BLAW 3391 Final Exam Questions With
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Contract
"a promise or set of promises for the breach of which the law gives a remedy or the performance of
which the law is some way recognizes a duty."
Covenant not to complete
restrict what an employee may do after leaving a company, and they often dictate where, when, and
with whom an employee may work
Four elements needed for a contract:
Agreement, the consideration, contractual capacity, and legal object
Consideration
bargained-for exchange or what each party gets in exchange for his or per promise under the contract
Lack of genuine assent
entered into by both parties freely, but offeror takes acceptance through fraud, duress, undue
influence, or misrepresentation
Two defenses of a contract:
Lack of genuine assent, and lacks proper form
Two sources of contract law:
Case law and Uniform Commercial code (UCC)
Uniform Commercial Code
Article 2 deals with contracts for the sale of goods
Bilateral
a Promise + a Promise
Unilateral
a Promise + a Requested action
Express contracts
all clearly set forth in either written or spoken words
Implied contracts
arise not from words but from the conduct of the parties
Three conditions for implied or implied-in-fact:
, plaintiff provided property or service to defendant; plaintiff expected to be paid with seasonal person
in position of defendant expected to be paid; and defendant had opportunity to reject the property or
service, but didn't
Quasi- contracts
implied-in-law contracts: prevent one party from being unjustly enriched at the expense of another;
contractual obligations on one of the parties, as if in a contract
Valid contract
contains all the legal elements and will be enforced
Unenforceable
valid contract, but law prohibits the court from enforcing it
Executed
all the terms of the contract have been fully performed
Executory
Some of the terms have not yet been performed
Plain-meaning rule
if written, or term in question, appears to be plain and unambiguous on its face, we determine the
meaning from just "the four corners" of the document, without resorting to outside evidence, and
give the words their ordinary meaning
Elements of an offer:
(1) intent by the offeror to bound to an agreement
(2) reasonably definite terms
(3) communication to the offeree
Intent
offeror must show intent to be bound by the offer's acceptance
Definit and certain
all the material terms must be included
Material terms
allows a court to determine damages in the event that one of the parties breaches the contract
Communication
offer must be communicated to the offeree or the offeree's agent. Only accepted by the offer
Termination
five was it can occur:
Verified Answers 100% Solved
Contract
"a promise or set of promises for the breach of which the law gives a remedy or the performance of
which the law is some way recognizes a duty."
Covenant not to complete
restrict what an employee may do after leaving a company, and they often dictate where, when, and
with whom an employee may work
Four elements needed for a contract:
Agreement, the consideration, contractual capacity, and legal object
Consideration
bargained-for exchange or what each party gets in exchange for his or per promise under the contract
Lack of genuine assent
entered into by both parties freely, but offeror takes acceptance through fraud, duress, undue
influence, or misrepresentation
Two defenses of a contract:
Lack of genuine assent, and lacks proper form
Two sources of contract law:
Case law and Uniform Commercial code (UCC)
Uniform Commercial Code
Article 2 deals with contracts for the sale of goods
Bilateral
a Promise + a Promise
Unilateral
a Promise + a Requested action
Express contracts
all clearly set forth in either written or spoken words
Implied contracts
arise not from words but from the conduct of the parties
Three conditions for implied or implied-in-fact:
, plaintiff provided property or service to defendant; plaintiff expected to be paid with seasonal person
in position of defendant expected to be paid; and defendant had opportunity to reject the property or
service, but didn't
Quasi- contracts
implied-in-law contracts: prevent one party from being unjustly enriched at the expense of another;
contractual obligations on one of the parties, as if in a contract
Valid contract
contains all the legal elements and will be enforced
Unenforceable
valid contract, but law prohibits the court from enforcing it
Executed
all the terms of the contract have been fully performed
Executory
Some of the terms have not yet been performed
Plain-meaning rule
if written, or term in question, appears to be plain and unambiguous on its face, we determine the
meaning from just "the four corners" of the document, without resorting to outside evidence, and
give the words their ordinary meaning
Elements of an offer:
(1) intent by the offeror to bound to an agreement
(2) reasonably definite terms
(3) communication to the offeree
Intent
offeror must show intent to be bound by the offer's acceptance
Definit and certain
all the material terms must be included
Material terms
allows a court to determine damages in the event that one of the parties breaches the contract
Communication
offer must be communicated to the offeree or the offeree's agent. Only accepted by the offer
Termination
five was it can occur:
