Chapter Two - Sources of Contract Law

Question 1

Common Law

Answer 1

Law from judicial decisions; governs contract disputes involving real property, intangible property, and services

Question 2

Real Estate

Answer 2

Also called real property or realty, consists of land and buildings

Question 3

Intangible Property

Answer 3

Has no physical existence, such as debt

Question 4

Intellectual Property

Answer 4

Includes patents, trademarks, copyrights, trade secrets

Question 5

Services

Answer 5

Actions, not items

Question 6

Restatement of Contracts

Answer 6

Summary of judicial doctrines on contract law

Question 7

Uniform Commercial Code (UCC)

Answer 7

A uniform law, enacted as statutory law in all 50 states, in an attempt to harmonize the law of sales and other commercial transactions

Question 8

Personal Property

Answer 8

Also called “goods” or “chattel,” consists of tangible, moveable items

Question 9

Secured Transaction

Answer 9

A security interest in personal property to secure performance of an obligation (car loan secured by right to take possession of the car)

Question 10

Commercial

Answer 10

Between or pertaining to businesses

Question 11

Consumer

Answer 11

Party to the contract who is not engaged in business but has entered the contract for personal or family reasons

Question 12

Merchants

Answer 12

Deal in goods of the kind involved in transaction or, by their occupations, hold themselves out as having knowledge or skills relating to the goods or practice

Question 13

Good Faith

Answer 13

UCC definition: as applied to a merchant, means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade