Introduction Flashcards
1
Q
What is a contract?
A
A legally enforceable agreement
2
Q
When are you in common law universe?
A
When you are dealing with real estate or services.
3
Q
When are you in UCC universe?
A
When you are dealing with goods or tangible items.
4
Q
If a contract involves both goods & services how can you tell which law applies?
A
1) look to the PREDOMINANT PURPOSE of the contract
2) if the contract is divisible, you can allow different law for each mini contract.
5
Q
How many contract questions are on the MBE?
A
28
6
Q
What are the four big topics used in determining if a contract is valid?
A
All Contracts Don't Stink A - Agreement C - Consideration D - Defenses to formation S - Statute of Frauds
