LAW IN CONTRACTS

Question 1

CONTRACTS - WHAT LAW

LOVE

Answer 1

IN CONTRACTS COMMON LAW OR ARTICLE 2 OF THE UCC APPLY

Question 2

CONTRACTS UCC LAW

Answer 2

1. UCC art 2: Sale of Goods
   a. Merchant defined: Regularly sells or Profession
   b. Obligation of Good Faith and Fair Dealing: Honesty in fact reasonable commercial standards – allows for modification w/o consideration
2. CL: Any other K – Services, Land

Question 3

TYPES OF CONTRACTS (3)

Answer 3

ACCEPTANCE: BILATERAL - UNILATERAL
FORMATION: EXPRESS - IMPLIED
VALIDITY: VOID - VOIDABLE

Question 4

ELEMENTS OF A CONTRACT

Answer 4

OFFER
ACCEPTANCE
CONSIDERATION
NO DEFENSES

Question 5

DEFENSES TO K FORMATION

Answer 5

1. Mistake (VOIDABLE)
2. Lack of Capacity (VOID)
3. Illegality (VOID)
4. SOF (UNENFORCEABLE)

Question 6

ELEMENTS OF OFFER

Answer 6

1) PROMISE Undertaking Commitment (Ad w/ quantity is offer)

2) CERTAIN/DEFINITE