BL_Saylor_Business_Law_and_the_Legal_Environment_Ch_8.docx

BL_Saylor_Business_Law_and_the_Legal_Environment_Ch_8.docx...

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Business Law Name: ______________________________________________ Chapter 8 Introduction to Contract Law 8.1 General Perspectives on Contracts 1) Contract is probably the most ___________________ legal concept in our society because it is so central to the essence of our _____________________, ______________________, and _______________________ life. In common parlance, contract is used interchangeably with agreement, bargain, undertaking, or deal. Whatever the word, the concept it embodies is our notion of _______________________ to pursue our own lives together with others. Contract is central because it is the means by which a free society orders what would otherwise be a jostling, frenetic anarchy. 2) What does ‘jostling, frenetic anarchy mean? ___________________________________________________________ __________________________________________________________________________________________________ 3) Contract law did not always exist. How and why was it created? ____________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ 4) What was used prior to contract law? _________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ 5) In An Economic Analysis of Law, Judge Richard A. Posner suggested contract law performs three functions, what are they? 6) The Restatement (Second) of Contracts (Section 1) says, “_________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ _________________________________________________________________________________________________” 7) ‘Contract’ means __________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ 8) Similarly, the Uniform Commercial Code says, “__________________________________________________________ __________________________________________________________________________________________________ _________________________________________________________________________________________________”
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9) Contract law developed when the strictures of feudalism dissipated, when a person’s position in society came to be determined by personal ______________________ (by mutual ____________________________) and not by status (by how a person was born). __________________________ and _________________________ law have developed together, because having choices in society means that people decide and agree to do things with and to each other, and those agreements bind the parties; the agreements must be enforceable. 10) Define: feudalism ________________________________________________________________________________ __________________________________________________________________________________________________ 11) Why is contract law necessary in a society where a person’s status is not predetermined by birth? _______________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ 12) Contract law serves some economic functions. What are they? ____________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ 8.2 Sources of Contract Law Case Law 13) Law made by judges is called __________________ _____________________. Because contract law was made up in the common-law courtroom by ______________________ judges as they applied rules to ___________________ ________________________ before them, it grew over time to formidable proportions. By the early twentieth century, tens of thousands of contract disputes had been submitted to the courts for ____________________, and the published ___________________________, if collected in one place, would have filled dozens of bookshelves. Clearly this mass of material was too unwieldy for ______________________ use. A similar problem also had developed in the other leading branches of the common law. Statutory Law: The Uniform Commercial Code 14) What is the purpose of the Uniform Commercial Code? __________________________________________________ 15) What are the 9 Articles listed under the UCC?
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16) Article 2 is divided in turn into six major parts: 17) Judges have made contract law over several _____________________ by deciding cases that _____________________, extend, or ________________________ the developing rules affecting contract formation, performance, and enforcement. The rules from the cases have been abstracted and organized in the Restatements of Contracts. To facilitate interstate commerce, contract law for many commercial transactions—especially the sale of goods
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