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Perez BLW 302 Exam 3 Questions + Answers Graded A+

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  • Course
  • BLW 302 UNLV Perez Spring - Unit 1
  • Institution
  • BLW 302 UNLV Perez Spring - Unit 1

Definiteness of terms - ️️a) Generally, an offer must express the following items: i) Identification of the parties. ii) Object or subject matter of the contract. iii) Consideration to be paid. iv) Time of payment, delivery, or performance Promisor - ️️Makes the promise Promisee - ️...

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  • October 13, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BLW 302 UNLV Perez Spring - Unit 1
  • BLW 302 UNLV Perez Spring - Unit 1
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ACADEMICMATERIALS
Perez BLW 302 Exam 3
Definiteness of terms - ✔️✔️a) Generally, an offer must express the following items:
i) Identification of the parties.
ii) Object or subject matter of the contract.
iii) Consideration to be paid.
iv) Time of payment, delivery, or performance



Promisor - ✔️✔️Makes the promise

Promisee - ✔️✔️A person to whom a promise is made.

Bilateral - ✔️✔️Offeree must only promise to perform (A promise for a promise)

Unilateral - ✔️✔️Offeree can accept the offer only by completing the contract
performance (a promise for an act)

Formed when Performed

Irrevocable: Substantial Performance

Formal Contract - ✔️✔️A contract that requires a special form or method in order to be
enforceable.

Informal Contract - ✔️✔️A contract that does not require a specified form or method of
formation in order to be invalid

Express - ✔️✔️The terms of the agreement (oral or written are explicitly stated

Executed - ✔️✔️A contract that has been fully performed by both (or all parties).

Executory - ✔️✔️a contract that has not been fully performed by one or more parties

Implied (in fact) - ✔️✔️1) Conduct creates and defines the terms of the contract.

a) Furnished service/property

b) Payment Expected by ∏

c) ∆ Knew of should have known payment expected

, d) ∆ had chance to reject and did not

Quasi-Contracts (Implied-in-Law Contracts) - ✔️✔️a) Avoid "unjust enrichment"

b) Not available if actual contract exists

Implied Covenant of Good Faith and Fair Dealings - ✔️✔️All contracts

Ambiguity - ✔️✔️unclear or ambiguous when:

a) The parties' intent cannot be determined from the contract's language.

b) The contract lacks a provision on a disputed term.

c) A term is susceptible to more than one interpretation.

d) When there is uncertainty about a provision.

Extrinsic Evidence (parol) - ✔️✔️Evidence outside the four corners of the document

Plain meaning Rule - ✔️✔️A court will enforce a contract according to its obvious terms
when it is clear and unequivocal

Rules of Interpretation - ✔️✔️a) Interpret ambiguous terms against the drafted, or
consider extrinsic evidence.

b) A reasonable, lawful, and effective given to contract's terms as much as possible.

c) Contracts are interpreted as a whole.

d) Terms negotiated separately are given greater weight than standardized terms.

e) Words will be given their ordinary, commonly accepted meanings.

f) Specific wording given greater weight than general language.

g) Written or typewritten given greater weight than preprinted.

h) Trade usage, prior dealing, and course of performance can be used to clarify the
contract.

i) Express terms are given the greatest weight, followed by course of performance,
course of dealing, and custom and usage of trade—in that order.

Contracts require - ✔️✔️Offer

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