Chapter 10

Question 1

Elements of a contract

Answer 1

Offer
Acceptance 
Consideration
Legality
Capacity
Consent

Question 2

Contract

Answer 2

A legally enforceable agreement

Question 3

Noncompetition agreement

Answer 3

A contract in which one party agrees not to compete with another

Question 4

Bilateral contract

Answer 4

A promise made in exchange for another promise

Question 5

Executory contract

Answer 5

An agreement in which one or more parties has not yet fulfilled its obligations

Question 6

Executed contract

Answer 6

An agreement in which all parties have fulfilled their obligations

Question 7

Valid contract

Answer 7

A contract that satisfies all law requirements

Question 8

Voidable contract

Answer 8

An agreement that may be terminated by one of the parties

Question 9

Unenforceable agreement

Answer 9

Occurs when the parties intend to form a valid bargain

Question 10

Void agreement

Answer 10

A contract that neither party can enforce, because the bargain is illegal or one of the parties had no legal authority to make it

Question 11

Express contract

Answer 11

An agreement with all the important terms explicitly stated

Question 12

Promissory Estoppel

Answer 12

A possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show a promiese, reasonable reliance, and injustice

Question 13

To enforce promissory estoppel need three things

Answer 13

1. The defendant made a promise knowing that the plaintiff would rely on it
2. The plaintiff did rely on the promise
3. The only way to avoid injustice is to enforce the promise

Question 14

Quasi contract

Answer 14

A possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show benefit to the defendant, reasonable expectation of payment, and unjust enrichment

Question 15

Quantum meruit

Answer 15

As much as he deserves–the damages awarded in a quasi contract case.

Question 16

Uniform Commercial Code

Answer 16

Governs many aspects of commerce, including the sale and leasing of goods, negotiable instruments, bank deposits, letters of credit, investment securities, secured transactions, and other commercial matters.

Question 17

Uniform Commercial Code Article 2

Answer 17

Goods means anything movable, except for money, securities, and certain legal rights. (Ex. pencils, commercial aircrafts, books, Christmas tree. Goods DO NOT include land or houses because not moveable and not stock certificate).

Question 18

Implied contracts

Answer 18

The words and conduct of the parties indicate that they intended an agreement