Unilateral Contract - correct answer ✔1st party promise, 2nd party actual
performance
Unilateral Contract when is it binding - correct answer ✔When 2nd party
performs
Express Contract - correct answer ✔Oral or written, manifested in words
Implied Contract - correct answer ✔Inferred from conduct alone
Aleatory Contract - correct answer ✔performance by one party is contingent
on occurrence of uncertain future event.
Aleatory example - correct answer ✔Insurance contract
Implied-in-law - correct answer ✔Quasi Contract - a contractual obligation
imposed by the law to prevent unjust enrichment
Quasi Contract - correct answer ✔a contractual obligation imposed by the
law to prevent unjust enrichment
,Adhesion Contract - correct answer ✔One side highly restrictive - court may
not enforce
Not truly voluntary or possibly coerced - correct answer ✔Adhesion Contract
Divisible Contract - correct answer ✔Severable (must have 2 or more distinct
components)
Severable Contract - give another name - correct answer ✔Divisible Contract
Installment Contract - correct answer ✔Obligations are in increments over
defined time.
UCC requires separate shipments to be separately accepted in which kind of
contract? - correct answer ✔Installment Contract
UCC views each delivery as an independent contract in which kind of contract
- correct answer ✔Installment Contract
Tangible goods - correct answer ✔Chattels, merchandise, personal property,
commodities provided they are legal and offered for sale
Tangible goods must have these components - correct answer ✔legal and
offered for sale
Moveable personal property v commodities - correct answer ✔Moveable
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? - correct answer
✔Commodities only
Fair Market Value (3 things) - correct answer ✔1) Wiling buyer, willing seller
2) at time of transaction 3) under no compulsion to buy or sell
Fixture - correct answer ✔something permanently attached generally real
estate
Trade fixture - correct answer ✔special type of object used by
COMMERCIAL tenants in a trade
Assignment - correct answer ✔Transfer of rights from one party to a third
party.
Who is responsible if assignee fails to complete responsibilities? - correct
answer ✔Assignor - typically
Novation - correct answer ✔Substitution of new contract. Original party has a
'Release'
What constitutes a 'valid release'? - correct answer ✔A valid release has all
the essential elements of a contract.
Accord and satisfaction - correct answer ✔Refers to settlement or
compromise of a dispute through the rendering of a different kind of
performance
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