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Legal 4400 a questions and answers verified 2024
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Legal 4400 a questions and answers verified 2024
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Legal 4400what does the enforceability of a contract address - correct answer
✔whether the court can entertain and action for breach of contract when a
party fails to perform and is sued by the non breaching party
Validity of a contract addresses - correct answer ✔whether the legal
requirements of a contract are met.
Parties want to ensure that their contracts are - correct answer ✔valid and
enforceable
contract law is governed by - correct answer ✔state law
Common law - correct answer ✔law brought over from England with the
settlers and instituted here in America. Basically same state law governed.
interstate commerce - correct answer ✔buying and selling conducted
between businesses in different states
uniform commercial code - correct answer ✔a compilation of law of contracts
involving the sale of goods
the restatement - correct answer ✔is a compilation of the law of contracts. It
is a "restatement" of the contract laws of all states
Common Law and Restatement - correct answer ✔are used interchangeably
, Uniform Commercial Code (UCC) - correct answer ✔specifically addresses
contracts involved in the buying and selling of goods.
UCC defines goods as - correct answer ✔tangible (you can touch it, feel it,
like a car or a cow or a desk)
Moveable (it is not permanently attached to the land like a house or a fence)
personal( as opposed to real estate) property
Tangible, moveable, personal
IF a contract does not include provisions for delivery, price, payment method,
and payment time the UCC rule to address it is - correct answer ✔Gap filling
- sellers place of business/residence
- reasonable price at time of delivery
- cash
- upon delivery
Hybrid contracts - correct answer ✔include subject matter from both the
categories of goods covered by the UCC as well as something else
In the case of hybrid contracts - correct answer ✔the predominant feature of
the contract determines which set of contract laws will govern the transaction
Void contract - correct answer ✔are those that have no legal force or effect
in law. generally lack the legality requirement
Executed Contract - correct answer ✔A contract that has been completely
performed by both parties.
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