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BLAW Exam 2 Questions and Answers
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BLAW Exam 2 Questions and Answers
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BLAW Exam 2Uniform Commercial Code (UCC) - Answer -Applies to contracts for sales and lease of goods, form of
statutory law (exception to common law)
Contract - Answer -Legally binding, two or more parties, agree to perform or refrain from performing
some act now or in the future
Four essential elements of a contract - Answer -Agreement, consideration, contractual capacity, and
legality
Offeror vs offeree - Answer -Offeror makes the offer, offeree accepts
Bilateral - Answer -"A promise for a promise," offeree only needs to promise to perform in order to
accept the offer
Unilateral - Answer -"A promise for an act," offeree must complete performance in order to accept the
offer; once "substantial performance" has been completed, offer is irrevocable
Express - Answer -Created by words, written or oral
, Implied-in-fact (& 3 requirements) - Answer -Created by conduct. 1) Plaintiff furnished good or service,
2) plaintiff expected to be paid (& defendant knew or should have known), and 3) defendant had a
chance to reject and didn't
Formal (contract) - Answer -Requires a special form
Informal (contract) - Answer -Does not require a special form
Executed - Answer -Contract has been fully performed by both sides
Executory - Answer -Contract has not been fully performed by both sides
Quasi-contract - Answer -(aka implied-in-law!); "fictional" contracts created by courts; equitable rather
than contractual in nature; associate with quantum meruit
Quantum Meruit - Answer -"as much as he deserved," determines the amount to be paid when no
contract exists or when there is doubt about the amount due; example of an equitable remedy;
associate with quasi-contracts
Revocation - Answer -Offeror withdraws BEFORE offeree accepts, effective when the offeree receives it
Option contract - Answer -Promise to hold an offer open for a specified period of time
Detrimental reliance - Answer -Offeree justifiably relies on offer to his or her detriment, offer cannot be
revoked; promise is enforced
Promissory estoppel - Answer -Offeree acts based on reliance on an offer, offer cannot be revoked (very
similar to detrimental reliance)
Mirror image rule - Answer -Offeree's acceptance must match offeror's offer
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