Quiz 10 Content (Test 2)

Question 1

contract (K)

Answer 1

• “a promise/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”
• governed by state common law (varies by state) and state statutory law: Uniform Commercial Code, article 2 (sales of goods), flexible bc based on good faith

Question 2

difference b/w K Law, Torts, Property Law

Answer 2

• contract law = contracts don’t have to be in writing to be valid (but oral is harder to prove), focuses on FUTURE
• torts = focuses on PAST
• property law = focuses on PRESENT

Question 3

bilateral K

Answer 3

depends on what the offeror expects, promise for a promise

Question 4

unilateral K

Answer 4

a promise for an act

Question 5

express K

Answer 5

all terms clearly spelled out in written/spoken words

Question 6

implied (in fact) K

Answer 6

• arises not from words but from the conduct of the parties
• π provided property/service to the Δ
• π expected to be paid for such property/service AND a reasonable person in the position of the π would expect compensation
• Δ had an opportunity to reject property/services & failed to do so
• ex: haircut at hairdresser
• not specifically written, law imposes K, jury decides based on the conduct of parties

Question 7

quasi K (implied in law K)

Answer 7

• a court imposes a contractual obligation (not a true K), purpose is to prevent one party from being unjustly enriched (expense of another)
• requirements: benefit was conferred on Δ, Δ appreciated the effort, π was reasonably expected to be compensated, under the circumstances, it would be unjust enrichment to the Δ if he/she were allowed to retain the benefit without compensating the π

Question 8

valid K

Answer 8

contains all legal elements
offer, acceptance, consideration, capacity, legality

Question 9

unenforceable

Answer 9

valid, but deals with something that is now illegal, can’t enforce it

Question 10

void K

Answer 10

not a K, no ability to sign it, not valid at all

Question 11

voidable

Answer 11

if one or both parties have the ability to withdraw from the K or enforce it, based on fraud

Question 12

executed K

Answer 12

all the terms of the K have been fully performed

Question 13

executory K

Answer 13

one in which all of the terms of the K have not been fully performed (ongoing)