Chapter 10: Intro To Contracts

Question 1

What are the five elements of a k?

Answer 1

Offer
Acceptance
Consideration 
Capacity
Legality

Question 2

What contracts are under the Common Law?

Answer 2

The Common Law

Real estate, services

Question 3

What contracts are under the UCC that applies to the sale of goods?

Answer 3

The UCC governs those contracts that have to do with the sale of goods

Question 4

What are mixed contracts?

Answer 4

Some contacts are for the sales of goods and services

Question 5

What is a valid k?

Answer 5

Has all five elements, it’s enforceable in court

Question 6

What is a void k?

Answer 6

A k that’s missing one or more elements of a k

Question 7

What is a voidable k?

Answer 7

A k that can be avoided by one or the parties, usually someone who is a minor or insane

Question 8

What is a bilateral k?

Answer 8

A promise for a promise

Question 9

What is a unilateral k?

Answer 9

A promise for an act

Question 10

What is the significance of being bilateral or unilateral?

Answer 10

Once the offeree makes the return promise, the offeror can no longer revoke the k (bilateral)

The offeror may not revoke once performance has begun (unilateral)

Question 11

What is a formal k?

Answer 11

The k must be in a particular form in order to be enforceable. E.g, a check

Question 12

What is an informal k?

Answer 12

There is no particular form to be enforceable

Question 13

What is an executed k?

Answer 13

Both parties have performed, then discharged. Performed means they did what they said they would perform under the k and discharged means that once they have performed, they have no further obligations

Question 14

What is an executory k?

Answer 14

Either one or both parties have not completely performed under the k

Question 15

What are oral ks and ks that must be in writing?

Answer 15

These ks are enforceable

And very few ks have to be in writing to be enforceable

Question 16

What are the three ks that must be in writing to be enforceable?

Answer 16

A K for the sale of land

A K that can’t be performed within a year

A K for the sale of goods more than $500.00

Question 17

What is an express k?

Answer 17

This contract is either oral or written. Either said between the parties or written by the parties

Question 18

What is an implied-in-fact k?

Answer 18

This k is not oral or written, but it still has all five elements which are done through gestures

Question 19

What is an implied-in-law k?

Answer 19

This k does not have all five elements to prevent enrichment, but the court will declare that a k exists