eugeneosbornAssignment 3

eugeneosbornAssignment 3 - Assignment 3 LAW2221-Scroggins...

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Assignment 3 1 LAW2221—Scroggins Clarkson Text Chapter 10: 1. What contracts are covered by the UCC and what are covered by common law? UCC: sales and lease of goods Common law: services, real estate, employment, insurance 2. List the requirements of a valid contract. Agreement, Consideration, Contractual capacity, Legality 3. Distinguish the differences between: a) express and implied contracts, b) unilateral and bilateral contracts, c) valid, void, voidable and unenforceable contracts, and d) formal and informal contracts. A) express is in words but, implied is the conduct of the party B) bilateral: accepting is a promise to perform, unilateral: accepting only after promise is complete C) Valid: elements necessary to entitle at least one party Void: not a contract Voidable: can be avoided by one or both parties Unenforceable: cannot be enforced D) Formal: written form Informal: no form required 4. What is promissory estoppels? The promisor is barred from revoking the offer 5. Explain what a quasi-contract is and why it differs from a contract. Fictional contracts created by courts and imposed on parties in the interest of fairness. Quasi: equitable rather than contractual 6. Explain quantum meruit. Recovery from a quasi contract 7. Explain the plain meaning rule. Terms and conditions appear to be clear and unambiguous and will be enforced Chapter 11: 1. Identify and describe the three elements of an offer. 1) Offeror must have a serious intention to become bound by the offer 2) Terms of offer must be reasonably certain or definite so that the parties and the court ca ascertain the terms 3) Offer must be communicated to the offeree 2. What four things must be included in the substance of the contract? 1)
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This note was uploaded on 01/08/2012 for the course BUS 2221 taught by Professor Scroggins during the Spring '11 term at Troy.

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eugeneosbornAssignment 3 - Assignment 3 LAW2221-Scroggins...

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