Introduction and Classification Flashcards
Define “contract.”
An agreement supported by consideration between two
or more persons with competent capacity for a legal
purpose
Common law is developed by what?
Judicial decisions on contracts
T/F Common law requires more details and precision that does UCC Article 2.
T
T/F UCC Article 2 requires less detail than common law.
T
UCC Article 2 applies to contracts when they involve what?
Sale of goods
What are blended contracts?
Contracts that involve both the sale of goods and providing services.
UCC or common law? A burglar alarm system involves the purchase of alarms, wire, and monitors.
However, the buyer wants the alarm installed and functioning.
Common law
UCC or common law? If the school district contracts to
purchase rebound books.
UCC
Common law applies to what?
- Service and real estate contracts
UCC or common law? A contract for the sale of a home.
Common law (real estate)
UCC or common law? A contract hiring a real estate broker.
Common law (services)
UCC or common law? A contract for the sale of a mobile home by a manufacturer.
UCC
Define “express contract.”
A contract formed wholly by oral and/or written words.
Define “implied or implied-in-fact contract.”
A contract formed at least in part based on the conduct
of the parties
Define “quasi-contract
or implied-in-law
contract.”
A contract imposed by the courts or by law when some performance has gone forward, even though there is no express or implied contract. (unjust enrichment).
Define “bilateral contact.”
A promise in exchange for a promise
Define “unilateral contract.”
A promise in exchange for an act.
Define “executed contract.”
A contract that is fully performed by both sides
Define “executory contract.”
A contract not fully performed by both sides
Define “partially executed contract.”
A contract that has been performed in part. One side has performed
the contractual obligation.
Define “valid contract.”
A contract that has been legally formed and meets the necessary requirements for
formation.
Define “void contract.”
A contract that lacks a legal purpose or is in violation of the law.
Define “voidable contract.”
A valid contract formed under false pretenses. The party affected by fraud is protected.
Define “unenforceable contract.”
A valid contract that cannot be enforced because of a statutory or legal defense such a contract must be formed in writing like real estate.
