Contracts

Question 1

Commutative justice

Answer 1

The fairness of exchange (heart of contract law)

Question 2

Elements of a contract

Answer 2

1.agreement
2. Between competent parties
3.based genuine assent between parties
4. Supported consideration
5. Made for a lawful objective
6. In legal form

Question 3

Privity of contract

Answer 3

Relationship between promisor and promisee

Question 4

Contract

Answer 4

Legally binding agreement

Question 5

Distributive justice

Answer 5

What the community owes its members

Question 6

Legal justice

Answer 6

What we owe the community

Question 7

Formal Contracts

Answer 7

1.contracts under seal
2. Negotiable instruments(checks ect)
3. Recognizance (promise to show up in court.

Question 8

UCC

Answer 8

Fills in missing terms to complete contract

Question 9

Valid contract

Answer 9

Both sides are legally bound

Question 10

Voidable contract

Answer 10

One side can get out of contract

Question 11

Void contract

Answer 11

No legal binding

Question 12

Valid but unenforceable contracts

Answer 12

Valid but No written agreements

Question 13

Executed contract

Answer 13

Completed

Question 14

Executory contract

Answer 14

Duties of performance remain

Question 15

Bilateral contract

Answer 15

A promise for a promise

Question 16

Unilateral contract

Answer 16

Offer is accepted upon performance finding dog

Question 17

A contract to support another contract. Holding a deal

Answer 17

Option contracts

Question 18

Governed by equity, breach gives equitable remedies

Answer 18

Quasi-Contract

Question 19

Contracts stated in writing or words enforced by law

Answer 19

Express Contract

Question 20

Contract implied by fact

Answer 20

Contract shown by acts between parties that is enforced by laws

Question 21

Contract implied by law

Answer 21

Quasi contract settled by equity upon beach