Overview

Question 1

Factors for Reasonable Time

Answer 1

1) Nature of subject matter
2) Prior dealings of parties
3) Usage of trade
4) UCC provisions

Question 2

Are oral and verbal contracts enforceable?

Answer 2

Oral and verbal contracts are just as enforceable and just as good, EXCEPT some contracts need to be in writing when the law mandates writing

Question 3

When is notice of performance required?

Answer 3

Under unilateral contracts - NOTICE OF PERFORMANCE REQUIRED (for commercial acts)

Question 4

What does the law require of consideration?

Answer 4

The law requires there to be an exchange of value between the contracting parties

Question 5

What is legal subject matter?

Answer 5

No crimes or torts

Question 6

How is a unilateral contract accepted?

Answer 6

The other party ACCEPTS promise by

**performing **requested act conduct

Question 7

Bilateral Contract

Answer 7

an exchange of promises by the parties

Question 8

Unilateral Contract

Answer 8

Only one party makes a promise

Promise for specific conduct

Question 9

Implied Contract

Answer 9

Inferred by party’s conduct

Question 10

Requirements for a valid contract

Answer 10

1. Mutual Assent (Offer and Acceptance)
2. Capacity to Contract
3. Consideration
4. Legal Subject Matter
5. No defenses to contract formation
6. Sometimes in writing