Exam (elaborations)
LEGL 2700 ROESSING EXAM 2 2024VWITH ACCURATE ANSWERS
- Course
- Institution
LEGL 2700 ROESSING EXAM 2 2024VWITH ACCURATE ANSWERS
[Show more]
Content preview
LEGL 2700 ROESSING EXAM 22024VWITH ACCURATE ANSWERS
Perini Corporation v. Great Bay Hotel & Casino (1992) - correct answersContract to build new casino
Didn't complete by due date
Perini (constructors) held responsible for 14 million dollars
Implied-in-law Contract - correct answersA quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable value of that benefit
Nonetheless, the elements of a true contract are not present
Promise - correct answersA commitment or willingness to be bound to a contract obligation
Uniform Commercial Code (UCC) - correct answersThe most successful attempt to have states adopt a
uniform law
Purpose is to simplify, clarify, and modernize the laws governing commercial transactions
Goods - correct answersTangible (touchable), movable personal property
Bilateral Contract - correct answersPromise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
, Ex) work order to paint house
Unilateral Contract - correct answersPromise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same time
Not binding until action has been done
Ex) lost dog poster and reward
Express Contracts - correct answersA contract in which parties show their agreement in words
Implied-in-fact Contracts - correct answersA legally enforceable agreement inferred from the
circumstances and conduct of the parties
Quasi-contract - correct answersAn implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable value of that benefit
Nonetheless, the elements of a true contract are not present
Enforceable Contract - correct answersA contract that can be enforced in court
Unenforceable Contract - correct answersA contract that cannot be enforced in court
Valid Contract - correct answersA contract that contains all of the proper elements of a contract
Void Contract - correct answersA contract that is empty, having no legal force; ineffectual,
unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto - correct answersThe parties to an illegal contract are equally at fault
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PRETTYGRADES81. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now