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LEB 320F Unit 5 Exam Questions with correct Answers
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LEB 320F Unit 5 Exam Questions with correct Answers
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LEB 320F Unit 5 Exam Questions with correct AnswersContract - Answer -legally enforceable agreement
Consequences of breaking a contract - Answer -Courts will order you to pay money damages or grant a decree of specific performance
Specific performance - Answer -court ordering you to actually perform the actions states
in your contract
Bilateral contract - Answer -a promise for a promise, both parties saying you will do something at a later time
- supplier and buyer agree on product amount and purchase price
Offer - Answer -a contract proposal made by an offeror to an offeree
- ex, So, if the New York Yankees (offerors) send a contract to a third baseman (offeree) in November offering him $8,000,000 for the coming season, it is a bilateral offer - the team is seeking a promise to play in exchange for its promise to pay the money.
Unilateral contract - Answer -contract that can only be accepted in the case that a specific act has already been performed
- ex. if tv station offers to pay 5000 to the first person to bring a meteor, this offer can only be accepted by the physcial production of the portion of the meteor,
- just promising to look for it does not form a contract and does not obligate the station to pay the money
jed promises to move his neighbor's furniture to a new apartment next Saturday, and the neighbor agrees to pay $300 for Jed's work. What kind of contract does Jed have with the neighbor? A. unilateral B. bilateral - Answer -B. The two parties have exchanged promises, and so like most contracts, this one is bilateral. The parties intend
to be bound at the time they exchange the promises.
Valid contract - Answer -all required elements are met and is fully enforceable and as a result is enforceable against both parties
Voidable contract - Answer -One of the parties has the legal right to withdraw from the contract with no negative consequences Void - Answer -Court deciding that a contract is not legitimately enforceable, or never existed at all
- ex. if someone tricks a person to sell their rolex for 10 bucks
- agreements surrounding illegal thins like drugs are also void
- void contract is never enforced
Unenforceable contract - Answer -was valid at the time but not anymore, such as statute of limitations has run out
Express contract - Answer -A contract that has all terms explicitly stated
- write and sign
Implied contract - Answer -When a court decides that enough implicit behavior was showed by both parties to consider it a contract
- if joe walks into sams store when sam is busy and joe picks up a candy bar and places
money on the counter and leaves and sam just nods - implied contract exists even though they never spoke a word
Executory contract - Answer -a contract that is valid but the parties haven't fulfilled their obligations yet
- contract to sell my car to you for 5000
Executed contract - Answer -Both parties have completed their ends of the contract
- you bring me the 5000, i give you the keys and title
Negotiated contract - Answer -contract from the result of bargaining between two parties
Contracts of adhesion - Answer -take it or leave it contract that are formed where one side that usually has greater bargaining power proposes a contract and presents it to another
- ex. apartment leases, new car
Contract law- common law - Answer -Common law was used in contract law pre-1950s, now only used for non-goods contract disputes
Uniform Commercial Code - Answer -written in the 1950s and proposed to be used in every state so that every state is on the same page, and replaced the usual common law rules on contract law for sale of GOODS
Goods (sale of goods) - Answer -Tangible and movable objects
- car is good, house is not bc not moveable
Common law vs UCC - Answer -UCC covers all contracts for the sale of goods. Common law governs all other contracts like employment contact or real estate contract
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