Exam 7: The Essentials of Contract Law

When there is a breach of contract,the injured party has the right to ask a court to somehow remedy the situation.

In contract law,the non-breaching party is compensated by the payment of ________ damages to make up for their real financial losses.

An informal contract is also known as a(n):

In the case of an implied-in-fact contract,the court will apply reasons of justice and fairness and may obligate one who has unfairly benefited at the innocent expense of another.

Pumping gas into a car at a self-service gas station would be an example of a bilateral contract.

Clark promises to pay Mike $30 if Mike will mow Clark's yard.This is an example of a bilateral contract.

Matthew agrees with a friend to divide the proceeds from a bank robbery that the two will commit.This agreement is unenforceable.

Jackie takes her car to the All Clean Car Wash and watches the employees while they mistakenly give her car a special $30 hand wax treatment,rather than the $5 spray wax she requested.Jackie refuses to pay $30 saying that she requested a service that would cost her only $5.Analyze the case.

A non-breaching party in a breach of contract case has a ________ and cannot take advantage of the breach that increases the amount of damages the breaching party must pay.

________ outlines the historical laws and the procedures that were followed by merchants in commercial transactions.

A person who makes an offer is called an offeree.

Vivian,Ewell's friend,believes that Ewell's contract with Mickey is unfair to Ewell.Even though Vivian does not have any tangible stake in the contract,she may sue since she has privity due to her interest in Ewell.

A proposal made by Braxton to his friend Mike,indicating a willingness to enter a contract to buy Mike's old car for $4,000,fulfills the element of ________ in contract law.

Some parties,when entered into a(n)________ contract,may choose to cancel the contract.

Equitable remedies are monetary damages that are imposed by the courts on innocent parties to prevent them from taking advantage of the breach by deliberately raising the amount of damages that the other party has to pay.

In Law and Revolution,Harold J.Berman tells us that some rulers agreed to incorporate the law merchant into their national documents such as the Magna Carta in 1215,which contains a clause that specifically grants safe passage to foreign merchants in England.

The Uniform Commercial Code (or UCC)is a model code designed to unify statutes governing almost all commercial transactions.

All ________ are ________,but not all agreements are ________ because an agreement may not be ________.

Alan persuades Charles to buy his truck by f.alsely telling Charles that the truck has just had a new engine installed.In fact,the truck has an old engine that has been cleaned to look new.Charles buys the truck and finds out the truth about the engine.Discuss the situation.

Eloise made a contract in January that gave her until the end of the year to complete her work on a new computer system for Dexter.In mid-July,Eloise is working on the computer system.The contract in July is considered: