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BLAW Exam 2 with complete solutions 2024_2025
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BLAW Exam 2 with complete solutions 2024_2025
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BLAW Exam 2 with complete solutions2024/2025
Uniform Commercial Code (UCC) - ANSWER- Applies to contracts for sales and
lease of goods, form of statutory law (exception to common law)
Contract - ANSWER- Legally binding, two or more parties, agree to perform or
refrain from performing some act now or in the future
Four essential elements of a contract - ANSWER- Agreement, consideration,
contractual capacity, and legality
Offeror vs offeree - ANSWER- Offeror makes the offer, offeree accepts
Bilateral - ANSWER- "A promise for a promise," offeree only needs to promise to
perform in order to accept the offer
Unilateral - ANSWER- "A promise for an act," offeree must complete performance
in order to accept the offer; once "substantial performance" has been completed,
offer is irrevocable
Express - ANSWER- Created by words, written or oral
Implied-in-fact (& 3 requirements) - ANSWER- Created by conduct. 1) Plaintiff
furnished good or service, 2) plaintiff expected to be paid (& defendant knew or
should have known), and 3) defendant had a chance to reject and didn't
Formal (contract) - ANSWER- Requires a special form
Informal (contract) - ANSWER- Does not require a special form
Executed - ANSWER- Contract has been fully performed by both sides
, Executory - ANSWER- Contract has not been fully performed by both sides
Quasi-contract - ANSWER- (aka implied-in-law!); "fictional" contracts created by
courts; equitable rather than contractual in nature; associate with quantum
meruit
Quantum Meruit - ANSWER- "as much as he deserved," determines the amount to
be paid when no contract exists or when there is doubt about the amount due;
example of an equitable remedy; associate with quasi-contracts
Revocation - ANSWER- Offeror withdraws BEFORE offeree accepts, effective
when the offeree receives it
Option contract - ANSWER- Promise to hold an offer open for a specified period
of time
Detrimental reliance - ANSWER- Offeree justifiably relies on offer to his or her
detriment, offer cannot be revoked; promise is enforced
Promissory estoppel - ANSWER- Offeree acts based on reliance on an offer, offer
cannot be revoked (very similar to detrimental reliance)
Mirror image rule - ANSWER- Offeree's acceptance must match offeror's offer
Shrink-wrap agreement - ANSWER- Do not open/use unless you agree to the
terms; between manufacturer and usaer
Browse-wrap agreement - ANSWER- Terms are listed at the bottom of the
website, assume agreement with continued use of the site; generally NOT
enforceable (don't require specific assent)
3 of the exceptions to the E-SIGN Act - ANSWER- Court papers, evictions,
foreclosures
Partnering agreement - ANSWER- Seller and buyer agree in advance on the terms
to apply in all subsequent electronic transactions
UETA - ANSWER- Uniform Electronic Transactions Act, gives the same legal
effect to electronic transactions as to ordinary; parties can "opt out" of UETA
terms if they explicitly say so
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