BUSA 2106 TEST QUESTIONS AND ANSWERS A+
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Contract Law
Shows to what extent our society allows people to make promises or committments that
are legally binding
Sources of Contract Law
common law and uniform commercial code
Contract
a binding agreement between two or more persons that is enforceable by law
Object Theory of Contracts
A theory under which the intent to form a contract will be judged by outward, objective
facts (what the party said when entering into the contract, how the party acted or
appeared, and the circumstances surrounding the transaction) as intrpreted by a
reasonable person, rather than by the party's own secrect, subjective intentions.
Requirements of a Valid Contract
agreement, consideration, contractual capacity, legality
Defenses to the Enforceability of a Contract
voluntary consent and form
Bilateral Contract
A type of contract that arises when a promise is given in exchange for a return promise.
Unilateral Contract
A contract that results when an offer can be accepted only by the offeree's performance.
Formal Contract
A contract that by law requires a specific form, such as being executed under seal
informal contract
A contract that does not require a specified form or formality in order to be valid.
Express Contract
A contract in which the terms of the agreement are fully and explicitly stated in words,
oral or written.
Implied Contract
A contract formed in whole or in part from the conduct of the parties.
Executed Contract
A contract that has been completely performed by both parties.
executory contract
A contract that has not yet been fully performed.
Voidable Contract
A contract that may be legally avoided (canceled, or annulled) at the option of one of the
parties.
GRADED. Buy Quality Materials!
Contract Law
Shows to what extent our society allows people to make promises or committments that
are legally binding
Sources of Contract Law
common law and uniform commercial code
Contract
a binding agreement between two or more persons that is enforceable by law
Object Theory of Contracts
A theory under which the intent to form a contract will be judged by outward, objective
facts (what the party said when entering into the contract, how the party acted or
appeared, and the circumstances surrounding the transaction) as intrpreted by a
reasonable person, rather than by the party's own secrect, subjective intentions.
Requirements of a Valid Contract
agreement, consideration, contractual capacity, legality
Defenses to the Enforceability of a Contract
voluntary consent and form
Bilateral Contract
A type of contract that arises when a promise is given in exchange for a return promise.
Unilateral Contract
A contract that results when an offer can be accepted only by the offeree's performance.
Formal Contract
A contract that by law requires a specific form, such as being executed under seal
informal contract
A contract that does not require a specified form or formality in order to be valid.
Express Contract
A contract in which the terms of the agreement are fully and explicitly stated in words,
oral or written.
Implied Contract
A contract formed in whole or in part from the conduct of the parties.
Executed Contract
A contract that has been completely performed by both parties.
executory contract
A contract that has not yet been fully performed.
Voidable Contract
A contract that may be legally avoided (canceled, or annulled) at the option of one of the
parties.
