Chat with AIExam 9: Nature of Traditional and E-Contracts
A contract under seal is considered a(n)________.
(39) 
VerifiedA
What are the three major sources of contract law and how do they affect contract law?
(41) VerifiedThere are several sources of contract law in the United States,including common law,the Restatement (Second)of Contracts,and the Uniform Commercial Code.A major source of contract law is the common law of contracts,which developed from early court decisions that became precedent for later decisions.There is a limited federal common law of contracts that applies to contracts made by the federal government.The larger and more prevalent body of common law has been developed from state court decisions.Thus,although the general principles remain the same throughout the country,there is some variation from state to state.Another major source of contract law is the Uniform Commercial Code (UCC).The UCC,which was first drafted by the National Conference of Commissioners on Uniform State Laws in 1952,has been amended several times.Its goal is to create a uniform system of commercial law among the fifty states.The provisions of the UCC normally take precedence over the common law of contracts.In 1932,the American Law Institute,a group comprising law professors,judges,and lawyers,completed the Restatement of the Law of Contracts.The Restatement is a compilation of contract law principles,as agreed upon by the drafters.The Restatement is not law.However,lawyers and judges often refer to it for guidance in contract disputes because of its stature.
Parties to a contract must have contractual capacity for the contract to be enforceable against them.
(36) VerifiedTrue
A valid informal contract is just as enforceable as a valid formal contract.
(30) Lou writes a check to Bud but leaves out some essential components that are required on the check.This check would be described as ________.
(35) A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.
(41) A contract is ________ if the offeror's offer can be accepted only by the performance of an act by the offeree.
(35) Offers for both bilateral and unilateral contracts involve a promise by the offeror.
(37) Martha contacts a bakery to get a cake for her son's birthday party.She tells the baker that she will pay him $150 for the cake if he delivers the cake on Friday evening.If the baker does not deliver the cake on Friday evening,which of the following will hold true?
(36) Parties may voluntarily agree to perform a void contract and the agreement will be enforced by the courts.
(41) The consent of the parties to create a valid contract must be obtained by ________.
(35) Contracts are either bilateral or unilateral,depending on what the offeree must do to accept the offeror's offer.
(39) A(n)________ contract consists of an agreement between the parties,is supported by legally sufficient consideration,is between parties with contractual capacity,and accomplishes a lawful object.
(47) Which of the following is required of a contract for it to be considered an express contract?
(32) A major source of contract law is the ________,which developed from early court decisions that became precedent for later decisions.
(28) The court of equity that was developed in England was called ________.
(36) Personal property and the provision of services do not qualify as consideration.
(29) In order for an agreement to be valid,there must be mutual assent by the parties.
(37) 
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