C) The provisions of the UCC normally take precedence over the common law of contracts. D) The UCC has been adopted in its entirety by all states. The provisions of the UCC normally take precedence over the common law of contracts. Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of ________.
Terms in this set (56) Contract law sets out the basic elements that must be present for an agreement to be considered legally enforceable. True Contract law is based entirely on common law rules.
It is currently in its second form as the Restatement (Second) of the Law of Contracts. Contracts covered by Article 2 of the Uniform Commercial Code involving the sale of goods between merchants where title passes from seller to buyer for a price.
A summary of U.S. case law regarding contracts compiled by the American Law Institute and considered to be authoritative. It is currently in its second form as the Restatement (Second) of the Law of Contracts.
D) There need not be mutual assent by all the parties involved in a contract .
A) A promise must be supported by a signed written document and an advance payment.
A) A valid contract cannot contain promises.
D) Courts of law usually do not enforce the promises made as part of contracts.
A) Contracts can be classified as either voluntary or involuntary.
The philosophy behind freedom of contract is that you are free to make any bargain you like, even a bad one. The security of being able to rely on contractual performance would be gone.
In a unilateral contract situation, acceptance occurs when the offeree performs the act requested by the offeror.
Chapter 8: Contracts. Contract law sets out the basic elements that must be present for an agreement to be considered legally enforceable. Contract law is based entirely on common law rules. In order to ensure uniformity, Article 1 of the UCC provides that the terms of the UCC are to be strictly construed.
The requirement that the acceptance completely agree with the terms of the offer is known as the reverse acceptance rule.
Rescission involves an agreement by both parties to cancel the contract.
Generally, if only one party to the contract is mistaken as to the terms of the contract, the contract can be rescinded. To be enforceable in court, contracts must always be in writing. If a writing is required, all of the terms must be included in a single document.
Most contracts are classified as formal. Once a contract is formed, but prior to its execution, the taking back of the contractual promise by one party creates a right in the other party to sue for breach of contract. Prior to delivery of a gift, the donor is free to take back the promise with no legal consequences.
A. Applying fundamental notions of equity, the court would refuse to enforce the contract due to the offeror's lack of subjective intent.
A. The offeree will have 30 days to accept the offer after the offeror has died and the heirs of the offeror will be bound to contract.
D. Death will have no impact on the contractual offer, since it has already been communicated to the offeree.
True or False? The first step of the ethical decision-making model is to identify the dilemma.
True or False? Development programs tend to be short term and are awarded to employees that the organization believes have potential for promotion.