R6 Contracts 1 (Th)

Question 0

Express Contract

Answer 0

A contract formed by language, oral or written

Question 1

Contract

Answer 1

A promise that the law wil enforce

Question 2

Implied-In-Fact Contract

Answer 2

A contract formed by conduct

Question 3

Implied-In-Law Contract (Quasi-Contract)

Answer 3

A remedy that alows a plaintiff to recover a benefit unjustly conferred upon the defendant, a remedy to prevent unjust enrichment

Question 4

Unilateral Contract

Answer 4

There is one promise given in exchange for performance. A contract is not formed unless the performance is completed

Question 5

Bilateral Contract

Answer 5

There are two promises; a promise is exchanged for a promise. A contract is formed as soon as the promises are exchanged

Question 6

Executory Contract

Answer 6

A contract where all duties under the contract have been performed

Question 7

Executed Contract

Answer 7

A contract where all duties under the contract have been performed

Question 8

Common Law

Answer 8

Law that is generally derivedfrom the courts

Question 9

Contracts Governed By Common Law (RISE)

Answer 9

Real estate

Insurance

Services

Employment

Question 10

Uniform Commercial Code (UCC) Sales Article

Answer 10

Statutory law that governs contracts for the sale of goods

Question 11

Elements of a Contract Creation

Answer 11

1. An agreement is made up of an offerand acceptance
2. An exchange of consideration
3. A lack of defenses

Question 12

Mutual Assent

Answer 12

Agreeing to the same bargain at the same time - a meeting of the minds

Question 13

The Offer

Answer 13

A statement by an offeror that creates the power of acceptance in the receiver offeree

The communication must create a reasonable expectation in the offeree that the offeror intends to make a contract (intent, definiteness and certainty, communication)

Question 14

Intent to make a Contract

Answer 14

Contract law generaly folows an objective theory (would a reasonable person think the offer was serious)

Advertisements generaly are not offers unless the advertisement limits the scope of the persons who can accept

Question 15

Terms Must be Definite and Certain

Answer 15

An offer to sell goods generaly need only include the quantity terms

An offer to create a contract under common law must include the identity of the offeree and the subject matter, the price to be paid, the time of performance the quantity involved, and the nature of work to be performed