Chapter 11

Question 1

Contract Law deals w/

Answer 1

Focus on broken agreements

Question 2

Promise

Answer 2

A person’s assurance that they will/won’t do something

Promisor: makes promise
Promises: accepts/declines promise

Question 3

Contract Law helps assure…

Answer 3

Certainty and compliance to buyers and sellers

Question 4

Common law governs all contracts, except…

Answer 4

When it’s been modified or replaced by statutory law

Question 5

The type of contracts common law governs are…

Answer 5

• Services
• Real Estate
• Employment
• Insurance

Question 6

The Universal Commercial Coce (UCC) relates to…

Answer 6

The sale and lease of goods

Question 7

Contact

Answer 7

An agreement formed by 2 parties who make a promise for now or later

Question 8

Objective theory of contracts asks…

Answer 8

How did the offeree infer the contract terms?

Question 9

Before a valid contact exists, we need…

Answer 9

Agreement, consideration, contractural capacity, and legality

Question 10

Bilateral contract

Answer 10

A promise for a promise

Question 11

Unilateral contract

Answer 11

A promise for an act

Question 12

Formal

Answer 12

Special form required

Question 13

Informal

Answer 13

Special form optional

Question 14

Express

Answer 14

Formed by words

Question 15

Implied

Answer 15

Formed by conduct

Question 16

Executed contract

Answer 16

Both parties fulfilled the contract

Question 17

Executor contract

Answer 17

One or both parties didn’t fully fulfill the contact