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
LEGL 2700 Exam 2 Study Guide Solutions $13.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Prep Tests
  4.  
  5. Prep Tests

Exam (elaborations)

LEGL 2700 Exam 2 Study Guide Solutions
 0 view  0 purchase
  • Course
  • Prep Tests
  • Institution
  • Prep Tests

LEGL 2700 Exam 2 Study Guide Solutions Contracts - ANSWER-Promises that are enforceable with predictable consequences for performance failures, does not have to be written (ch 8) Contract Law comes from either - ANSWER-Legislation- UCC Article 2 covers sale of goods Common Law- judge made law...

[Show more]

Preview 4 out of 38  pages

Document information

  • November 13, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • legl 2700 exam 2 study guide solutions

Written for

  • Prep Tests
  • Prep Tests

Seller

avatar-seller
EmilyCharlene

Reviews received

Content preview

LEGL 2700 Exam 2 Study Guide
Solutions

Contracts - ANSWER✔✔-Promises that are enforceable with predictable consequences

for performance failures, does not have to be written (ch 8)


Contract Law comes from either - ANSWER✔✔-Legislation- UCC Article 2 covers sale

of goods


Common Law- judge made law for contracts for things other than goods (ch 8)


bilateral contract - ANSWER✔✔-promise for promise exchange (ch 8)


unilateral contract - ANSWER✔✔-promise is made in exchange for performance so only

one party is committed to perform (ch 8)


express contracts - ANSWER✔✔-contracts which arise from interactions in which

parties actually discuss the promised terms of their agreement(i.e. negotiated purchase

of land for construction of a plant) (ch 8)


implied-in fact contracts - ANSWER✔✔-contracts which arise from the conduct of the

parties rather than words (i.e. asking an accountant for professional advice implies a

promise to pay money for it though u don't make an express promise to pay for it) (ch

8)
Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 1/38

,Implied-in-law or quasi-contracts - ANSWER✔✔-judicial remedy to prevent 1 party

from receiving unjust enrichment


or


when one party is unjustly enriched at the expense of another, the law may imply a

duty on the first party to pay the second even tho there is no contract b/t the 2 parties

(ch 8)


voidable - ANSWER✔✔-enforceable until a party w/ the right to do so elects to void

agreement (ch 8)


unenforceable contract - ANSWER✔✔-result if nonperforming party has a justifiable

reason for noncompliance with a promise; void (ch 8)


Requirements for an Enforceable Contract - ANSWER✔✔-1) offer to enter into contract


2) acceptance of offer


3)Consideration for each promise


4) Capacity of each party to enter into binding agreement


5) legality of subject matter


(ch 8)


Mirror Image Rule - ANSWER✔✔-acceptance must match the offer exactly




Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 2/38

,i. UCC 2207: expression of acceptance or written acceptance is acceptance, even if terms

are changed


1. Unless offer limits acceptance to original terms


2. Unless additional terms are so far removed from original


3. Unless receiver rejects goods


(ch 8)


Silence - ANSWER✔✔-is not acceptance unless otherwise noted (ch 8)


Defenses to Contract Enforcement - ANSWER✔✔-- Improper form when a writing is

required


- No true meeting of the minds due to fraud or mistake


(ch 8)


Who do not have the capacity to be bound by contracts? - ANSWER✔✔-Minors


Intoxicated people


Mentally incompetent people


(ch 8)


What kind of contracts do not have a lawful purpose? - ANSWER✔✔-Contracts that

require commission of a crime or tort or violate accepted standards of behavior (they

are void) and Courts typically do not take action on such contracts
Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 3/38

, (ch 8)


Termination of Contract - ANSWER✔✔-Must be done before acceptance


i. Explicit acts:


1. Revocation: revoke offer ("I take it back!")


2. Rejection: offeree rejects offer


3. Counter-offer: offeree rejects offer and makes offer of new contract


4. Lapse of time: deadline either referred to in offer or after a reasonable amount of time


ii. Operation of law


1. Subject matter destruction: object of contract is destroyed


2. Death or insanity: offeror is incapacitated from making decisions


3. Subject matter legality


(ch 8)


"Meeting of Minds" - ANSWER✔✔-mutual understanding of contract (ch 8)


The elements of fraud are (lacking meeting of minds) - ANSWER✔✔-1)

misrepresentation of fact (opinion is not fraud)


2) intent to deceive


3) innocent party has to reasonably believe lies


Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 4/38

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 EmilyCharlene. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 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
$13.49
  • (0)
  Add to cart