Lsb exam 2docx - Study guides, Class notes & Summaries

What are the sources of contract law? - correct answer 1. common law 2. UCC (Uniform Commercial Code) Common law governs all contracts except when it has been modified or replaced by statutory law, such as UCC, or by administrative agency regulations. What's the purpose of policy behind contract law? - correct answer To assure the parties to private agreements that the promise they make will be enforceable. What is a promise? - correct answer A person's declaration that he/she will p...

If the parties have formed a valid contract, the legal analysis then turns to the issue of __________. - correct answer enforceability Which element of a valid contract requires both sides to obtain something of value and to give up something of value? - correct answer Consideration Modern courts have held that repudiation occurs in which of the following ways? - correct answer An action by the promisor that renders her contract performance impossible Jackson has offered to sell Lucas s...

What does Title VII say? - correct answer It shall be an unlawful employment practice for an employer to fail or refuse to hire or to discharge any individual or otherwise to discriminate against any individual ... because of such individual's race, color, religion, sex or national origin What classes does Title VII protect? - correct answer Race, color, national origin, sex and religion Title VII's protections include: - correct answer Hiring, firing, promotion, any employment practice,...

Illegal contracts are - correct answer void In general, contracts for the sale of goods are governed by: - correct answer state statutory law based on the Uniform Commercial Code Will and Kendrick live in a state that requires that contracts involving transactions over $500 be in writing. If they enter a verbal agreement to buy a car for $1,500, this contract is - correct answer unenforceable In general, contracts for services are governed by - correct answer state common law Caleb c...

what is a contract? - correct answer legally enforceable promise or set of promises what are the four basic required elements of a valid contract? - correct answer Mutual Assent: parties to contract must indicate through words or behavior that they willingly agree to enter into contract Consideration: both sides must obtain something of value (legal benefit) and give something of value (legal detriment) Legality of purpose: contract must satisfy legal purpose Capacity: both parties ...

Retail Outlets, Inc., contracts with Smooth Paving Inc. to grade and pave a parking lot. Smooth assigns the contract to Tough Road Company, which has a poor record of completing projects. Retail could most successfully argue that the contract cannot be assigned because - correct answer the assignment will materially increase the risk of nonperformance. In an exchange of e-mails, Rob, a landlord, and Sam agree to a lease of a certain apartment for one year. Under the Statute of Frauds, this le...

Elements of a contract - correct answer 1) Offer and acceptance (agreement) 2) Consideration (something of value) 3) Capacity (ability to enter into agreement) 4) Legal (legal under law) Formal Contract - correct answer Contracts that require a special form or method of creation to be enforceable (checks, drafts, promissory notes, etc) Informal Contract (simple contracts) - correct answer No special form required. (trades.. Craigslist - i'll give you subwoofer for drums. bartering) ...

What are the sources of contract law? - correct answer Common Law & UCC What is the purpose/policy behind contract law? - correct answer To assure the parties to private agreements that the promises they make will be enforceable What is the objective theory of contracts? - correct answer This looks at the circumstances that determine the intent of the parties. What are two defenses to the enforceability of a contract? - correct answer The parties must both voluntarily consent to a form,...

Primary Obligations - correct answer * Seller - tender conforming goods * Buyer - accept and pay for the conforming goods Tender of Delivery Obligations - correct answer 1 Reasonable notice: Timeliness and the manner for which the seller gives the buyer notice that the goods are ready 2 Reasonable time of tender : Make the goods available for pickup at a reasonable time (not hey pick these up at 4 am) 3 Available for a reasonable time: Not - Hey goods can be picked up for 30 minutes 4...

Max, a minor subject to his parents' care and control, signs a contract to rent an apartment from Noel for one year. Before the end of the term, Max moves out. Noel sues for the rent for the rest of the term. Max can - correct answer disaffirm the contract and avoid liability for the rent Olga, a minor, signs a contract to buy a computer from Phil, the owner of Quality Computer Store. Olga's right to disaffirm the contract - correct answer does not change the fact that Phil is bound to the ...