LEGL 2700 Roessing Exam 2 question and answers 100% verified.

Promise - Answer- A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer- The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer- Tangible (touchable), movable personal property Bilateral Contract - Answer- Promise in exchange for a promise Involves promisor and promisee Usually made to a specific person Acceptance, then performance later Binding even when promise hasn't been fulfilled yet Ex) work order to paint house Unilateral Contract - Answer- Promise in exchange for an action Made to the whole world Acceptance and performance happen at the same time Not binding until action has been done Ex) lost dog poster and reward Express Contracts - Answer- A contract in which parties show their agreement in words Implied-in-fact Contracts - Answer- A legally enforceable agreement inferred from the circumstances and conduct of the parties Implied-in-law Contract - Answer- A quasi-contract; not a true contract Legal fiction that the courts use to prevent unjust enrichment and wrongdoing Courts permit the person who conferred a benefit to recover the reasonable value of that benefit Nonetheless, the elements of a true contract are not present Quasi-contract - Answer- An implied-in-law contract; not a true contract