Promisee Study guides, Class notes & Summaries

contract law correct answers a system of rules for enforcing promises and breaking promises contract law gives extent to which promises correct answers 1. Are legally enforceable 2. consequences of breaking the promises societal level contracts correct answers provide a legal environment conductive to voluntary exchanges individual level contracts correct answers 1. the facilitation of mutually beneficial exchange 2. allocation of risks 2 functions of contracts correct answers 1. p...

Promise - Answer-A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer-The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer-Tangible (touchable), movable personal property Bilateral Contract - Answer-Promise in exchange for a promise Involves promisor and promisee Usually made to a specific person Acceptance, then perfor...

Bouton Case (promissory estoppel) - ANS Bouton was tenure prof @Washburn; claimed promissory estoppel against Byers(Father) for breaching promise for inheriting ranch to her. She left tenure to help manage cattle ranch, byers denied 1MM, Bouton filed Prom estop for damages equal to forgone tenure salaries bc she was under promise that she would inherit land upt to 1MM Court orig denied Boutoun, later remanded The courts will enforce a promise that the promisor should reason...

LEGL 2700 Roessing Exam 2 Questions and Answers Promise - Answer ️️ A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer ️️ The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer ️️ Tangible (touchable), movable personal property Bilateral Contract - Answer ️️ Promise in exchange for a promise Involves promisor ...

business law Collin College -Business Law with answers rated A+consideration - correct answer the inducement to enter into a contract- something of legal value must be exchanged 1. legal sufficiency 2. bargained for exchange legal sufficiency - correct answer promise must give up something of legal value or promisor must receive something of legal value 1. legal detriment 2. legal benefit legal detriment - correct answer doing that which the promise was under no prior legal obligation...

contract - correct answers a binding agreement based on the genuine assent of the parties, made for a lawful object, between competent parties, in the form required by law, and generally supported by consideration promisor - correct answers person who makes a promise promisee - correct answers person to whom a promise is made obligor - correct answers promisor obligee - correct answers promisee who can claim the benefit of the obligation privity - correct answers parties to a cont...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves promisor and promisee Usually made to a specific...

Consideration - ANS something of value exchanged for something else of value (a promise to do something/refrain from doing something to benefit another party) - inducement to enter into a contract - legal sufficiency bargained for in exchange -- benefits to promisor of detriment - does not need economic value - return must be BARGAINED FOR (agree) Bilateral Contract - ANS A promise made in exchange for another promise Unilateral Contract - ANS promise in excha...

Estate administration - ANS The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - ANS A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will. Assault - ANS Any word or action intended to make anothe...