has been fully performed by all of the parties

Executory Contract - ANS-A contract that has yet to be fully performed

Express Contract - ANS-An agreement that is stated words, either orally or in writing

Implied in Fact Contract - ANS-A contract in which the agreement of the parties is inferred from
their conduct

Legality of Object - ANS-The purpose of a contract must not be criminal, tortious, or otherwise
against public policy

Mutual Assent - ANS-Manifesting by words or conduct that the parties have agreed to enter into
a contract

Promissory Estoppel - ANS-A doctrine enforcing some noncontractual promises to prevent
injustice

Quasi Contracts - ANS-contract implied-in-law; obligation not based on express or implied
promises or conduct

Remedy - ANS-The plaintiff recovers the reasonable value of the benefit she conferred upon the
defendant

Requirements - ANS-A promise made under circumstances that should lead the promisor
reasonably to expect that the promise would induce the promisee to take definite and
substantial action, and the promisee does take such action

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