BLAW Exam 2 Questions and Answers
Uniform Commercial Code (UCC)
Applies to contracts for sales and lease of goods, form of statutory law (exception to common law)
Contract
Legally binding, two or more parties, agree to perform or refrain from performing some act now or in the future
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BLAW Exam 2 Questions and Answers
Uniform Commercial Code (UCC) - answer Applies to contracts for sales and lease
of goods, form of statutory law (exception to common law)
Contract - answer Legally binding, two or more parties, agree to perform or refrain
from performing some act now or in the future
Four essential elements of a contract - answer Agreement, consideration,
contractual capacity, and legality
Offeror vs offeree - answer Offeror makes the offer, offeree accepts
Bilateral - answer "A promise for a promise," offeree only needs to promise to
perform in order to accept the offer
Unilateral - answer "A promise for an act," offeree must complete performance in
order to accept the offer; once "substantial performance" has been completed, offer is
irrevocable
Express - answer Created by words, written or oral
Implied-in-fact (& 3 requirements) - answer Created by conduct. 1) Plaintiff furnished
good or service, 2) plaintiff expected to be paid (& defendant knew or should have
known), and 3) defendant had a chance to reject and didn't
Formal (contract) - answer Requires a special form
Informal (contract) - answer Does not require a special form
Executed - answer Contract has been fully performed by both sides
Executory - answer Contract has not been fully performed by both sides
Quasi-contract - answer (aka implied-in-law!); "fictional" contracts created by courts;
equitable rather than contractual in nature; associate with quantum meruit
Quantum Meruit - answer "as much as he deserved," determines the amount to be
paid when no contract exists or when there is doubt about the amount due; example of
an equitable remedy; associate with quasi-contracts
Revocation - answer Offeror withdraws BEFORE offeree accepts, effective when the
offeree receives it
, Option contract - answer Promise to hold an offer open for a specified period of time
Detrimental reliance - answer Offeree justifiably relies on offer to his or her
detriment, offer cannot be revoked; promise is enforced
Promissory estoppel - answer Offeree acts based on reliance on an offer, offer
cannot be revoked (very similar to detrimental reliance)
Mirror image rule - answer Offeree's acceptance must match offeror's offer
Shrink-wrap agreement - answer Do not open/use unless you agree to the terms;
between manufacturer and usaer
Browse-wrap agreement - answer Terms are listed at the bottom of the website,
assume agreement with continued use of the site; generally NOT enforceable (don't
require specific assent)
3 of the exceptions to the E-SIGN Act - answer Court papers, evictions, foreclosures
Partnering agreement - answer Seller and buyer agree in advance on the terms to
apply in all subsequent electronic transactions
UETA - answer Uniform Electronic Transactions Act, gives the same legal effect to
electronic transactions as to ordinary; parties can "opt out" of UETA terms if they
explicitly say so
E-SIGN as it relates to UETA - answer Preempted by passing of UETA, does not
preempt UETA; DOES preempt modified versions of UETA where they conflict with E-
SIGN
4 operations of law that terminate an offer - answer Lapse of time, destruction,
death/incompetence, supervening illegality
Bargained-for exchange - answer Element of consideration; distinguishes contracts
from gifts; promisor must induce promisee to offer a return promise that induces the
promisor to follow through on the original promise
Adequateness of consideration - answer Generally not evaluated by court unless it is
shockingly unfair (law doesn't protect a person from entering into an unwise contract)
Option-to-cancel clause - answer Ex: I'll give you a raise if you do this AND I think it's
warranted. Promise is illusory (no real promise at all); Creates uncertainty of
performance; can be canceled without liability before performance begins
3 methods for settling claims - answer Accord/satisfaction; release; covenant not to
sue
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