Chapter 9 Flashcards
1
Q
Every promise is legally enforceable
A
False
2
Q
The main element of a contract is fairness
A
False. Elements include
1) agreement
2) between competent parties
3) based on genuine assent of the parties that is
4) supported by consideration
5) made for a lawful purpose
6) in the form required by law, if any
3
Q
In a bilateral contract, two parties make promises to one another
A
True
4
Q
The UCC is statutory law in every state
A
True
5
Q
The UCC applies to the sale of goods and services
A
False. The UCC applies ONLY to the sale of goods
6
Q
A void contract refers to an agreement that is
A
Without legal effect because prohibited by law
7
Q
Non-contract obligations include all of the following except:
A
The CISG doctrine
International body of law regarding the sale of goods
