Chapter 10

Question 1

What is a K?

Answer 1

Contract

Question 2

What is a UCC?

Answer 2

Uniform Commercial Code

Question 3

What is a C/L?

Answer 3

Common Law

Question 4

What are the five elements of a K?

Answer 4

Offer, Acceptance, Consideration, Capacity, Legality

Question 5

What contracts are under the Common Law?

Answer 5

Real Estate, Sale of Land, Services (an employment contract)

Question 6

What contracts are under the U.C.C. ?

Answer 6

Applies to the sale of goods

Question 7

What are mixed contracts?

Answer 7

Some contracts are for the sale of goods and services

Question 8

What rule apply when the k is both goods and services?

Answer 8

Whichever cost is greater will govern the K

Question 9

What test is followed when the k is mixed?

Answer 9

The Predominant Test

Question 10

How do you determine if the K is under UCC or Common Law?

Answer 10

Whatever is greater in value!

Question 11

What are the three types of contracts?

Answer 11

Valid, Void, Voidable

Question 12

What is a valid k?

Answer 12

The contract has all five elements

Question 13

What is a void k?

Answer 13

IT IS MISSING ONE OR MORE ELEMENTS OF A K

Question 14

What is a voidable k?

Answer 14

Can be avoided by one of the parties such as minors or the insane, because the law protects them

Question 15

What is a bilateral k?

Answer 15

A promise for a promise

Question 16

What is a unilateral k?

Answer 16

A promise for an act

Question 17

When can an offeror revoke a unilateral or bilateral?

Answer 17

before the offeree can accept or performs the act

Question 18

What is a formal contract?

Answer 18

Must be in a particular form, requirements for what must be contained in the contract

Question 19

What is an informal contract?

Answer 19

No particular form to be enforceable

Question 20

What is an executed contract?

Answer 20

Both have parties performed or did what they were supposed to do /said they would do under the K

Question 21

What is an executory contracts?

Answer 21

Both parties have not fully performed under the contract.

Question 22

What does discharged mean?

Answer 22

That once they performed, they have no further obligations

Question 23

What are three contracts that must be in writing to be enforceable?

Answer 23

A k for the sale of land, A k that cannot be performed within a year and a K for the sale of goods greater than $500.

Question 24

What is an implied-in-fact k?

Answer 24

It means the k is not oral or written, still has 5 elements, and can be done by gestures

Question 25

What is an implied-in-law k?

Answer 25

There is a contract even though you are missing some of the elements

Question 26

What is an unjust enrichment?

Answer 26

you can’t receive something for nothing, i.e. hospital treatment, you have to pay even if you were admitted unconsciously

Question 27

Who are the parties to an offer?

Answer 27

Offeror and offeree

Question 28

Who has the power of acceptance?

Answer 28

The offered has the power if acceptance because they decided if a k will be made

Question 29

Language, Objective Test, Communication and End Result of an offer?

Answer 29

If an offer is definite and certain, looks like the parties meant to enter into a K, offer is communicated to the offeree it is a k

Question 30

If talking about the three k’s that must be in writing to be enforceable, then we say these k’s are?

Answer 30

within the statute of frauds

Question 31

What do you write if you can’t tell whether a k is bilateral or unilateral?

Answer 31

If the offeror is looking for a promise, then it is bilateral. If the offeror is looking for an act, then it is unilateral.

Question 32

What does a sale mean?

Answer 32

The transfer of title from a seller to a buyer

Question 33

What is a merchant?

Answer 33

A person who deals in goods of that kind

Question 34

Who fall under the U.C.C?

Answer 34

Merchant and Non-Merchants