Common Law - Answer governs all contracts that is not statutory
Common law contracts - Answer services, real estate, employment, insurance
Uniform Commercial Code - Answer sale and lease of goods
Contract - Answer agreement by two or more parties that can be enforced in court
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WGU D216 Module 4 Contracts Prep
Exam Questions With Correct Solutions.
Common Law - Answer governs all contracts that is not statutory
Common law contracts - Answer services, real estate, employment, insurance
Uniform Commercial Code - Answer sale and lease of goods
Contract - Answer agreement by two or more parties that can be enforced in court
What is the most important part of determining the form of a contract? - Answer element of intent
Objective theory of contracts - Answer how intent is determined
personal or subjective intent or belief - Answer how intent is NOT determined
Objective Theory of Contracts - Answer intent judged by objective facts as interpreted by a reasonable
person
Objective facts - Answer what was said when entering, actions/appearance, circumstances surrounding
Bilateral contract - Answer promise for a promise, no performance necessary
unilateral contract - Answer offer can be accepted only by offeree's performance
When is a unilateral contract formed? - Answer the moment the contract is performed
formal contract - Answer requires specific form or method of creation
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