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BUS LAW CHAPTER 11 Questions &Exam (elaborations) answers 100% satisfaction guarantee
BUS LAW CHAPTER 11 Questions &Exam (elaborations) answers 100% satisfaction guarantee
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STUVIA 2024/2025BUS LAW CHAPTER 11
•A fictional contract imposed on parties by a court in the interests of fairness and justice.
•Usually, quasi contracts are imposed to avoid the unjust enrichment of one party at the expense of
another.
•The doctrine of unjust enrichment is based on the theory that individuals should not be allowed to
profit or enrich themselves inequitably at the expense of others. - ✔✔Quasi contract
•all contracts except when it has been modified or replaced by statutory law, such as the Uniform
Commercial Code (U C C), or by administrative agency regulations. - ✔✔The common law governs
•Any promises made by the parties to the contract must be supported by legally sufficient and
bargained-for consideration (something of value received or promised, such as money, to convince a
person to make a deal). - ✔✔1.Consideration
•Express terms (terms expressly stated in the contract)
•Course of performance
•Course of dealing
•Custom and usage of trade - ✔✔Contract terms are weighted from greatest to least in the following
order
%
•Formation
•Performance
Enforceability - ✔✔•There are many types of contracts.
They are categorized based on legal distinctions as to their
•have helped parties understand the legal terminology used in contracts. - ✔✔Plain language laws
•invoke the principle of quasi contract.
•The enrichment in those situations will not be considered "unjust." - ✔✔a party who has conferred a
benefit on someone else unnecessarily or as a result of misconduct or negligence cannot
•Services
•Real estate
•Employment
•Insurance - ✔✔The common law governs contracts relating to
•The consent of both parties must be voluntary.
•If a contract was formed as a result of fraud, undue influence, mistake, or duress, the contract may
not be enforceable. - ✔✔1.Voluntary consent
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