Exam (elaborations)
BMGT 380 Final Exam Questions And Answers Latest Update
- Course
- BMGT 380
- Institution
- Loyola University Of Maryland
BMGT 380 Final Exam Questions And Answers Latest Update
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Solution 2024/2025Pepper
BMGT 380 Final Exam Questions And Answers
Latest Update
Contracts ANS✔✔ agreement between two parties that creates an obligation
Lex Mercatoria ( The law merchant) ANS✔✔ trade law made up of a
multitude of different sources of law and jurisprudence
Two Goals of Contracts ANS✔✔ (1) autonomy/certainty
(2) fairness
Elements of a Contract ANS✔✔ 1. agreement
- Between 2+ parties
- 2 subparts: offer and an acceptance (elements)
2. consideration
- Not in Europe
- Unique to common law
- Something of value/benefit given to all parties in the contract
3. capacity
- Parties to the contract
- Who can contract? (courts protect minors)
- Deals with how old you are, cognitive ability (A minor or someone with
Alzheimer's)
4. legality
, Solution 2024/2025
Pepper
- Courts are going to police contract law a little bit
- Courts like to be hands-off
- This is the one place where the courts play the moral police a little bit
- Want to make sure what you're contracting for is legal
- Also called legality
Express and Implied Contracts ANS✔✔ - Express: either orally or in writing
you express what the promise is. Directly and specifically stated terms
- Implied: you can infer that there is an agreement even if it isn't explicitly
stated.
Example: doctor agreement to use care when treating patients
- Both equally binding but implied is harder to prove
Unilateral and Bilateral Contracts ANS✔✔ -Bilateral - Offeree must only
promise to perform ("promise for a promise"). K is formed right away or
when the promise is exchanged
-Unilateral - Offeree can accept the offer only by completing the contract
performance ("a promise for an act"). K is not formed until performance is
done
Valid, Voidable, and Void Contracts ANS✔✔ - Valid: fully enforceable by a
court (All 4 elements/requirements are met)
- Voidable: a contract is valid unless there is a defense and if the defense is
proven, the contract is voidable by the person who raised the defense (One
party can cancel contract and get out of it)
- Void: a court will not enforce it under any circumstances (No legal
obligations have been created)
, Solution 2024/2025
Pepper
Executory and Executed Contracts ANS✔✔ - Executory: when one or more
parties has not fulfilled its obligations under the contract.
- Executed: when all parties to the contract have fulfilled their obligations
under the contract.
Sources of Contract Law ANS✔✔ common law and uniform commercial code
UCC (Uniform Commercial Code) ANS✔✔ - GOODS: tangible, movable,
personal property
- DOES NOT APPLY TO:
sale of services, intangible property, (stocks, intellectual property), real
estate
- More likely to look at what ppl do in marketplace do to determine what is
reasonable as opposed to looking at what hypothetical person would do
- Defines unconscionable contracts
- Gives courts lots of liberty on dealing with them
- Distinguishes between merchants and non merchants. Holds merchant to
a higher standard
- EASIER TO HAVE A CONTRACT WITH UCC THAN COMMON LAW
Mixed Sale Situation ANS✔✔ whether goods or services predominate in the
contract
- Most states do the predominant factor test (majority view): Under the
predominant purpose test, the court looks at the contract as a whole and
determines whether the predominant purpose of the transaction is to sell
the goods or to provide the service
- Gravamen test focuses mostly on part of the contract at issue (minority
view): the court looks at the basis of the complaint rather than the overall
, Solution 2024/2025
Pepper
nature of the transaction. If the plaintiff is complaining about the goods
component, Article 2 applies. If the plaintiff is complaining about the service
component, Article 2 is inapplicable. Used in contract law to distinguish
between goods and services or hybrid (both) transactions. Under this test,
each component is isolated and individually determined whether it's a good
or service.
Pass v. Shelby Aviation ANS✔✔ - Airplane crash case where the estate of a
couple that died sued the place where the airplane gets services
- Main problem: UCC or common law. Is it a service or goods?
- State has chosen through precedent the predominant factor test
- ¾ factors pointed toward it being a service (they put bolts on the plain but
it was mainly a service)
- Since it's a service it's common law
- Predominates test factors: Language of the contract (K) = "repair",
"inspection; Nature of business = maintenance service of aircraft; Reason
for the contract = inspection
- Summary of above: a reasonable person would consider this a service
- Under the gravamen test, it might have fallen under UCC bc of the bolts
Non-Contract Duties ANS✔✔ quasi-contract and promissory estoppel
QUASI-CONTRACT ANS✔✔ - Implied in law (not implied in fact)
- Unjust enrichment: A gives a benefit to B and it would be unfair for B not
to pay A
Hurdis v. Town of North Providence ANS✔✔ - President of real estate
company (Hurdis) had sewer blockage due to the city
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