Chap 9

Question 0

What is an offeror?

Answer 0

The party who makes an offer to enter into a contract

Question 1

What is a legally enforceable contract?

Answer 1

A contract in which if one party fails to perform as promised, the other party can use the court system to enforce the contract and recover damages or other remedy.

Question 2

What is an offeree?

Answer 2

The party to whom an offer to enter a contract is made.

Question 3

What is common law of contracts?

Answer 3

Contract law developed primarily by state courts.

Question 4

What is the Uniform Commercial Code (UCC)?

Answer 4

A comprehensive statutory scheme that includes laws that cover aspects of commercial transactions?

Question 5

What is objective theory of contracts?

Answer 5

A theory that says the intent to contract is judged by the reasonable persons standard and not by the subjective intent of the parties.

Question 6

What is the electronic commerce (e-commerce)

Answer 6

The sale and lease of goods and services and other property and the licensing of software over the Internet or by other electronic means.

Question 7

What is the electronic contract?

Answer 7

A contract that is formed electronically.

Question 8

What is the Uniform Computer Information Transactions Acts?

Answer 8

A model act that establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.

Question 9

What is the bilateral contract?

Answer 9

A contract entered into by way of exchange of promises of the parties; “a promise for a promise.”

Question 10

What is a unilateral contract?

Answer 10

A contract in which the offeror’s offer can be accepted only by the performance of an act by the offeree; a “promise for an act.”

Question 11

What is a formal contract?

Answer 11

A contract that requires a special form or method of creation.

Question 12

What is an informal contract (simple contract)?

Answer 12

A contract that is not formal. Valid informal contracts are fully enforceable and may be sued upon if breached.

Question 13

What is a valid contract?

Answer 13

A contract that meets all the essential elements to establish a contract; a contract that is enforceable by at least one of the parties.

Question 14

What is a Uniform Computer Information Transactions Act?

Answer 14

A model act that establishes uniform legal rules for the formation and enforcement of electronic contracts and licenses.

Question 15

What is a void contract?

Answer 15

A contract that has no legal effect; a nullity.

Question 16

What is a voidable contract?

Answer 16

A contract in which one or both parties have the option to void their contractual obligations. If a contract is voided, both parties are released from their contractual obligations.

Question 17

What is an executed contract?

Answer 17

A contract that has been fully performed on both sides; a completed contract.

Question 18

What is a executory contract?

Answer 18

A contract that has not been fully performed by either or both sides.

Question 19

What is an express contract?

Answer 19

An agreement that is expressed in written or oral words.

Question 20

What is an implied-in-fact contract?

Answer 20

A contract in which agreement between parties has been inferred from their conduct.

Question 21

What is a quasi-contract (implied-in-law contract)?

Answer 21

An equitable doctrine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed. The doctrine is intended to prevent unjust enrichment and unjust detriment.

Question 22

What is equity?

Answer 22

A doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law.