UW-Milwaukee Business Law Exam #2
Study online at https://quizlet.com/_e1xidn
1. What is the role of contract Provides a mechanism to deal with others
law?
2. How has the law of contracts Over the centuries in commerce
evolved?
3. What does the concept of free- Responsibilities to those in binding relationships
dom of contract mean?
4. What limits does the law im- Some limits on choices parties may make
pose on parties' choices?
5. What is contract law? Common law or 'judge-made law' that differs in each state
6. What is a promise? A person's declaration about future events
7. Who is the promisor? The person making the promise
8. Who is the promissee? The person to whom the promise is made
9. What is the definition of a con- An agreement between competent parties for valuable consid-
tract? eration
10. Who is the offeror? The person offering the agreement
11. Who is the offeree? The person accepting the proposal
12. What is an offer in a contract? A proposal to enter into an agreement
13. What is acceptance in a con- The person fully agreeing to the terms of the offer
tract?
14. What is consideration in a con- A mutual exchange of value
tract?
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, UW-Milwaukee Business Law Exam #2
Study online at https://quizlet.com/_e1xidn
15. What makes a contract void or Contractual capacity, legality, genuineness of assent
voidable?
16. What is contractual capacity? The requirement for a person to be competent to enter into an
agreement
17. What is legality in a contract? The subject matter of the contract must be legally allowed
18. What is genuineness of assent A meeting of the minds, disallowing mistakes, fraud, distress
in a contract?
19. What is the objective theory of Assessing parties' assent based on the objective intent of a
contracts? reasonable person
20. What are bilateral and unilater- Types of contracts that involve promises from one or both
al contracts? parties
21. What are bilateral contracts? Contracts with 2 promises exchanged.
22. What is a unilateral contract? Contract with only 1 promise exchanged.
23. What are express contracts? Contracts with directed statements of promises.
24. What are implied contracts? Contracts inferred from actions and circumstances.
25. What is an executed contract? Contract that has been fully performed.
26. What is an executory contract? Contract that has not been fully performed.
27. What is a valid contract? Contract that meets all legal requirements.
28. What is a void contract? Contract that is unenforceable.
29. What is a voidable contract? Contract that can be voided by one party.
30. What are quasi contracts? Fictional contracts created by courts in the interest of fairness.
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Study online at https://quizlet.com/_e1xidn
1. What is the role of contract Provides a mechanism to deal with others
law?
2. How has the law of contracts Over the centuries in commerce
evolved?
3. What does the concept of free- Responsibilities to those in binding relationships
dom of contract mean?
4. What limits does the law im- Some limits on choices parties may make
pose on parties' choices?
5. What is contract law? Common law or 'judge-made law' that differs in each state
6. What is a promise? A person's declaration about future events
7. Who is the promisor? The person making the promise
8. Who is the promissee? The person to whom the promise is made
9. What is the definition of a con- An agreement between competent parties for valuable consid-
tract? eration
10. Who is the offeror? The person offering the agreement
11. Who is the offeree? The person accepting the proposal
12. What is an offer in a contract? A proposal to enter into an agreement
13. What is acceptance in a con- The person fully agreeing to the terms of the offer
tract?
14. What is consideration in a con- A mutual exchange of value
tract?
1/7
, UW-Milwaukee Business Law Exam #2
Study online at https://quizlet.com/_e1xidn
15. What makes a contract void or Contractual capacity, legality, genuineness of assent
voidable?
16. What is contractual capacity? The requirement for a person to be competent to enter into an
agreement
17. What is legality in a contract? The subject matter of the contract must be legally allowed
18. What is genuineness of assent A meeting of the minds, disallowing mistakes, fraud, distress
in a contract?
19. What is the objective theory of Assessing parties' assent based on the objective intent of a
contracts? reasonable person
20. What are bilateral and unilater- Types of contracts that involve promises from one or both
al contracts? parties
21. What are bilateral contracts? Contracts with 2 promises exchanged.
22. What is a unilateral contract? Contract with only 1 promise exchanged.
23. What are express contracts? Contracts with directed statements of promises.
24. What are implied contracts? Contracts inferred from actions and circumstances.
25. What is an executed contract? Contract that has been fully performed.
26. What is an executory contract? Contract that has not been fully performed.
27. What is a valid contract? Contract that meets all legal requirements.
28. What is a void contract? Contract that is unenforceable.
29. What is a voidable contract? Contract that can be voided by one party.
30. What are quasi contracts? Fictional contracts created by courts in the interest of fairness.
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