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Business Law Exam 2

Exam 2 terms

QuestionAnswer
What is a contract like duty imposed by the court to prevent unjust enrichment, or avoid injustice in such cases. Quasi Contract
What contract meets the basic legal requirements for a contract but won't be enforced due to some other legal rule. Unenforceable Contract
What contract may be cancelled by one or both of the parties? Voidable Contract
What contract lacks one or more of the basic requirements for a contract? Void Contract
What contract has only 1 of the parties make a promise and has the other party perform an act for that promise? Unilateral Contract
What contract has both parties make a promise? Bilateral Contract
Offer + Acceptance= Agreement
Which means of communication has acceptance effective when dispatched and is spelled out in offer, implied by offer communication or implied by trade usage? Authorized Means of Communication
Which means of communication has acceptance not effective until received and generally has means slower than the way the offer was communicated? Unauthorized Means of Communication
To establish a uniform law to govern commercial transactions that often take place across state lines and is also created to promote fair dealing and higher standards of behavior in the market place. It has 9 articles. Uniform Commercial Code(UCC)
What term is all contracts for the sale of goods(tangible items) are covered by article 2? Sale of Goods
The seller of goods and the buyer send eachother forms that have terms beneficial to their individual interests. UCC's Battle of the Forms
A debt that is due and certain, which means there's no dispute about the existence or amount of debt. Liquidated Debt
An honest dispute about the existence or amount of a debt. Unliquidated Debt
A clerk offers to pay a cop to watch his store but it's already the cop's "???" to do so. Pre-Existing Duty
Legal value, bargained for and given in exchange for an act or promise. Consideration.
Created by: nofxgrrly24
 

 



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