LEGL 2700 Roessing FINAL EXAM Question and Answers [100% Correct] Latest Release!!
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Module
LEGL
Institution
LEGL
LEGL 2700 Roessing FINAL EXAM
Question and Answers [100% Correct]
Latest Release!!
Promise
A pledge or intent to be held accountable for a contractual responsibility
Uniform Commercial Code (UCC)
commercial law
A highly successful effort to encourage state-level uniformi...
LEGL 2700 Roessing FINAL EXAM
Question and Answers [100% Correct]
Latest Release!!
Promise A pledge or intent to be held accountable for a contractual responsibility
Uniform Commercial Code (UCC) A highly successful effort to encourage state-level uniformity in
commercial law
Intended to streamline, clarify, and update the regulations governing trade and business transactions
Goods Physical, portable items of personal property
Bilateral Contract Exchange of one promise for another
Involves a promisor and a promisee
Typically directed toward a particular individual
Accepted first, with performance occurring later
Legally binding even if the promise isn’t yet fulfilled
Ex) contract to paint a house
Unilateral Contract Promise in return for performing an act
Extended to anyone who chooses to accept through action
Acceptance and fulfillment happen together
Only binding once the action is completed
Ex) reward for finding a lost dog
Express Contracts Agreement where both parties explicitly state their intentions
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, Implied-in-fact Contracts An enforceable contract inferred from the behavior or situation of the
parties
Implied-in-law Contract A quasi-contract; not a genuine agreement
A legal concept courts use to prevent unfair benefit and misconduct
Allows recovery of reasonable value for benefits provided, despite lacking the elements of a true
contract
Quasi-contract An implied-in-law contract; not a genuine agreement
Used by courts to prevent unfair benefit and misconduct
Allows recovery of reasonable value for benefits provided, despite lacking the elements of a true
contract
Enforceable Contract An agreement recognized as valid in a court of law
Unenforceable Contract An agreement that a court cannot enforce
Valid Contract An agreement containing all essential elements of a contract
Void Contract A contract that lacks legal effect or enforceability
Ex) contracts for illegal activities, such as drug sales or hitman services
In Pari Delicto Both parties in an illegal contract share equal fault
Voidable Contract A contract that can be nullified, though otherwise valid
The disadvantaged party may void it, while the other party cannot
Executed Contract An agreement fully completed with all terms fulfilled
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