BARBRI - CONTRACTS & SALES (MASTER) A+ GUARANTEED.

What is the holy trinity of contract formation? correct answers CONTRACT FORMATION CAN BE LOOKED AT AS A "HOLY TRINITY": i. OFFER ii. ACCEPTANCE iii. CONSIDERATION What are the governing law(s) for contracts? correct answers For contracts the law to be applied depends on what the subject matter of the contract is: SALE OF GOODS = governed by Article 2 of the UCC. Every other kind of contract = governed by Common Law. What are goods? correct answers Goods are defined as "movable/tangible goods" Example: If it is a thing and can be moved = a good (cars, boats, tomatoes, carrots, animals, etc.) Non-movable things are Services and land EX: So if it's a service contract, employment contract, or a contract for the sale of land, we apply the common law. What happens when the contract is for both goods and services? correct answers You must determine what the dominant part of the contract is If the dominant part of the contract is for the sale of goods then article II will apply on the entire contract, if the dominant part of the contract is for services, then the common law will apply on the entire contract. What is an offer? correct answers Offer = 1. a COMMUNICATION; 2. that CREATES A REASONABLE EXPECTATION in the offeree; 3. that the offeror is WILLING TO ENTER INTO A CONTRACT on the offered terms.