Overview

Question 0

RS1: Contract Defined

Answer 0

A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

Question 1

4 requirements for a contract

Answer 1

Offer, Acceptance, Consideration, Certainty

Question 2

RS 3: agreement/ Bargain

Answer 2

Agreement: manifestation of mutual assent on the part of two or more persons

Question 3

RS 2: Promise

Answer 3

A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding a commitment has been made

Question 4

RS 4: How a promise can be made.

Answer 4

A promise may be stated in words either oral or written, or may be inferred wholly or partly from conduct

Question 5

Unilateral Contract:

Answer 5

An exchange of promise for performance.
Once the performance is started, the offeror cannot revoke the offer.
No notification of acceptance is required.

Question 6

Bilateral Contract:

Answer 6

An exchange of mutual promises or performances

Notification of acceptance is required

Question 7

UCC applies to

Common Law applies to

Answer 7

UCC applies only to goods

Common Law applies to real estate, services, intangibles