Exam Practice Questions and Answers with Complete Solutions for Contracts and the Uniform Commercial Code. Latest Update
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Course
Business Commerce
Institution
Business Commerce
Contract - Answers A promise or set of promises
-an agreement creating obligations enforceable by law
elements of a contract - Answers agreement, acceptance, capacity, legality
Offeror - Answers The person making the offer
Offeree - Answers The person to whom the offer is made
Hybrid contract ...
Exam Practice Questions and Answers with Complete Solutions for Contracts and the Uniform
Commercial Code. Latest Update
Contract - Answers A promise or set of promises
-an agreement creating obligations enforceable by law
elements of a contract - Answers agreement, acceptance, capacity, legality
Offeror - Answers The person making the offer
Offeree - Answers The person to whom the offer is made
Hybrid contract - Answers A contract that is both for the sale of goods and for services
Predominate purpose test - Answers Helps determine which law applies when the contract is both a
good and a service
Agreement - Answers A valid offer and a valid acceptance
Consideration - Answers Something of legally sufficient value that is bargained for and exchanged
between parties
-a mutual exchange of benefits and detriments
Capacity - Answers The parties to the contract have qualities that make them competent under the law
Legality - Answers Contracts have to be formed for a legal purpose
Anticipatory breach - Answers When one party to the contract makes it unmistakably clear that it will
not perform its obligations under the contract PRIOR to the deadline for performance
Liquidated damages - Answers Damages that the party agreed to ahead of time
Mitigation of damages - Answers When breach occurs, the non-breaching party has a duty to reduce the
damages they suffer
-the duty owed depends on the contract
Bilateral contract - Answers an contract with two promises and two performances
-a promise for a promise
Unilateral contract - Answers a one sided contract
a promise in exchange for an act
Express contract - Answers a contract in which all elements are specifically stated
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