D Chapter 10

Question 1

Promise

Answer 1

Declaration by someone to not do something.

Question 2

Promisor

Answer 2

One making the promise

Question 3

Promisee

Answer 3

One receiving the promise

Question 4

Offeror

Answer 4

One making the offer

Question 5

Offerree

Answer 5

One receiving the offer

Question 6

Objective Theory of Contracts

Answer 6

Contracting parties bound by terms that can be objectively inferred from promises made

Question 7

How many types of contracts. You will name them.

Answer 7

Unilateral Contract
Bilateral Contract 
Formal Contract
Informal Contract
Express Contract
Implied Contract
Implied in Law (Quasi) Contract
Mixed Contract
UCC (Uniform Commercial Code) Contract
Merchants Contract
Divisible Contract
Executory Contract
Executed Contract
Valid Contract
Void Contract
Voidable Contract
Unenforceable Contract

Question 8

Unilateral Contract

Answer 8

A promise for performance. E.g. Ass promises to pay Bitch $2 to mow the lawn

Question 9

Bilateral Contract

Answer 9

A promise for a promise. E.g. Ass promises to paint Bitches house next month if Bitch promises to pay Ass $2

Question 10

Formal Contract

Answer 10

Must be in a certain format. E.g. Will

Question 11

Informal Contract

Answer 11

No particular format required

Question 12

Express Contract

Answer 12

Clearly stated

Question 13

Implied Contract

Answer 13

Understood from situation and facts

Question 14

Implied in Law (Quasi) Contract

Answer 14

An obligation or contract imposed by law in the absence of an agreement, to prevent unjust enrichment

Question 15

Mixed Contract

Answer 15

One with express and written parts. Or UCC and GOL parts

Question 16

UCC Contract

Answer 16

Uniform Commercial Code. Involves goods and often includes merchants.

Question 17

Merchants

Answer 17

Commercial experts in a field. They are held to a higher standard

Question 18

Divisible Contract

Answer 18

Can be divided into parts. E.g.Monthly rental agreement. GOL vs UCC part, Labor or parts, two separate items for sale.

Question 19

Executory Contract

Answer 19

One not yet finished

Question 20

Executed Contract

Answer 20

One that is finished

Question 21

Valid Contract

Answer 21

One that is in all ways acceptable and legal.

Question 22

Void Contract

Answer 22

One that is not acceptable nor legal and is not a contract at all. E.g. Involving an insane person.

Question 23

Voidable Contract

Answer 23

Is a a valid contract but can be voided at the behest of any party of it. E.g. A defective dog

Question 24

Unenforceable Contract

Answer 24

Valid but has no teeth. E.g. Has to be in writing

Question 25

How are Contract Interpreted

Answer 25

Express over implied where possible.