Exam 5: Contracts and Sales

What are quasi contracts? Explain with the help of an example.

If, instead, Jan said to Pedro, "I promise to give you $100 if you promise to drive my car to Malibu from San Francisco." It is most likely to be an example of a(n) _____ contract.

What is a contract? What are the requirements of a valid contract?

The _____ is a compilation of the most common approaches to states' common law of contracts, but is not, in and of itself, law.

Past consideration is an adequate consideration to support a promise, therefore, it can create a contract.

, those who are intoxicated or otherwise under the influence of mind-altering drugs or those who are mentally incompetent cannot enter into a valid contract?

While the obligor's permission is not necessary for a valid assignment, if the obligor gives permission, so that now all three parties agree to the assignment, it is called a _____.

A unilateral contract is a contract in which:

Explain the terms legal detriment and legal benefit.

If an offer is made, but before it can be accepted, the subject matter of the offer becomes illegal, the offer is terminated.

What are the two sets of laws that govern contracts?

Each state has its own common law of contracts that governs how contracts are made and enforced in its state so rather than knowing the law in each state, states' contract laws have been distilled into a compilation called the Uniform Commercial Code.

Which of the following statements is true regarding the Uniform Commercial Code?

A novation takes the assignor out of the contract altogether and substitutes the assignee in the assignor's place.

The _____ requirement of a valid contract ensures that parties to the contract actually bind themselves to the agreement by exchanging an agreed-upon legal detriment.