Applicable Law

Question 1

What is a unilateral contract?

Answer 1

Results from an offer that expressly requires performance as the only possible method of acceptance

Question 2

What is a bilateral contract?

Answer 2

Usually every other contract other than unilateral contracts, usually offer is silent as to the method of
acceptance - bilateral contract unless (1) reward, prize, contest (2) offer expressly requires
performance for acceptance

Question 3

Common Law:

Answer 3

General Rule: - What is the General Rule - Just need to know majority rule

Question 4

When do you use the UCC?

Answer 4

Article 2 applies to contracts that are primarily for sales of goods. The factors that determine whether Article 2 applies are thus (i) type of transaction – sale and (ii) subject matter of transaction – goods, i.e., tangible, personal property.

Question 5

What law governs on “mixed deals?”

Answer 5

General rule – all or nothing/more important part; Exception – if contract divides payment, then apply UCC to sale of goods part and common law to the rest