100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Bule GMU Exam 3 Study Guide Questions and Correct Verified Answers Latest Version $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. BULE
  4.  
  5. BULE

Exam (elaborations)

Bule GMU Exam 3 Study Guide Questions and Correct Verified Answers Latest Version
 2 views  0 purchase
  • Course
  • BULE
  • Institution
  • BULE

contract law must provide rules to determine which contract terms will be enforced and which promises must be kept. It shows what kinds of promises our society thinks should be legally binding. Also demonstrates which excuses our society expects for breaking certain types of promises. Comm...

[Show more]

Preview 4 out of 34  pages

Document information

  • October 14, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • bule gmu exam 3 study guide questions and correct
  • contract law must provide rules to determine whi

Written for

  • BULE
  • BULE

Seller

avatar-seller
MASTER01

Reviews received

Content preview

1 | P a g e | © copyright 2024/2025 | Grade A+




Bule GMU Exam 3 Study Guide
Questions and Correct Verified
Answers Latest Version
contract law


✓ must provide rules to determine which contract terms will be enforced

and which promises must be kept. It shows what kinds of promises our

society thinks should be legally binding. Also demonstrates which

excuses our society expects for breaking certain types of promises.




Common Law


✓ Governs all contracts except when it has been modified or replaced

by statutory law such as the UCC or administrative agency regulations.




Uniform commercial Code (UCC)


✓ Governs contracts for the sale and lease of goods.




contract


✓ A set of promises constituting an agreement between parties, giving

each a legal duty to the other and also the right to seek a remedy for

the breach of the promises or duties.



Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

Objective Theory of Contracts


✓ The view that contracting parties shall only be bound by terms that can

objectively be inferred by promises made.

✓ Objective facts include:

✓ 1.What the party said when entering the contract

✓ 2.How the party acted or appeared

✓ 3. The circumstances surrounding the transaction




Elements of a Valid Contract


✓ 1.Agreement--An agreement to form a contract includes an offer and

an acceptance.

✓ 2.Consideration--Any promises made by the parties to the contract

must be supported by legally sufficient and bargained for

consideration (something of value received or promised, such as

money, to convince a person to make a deal.)

✓ 3.Contractual capacity---both parties entering into the contract must

have the contractual capacity to do so. the law must recognize them

as possessing characteristics that qualify them as competent parties

✓ 4.Legality-- the contracts purpose must be to accomplish some goal

that is legal and not against public policy.




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

Defenses to the enforceability of a contract


✓ 1.Voluntary consent---the consent of both parties must be voluntary, for

instance if a contract was formed as a result of fraud, undue influence,

mistake, or duress, the contract may not be enforceable

✓

✓ 2.Form---the contract must be in whatever form the law requires. some

contracts must be in writing to be enforceable




Offeror


✓ The party making the offer.




Offeree


✓ The party to whom the offer is made.




Bilateral Contract


✓ A type of contract that arises when a promise is given in exchange for

a return promise. Acceptance must be timely.




Unilateral Contract




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ A contract that results when an offer can be accepted only by the

offeree's performance.




Formal Contract


✓ An agreement that by law requires specific form for its validility.




Informal Contract


✓ A contract that does not require a specific form or method of creation

to be valid.




Valid Contract


✓ A contract that results when the elements necessary for contract

formation are present.




Voidable Contract


✓ A valid contract rendered unenforceable by some statute or law.




Void Contract


✓ A contract having no legal force or binding effect.




Agreement

Master01 | September, 2024/2025 | Latest update

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MASTER01. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80562 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart