Unilateral Contract - ANSWERS1st party promise, 2nd party actual performance
Unilateral Contract when is it binding - ANSWERSWhen 2nd party performs
Express Contract - ANSWERSOral or written, manifested in words
Implied Contract - ANSWERSInferred from conduct alone
Aleatory Contract - ANSWERSperformance by one party is contingent on occurrence of uncertain future
event.
Aleatory example - ANSWERSInsurance contract
Implied-in-law - ANSWERSQuasi Contract - a contractual obligation imposed by the law to prevent unjust
enrichment
Quasi Contract - ANSWERSa contractual obligation imposed by the law to prevent unjust enrichment
Adhesion Contract - ANSWERSOne side highly restrictive - court may not enforce
Not truly voluntary or possibly coerced - ANSWERSAdhesion Contract
, Divisible Contract - ANSWERSSeverable (must have 2 or more distinct components)
Severable Contract - give another name - ANSWERSDivisible Contract
Installment Contract - ANSWERSObligations are in increments over defined time.
UCC requires separate shipments to be separately accepted in which kind of contract? -
ANSWERSInstallment Contract
UCC views each delivery as an independent contract in which kind of contract - ANSWERSInstallment
Contract
Tangible goods - ANSWERSChattels, merchandise, personal property, commodities provided they are
legal and offered for sale
Tangible goods must have these components - ANSWERSlegal and offered for sale
Moveable personal property v commodities - ANSWERSMoveable personal property is Chattels.
Commodities can be chattels, but could also have 'valuable interest' in gold, livestock that are sold in
commercial markets
Chattels or commodities - which can have valuable interest? - ANSWERSCommodities only
Fair Market Value (3 things) - ANSWERS1) Wiling buyer, willing seller 2) at time of transaction 3) under no
compulsion to buy or sell
Fixture - ANSWERSsomething permanently attached generally real estate
Trade fixture - ANSWERSspecial type of object used by COMMERCIAL tenants in a trade
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card for the summaries. There is no membership needed.
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 Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.52. You're not tied to anything after your purchase.
