Forming Contracts

Question 1

Art 2

Answer 1

Goods: all things movable at the time sold under K.

Merchant: one who regularly deals in goods of the kind sold or holds himself out as having special knowledge or skills as to goods.

Good faith and fair dealing: every K within UCC imposes obligation of good faith in its performance and enforcement - honesty in fact and observance of reasonable commercial standards.

Question 2

Types of Contracts

Answer 2

Express: promises communicated by language

Implied: parties conduct indicates they assented to be bound

Quasi: one party unjustly enriched at the expense of other so that enriched party must pay restitution to other party equal to unjust enrichment.

Question 3

Indifferent Offers

Modern View

Answer 3

unless stated otherwise by language or circumstances all offers are indifferent offers and may be accepted by promising or beginning performance

Question 4

Unilateral Contract

Answer 4

Occurs only when

1. Offeror unambiguously indicates completion of performance is only manner of acceptance and
2. Where there is an offer to the public, a reward

Question 5

Void contact

Answer 5

K totally without legal effect and can’t be enforced by either party

Question 6

Voidable

Answer 6

K that one or both parties may elect to avoid

Question 7

Unenforceable K

Answer 7

Agreement that otherwise is valid but which may not be enforceable due to a defense extraneous to K’s formation

Question 8

K formation requirements

Answer 8

Mutual assent: word conduct that manifest present intent to enter K

Consideration (or substitute for consideration)

Defenses