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Bule GMU Exam 3 Study Guide Questions and Correct Verified Answers Latest Version
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contract law must provide rules to determine which contract terms will be enforced and which promises must be kept. It shows what kinds of promises our society thinks should be legally binding. Also demonstrates which excuses our society expects for breaking certain types of promises. Comm...

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  • October 14, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
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  • bule gmu exam 3 study guide questions and correct
  • contract law must provide rules to determine whi

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1 | P a g e | © copyright 2024/2025 | Grade A+




Bule GMU Exam 3 Study Guide
Questions and Correct Verified
Answers Latest Version
contract law


✓ must provide rules to determine which contract terms will be enforced

and which promises must be kept. It shows what kinds of promises our

society thinks should be legally binding. Also demonstrates which

excuses our society expects for breaking certain types of promises.




Common Law


✓ Governs all contracts except when it has been modified or replaced

by statutory law such as the UCC or administrative agency regulations.




Uniform commercial Code (UCC)


✓ Governs contracts for the sale and lease of goods.




contract


✓ A set of promises constituting an agreement between parties, giving

each a legal duty to the other and also the right to seek a remedy for

the breach of the promises or duties.



Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

Objective Theory of Contracts


✓ The view that contracting parties shall only be bound by terms that can

objectively be inferred by promises made.

✓ Objective facts include:

✓ 1.What the party said when entering the contract

✓ 2.How the party acted or appeared

✓ 3. The circumstances surrounding the transaction




Elements of a Valid Contract


✓ 1.Agreement--An agreement to form a contract includes an offer and

an acceptance.

✓ 2.Consideration--Any promises made by the parties to the contract

must be supported by legally sufficient and bargained for

consideration (something of value received or promised, such as

money, to convince a person to make a deal.)

✓ 3.Contractual capacity---both parties entering into the contract must

have the contractual capacity to do so. the law must recognize them

as possessing characteristics that qualify them as competent parties

✓ 4.Legality-- the contracts purpose must be to accomplish some goal

that is legal and not against public policy.




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

Defenses to the enforceability of a contract


✓ 1.Voluntary consent---the consent of both parties must be voluntary, for

instance if a contract was formed as a result of fraud, undue influence,

mistake, or duress, the contract may not be enforceable

✓

✓ 2.Form---the contract must be in whatever form the law requires. some

contracts must be in writing to be enforceable




Offeror


✓ The party making the offer.




Offeree


✓ The party to whom the offer is made.




Bilateral Contract


✓ A type of contract that arises when a promise is given in exchange for

a return promise. Acceptance must be timely.




Unilateral Contract




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ A contract that results when an offer can be accepted only by the

offeree's performance.




Formal Contract


✓ An agreement that by law requires specific form for its validility.




Informal Contract


✓ A contract that does not require a specific form or method of creation

to be valid.




Valid Contract


✓ A contract that results when the elements necessary for contract

formation are present.




Voidable Contract


✓ A valid contract rendered unenforceable by some statute or law.




Void Contract


✓ A contract having no legal force or binding effect.




Agreement

Master01 | September, 2024/2025 | Latest update

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