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LEGL 4400 Exam 1 questions and answers verified 2024
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LEGL 4400 Exam 1 questions and answers verified 2024
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LEGL 4400 Exam 1What are the four legal requirements of a valid contract? - correct answer
✔mutual assent, consideration, capacity, legal subject matter
What are the two things parties to a contract want to ensure that their contract
is? - correct answer ✔Valid and enforceable
What does the enforceability of a contract address? - correct answer
✔Whether the court can entertain an action for breach of contract so it can
enforce it.
What is interstate commerce? - correct answer ✔trade between two or more
states/ across state lines
Why was there a need for uniformity in contract law? - correct answer
✔Because states had different contract laws and as states began to do more
and more business across state lines, they needed to have predictability
about the laws governing their transaction.
What are the two sources of contract law? - correct answer ✔the
Restatement of Contracts/common law and the Uniform Commercial Code
(UCC).
Which two terms are used interchangeably for laws governing contracts? -
correct answer ✔common law and the restatement of contracts
What types of contracts does the UCC address? - correct answer
✔Contracts for the sale of goods.
, What is the UCC definition of goods? - correct answer ✔Tangible, moveable,
personal property
If the parties to a contract do not include a provision for delivery, what does
the UCC rule that addresses it provide? - correct answer ✔Delivery will be at
the seller's place of business, or if none, the seller's residence.
If the parties to a contract do not include a provision for price, what is the rule
for price of the goods under UCC? - correct answer ✔The price is a
reasonable price at the time of delivery.
If the parties to a contract do not include a provision for payment, what is the
rule for how payment is to be made under UCC? - correct answer ✔In cash.
If the parties to a contract do not include a provision for when a payment is
due, under the UCC what is the rule for when payment is to be made? -
correct answer ✔Payment due upon delivery.
When there is a mixed or hybrid contract involving UCC and non-UCC subject
matter, how do you determine which law governs the contract? - correct
answer ✔Determine the predominant purpose of the subject matter and that
law governs the contract.
What are the legal consequences of a contract being void? - correct answer
✔The contract has no legal effect under the law.
What is the legal effect of a contract being voidable? - correct answer ✔A
party can either go through with it, or not go with it with no legal liability for
breach of contract.
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