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Legal 4400 Test questions and answers certified 2024
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Legal 4400 Test questions and answers certified 2024
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Legal 4400 Test #1contracts - correct answer ✔voluntary agreements between 2 or more
parties to do (or forebear from doing) a legal act in exchange for something of
value agreed upon between them
contract breach - correct answer ✔if a party to the contract does not perform
as promised, it is a breach of contract and the court will grant a remedy
contract law provides - correct answer ✔reliability predictability, and stability
to agreements between people who may never meet
contracts could not exist without - correct answer ✔ethical behavior and
substantial investment in the process by all the stakeholder committed to
keeping their word
point of contracts - correct answer ✔to be able to have a means of redress if
something goes wrong and expected performance does not occur as planned
contracts must be - correct answer ✔valid and enforcable
validity requirements - correct answer ✔-parties must mutually agree to the
subject matter of contract
-must be a mutual exchange of consideration (value) between parties
-parties must have the capacity to enter into contract
-contracts must have legal subject matter
,capacity - correct answer ✔the ability of a party to a contract to know and
understand that by entering the agreement, they are legally committing
themselves to perform as agreed
enforcement upon breach of contract - correct answer ✔the ability of parties
to pursue rights in the contract
validity - correct answer ✔addresses whether the legal requirements of a
contract are met
enforcability - correct answer ✔addresses whether a court can entertain an
action for a breach of contract when a party fails to perform and is sued by the
non-breaching party
state law - correct answer ✔contract law is governed by...
common law - correct answer ✔laws brought over by English settlers that
are used as the basis of American law
commercial transactions - correct answer ✔transactions that involve the
buying and selling of goods
interstate commerce - correct answer ✔when commercial transactions
involve more than one state
restatement of contracts - correct answer ✔compilation of law contracts
adopted by most states in whole or in part
ucc - correct answer ✔addresses contracts involving the sale of goods
, restatement - correct answer ✔compiled by American law institute
restatement - correct answer ✔not law itself- a set of books that sets forth
various approaches to legal concepts in the law of contracts... states are
allowed to choose between the approaches and choose the one that suits
them best
goods - correct answer ✔movable, tangible, and personal proparty
ucc agreements - correct answer ✔always involve the exchange of title and
the possession of tangible, movable personal property for a price
gap filling - correct answer ✔a ucc concept allowing terms left out of a
contract to be filled in by the parties according to ucc rules (including good
faith)
-gaps in a contract do not affect that contract's existance
business or place of residence - correct answer ✔if gap in delivery location...
reasonable price at time of delivery - correct answer ✔if gap in price...
upon delivery - correct answer ✔if gap in when payment is due...
hybrid contracts - correct answer ✔contracts that are covered by both ucc
and something else (like restatement)
predominant feature - correct answer ✔determines what set of laws govern a
contract
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