What is a Contract (types, definitions).

Question 1

Define Bilateral Contracts

Answer 1

An exchange of mutual promises.

Can be accepted in any reasonable way.

Unless specified, acceptance by promise or beginning of performance.

Question 2

What is a quasi-contract?

Answer 2

Quasi-contracts are not contracts at all. Quasi-contract is the
name given when an unenforceable contract results in unjust enrichment.
Courts permit a plaintiff to bring an action in restitution
to recover the amount of the benefit conferred on the defendant.

Question 3

Void Contract

Answer 3

A void contract is one that is totally without any legal effect from the beginning (for example, an agreement to commit a crime). It cannot
be enforced by either party.

Question 4

Voidable Contract

Answer 4

A voidable contract is one that one or both parties may elect to
avoid, such as by raising a defense that makes it voidable, like
infancy or mental illness.

Question 5

Difference between void and voidable.

Answer 5

Can elect to avoid a voidable. Void cannot be enforced from beginning.

Question 6

What is a merchant?

Answer 6

one who regularly deals in goods of the kind sold or who otherwise
by their profession holds themselves out as having special knowledge
or skills as to the practices or goods involved.

Question 7

Who is a merchant under UCC w/provisions dealing w/general business practices (statute of frauds, confirmatory memos, firm offers)?

Answer 7

almost anyone in business can be deemed a merchant.

Question 8

Who is a merchant for specific provisions (nongeneral) like warranty of merchantability?

Answer 8

equire a person to be
a merchant “with respect to goods of the kind involved in the subject
transaction.”

Question 9

Unenforceable Contract

Answer 9

An unenforceable contract is otherwise valid but isn’t enforceable
due to a defense, such as the statute of limitations or Statute of Frauds.