UCC/RS from Contracts I to remember

Question 1

4 requirements to a contract

Answer 1

Offer, acceptance, consideration, certainty

Question 2

RS 1: Contract Defined

Answer 2

A contract is 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 3

RS 2: Promise

Answer 3

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

Question 4

RS 3: Agreement/ Bargain

Answer 4

An agreement is a manifestation of mutual assent on the part of two or more persons.

A bargain is an agreement to exchange promises or to exchange a promise for a performance or to exchange performances

Question 5

RS 4: How a promise can be made

Answer 5

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

Question 6

Unilateral Contract

Answer 6

An exchange of a promise for a performance.

For acceptance purposes: no notification of acceptance required.

Once performance is started, the offeror cannot revoke the offer.

Question 7

Bilateral Contract

Answer 7

An exchange of mutual promises or performances.

For acceptance purposes: Notification of acceptance required.

Question 8

UCC applies to:

Common Law applies to:

Answer 8

UCC- Goods

Common Law- Real Estate, services, intangibles