WGU C713 Study Guide (V.3) Unit 5 Questions and Answers 100% Pass
What is the restatement of contracts? ✔✔Detailed Analyses of the decided cases in the field. the restatements declare the law as the courts have determined it to be.
What is the Uniform Commercial Code? ✔✔A large collection of legal rules regarding many important businesses or commercial activities.
What are the Elements of a legal contract? ✔✔1. the parties reached an agreement. 2.consideration was present. 3. the agreement was legal. 4. the parties entered into the contract with capacity to make a contract. 5. The agreement is in the proper form.
How would you describe the mirror image rule? ✔✔the acceptance must match the offer in all its particulars or the offer is rejected
What is 'consideration'? ✔✔Consideration is the quid pro quo between the contracting parties in the absence of which the law will not enforce the promise or promises made
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How would you describe promissory Estoppel? ✔✔Simply stated, promissory estoppel means that the courts will stop the promisor from claiming that there was no consideration.
What does it mean to lack the capacity to enter into a contract? ✔✔Not mentally sound, under age.
How can a contract be discharged? ✔✔by performance, by agreement, and by operation of law.
How would you describe the difference between a void contract and a voidable contract?✔✔void: when a contract is unenforceable by law. Voidable: these contracts are valid agreements, but one or both of the parties to the contract can void the contract at anytime.
What is the statute of frauds? ✔✔The purpose of the Statute of Frauds is to prevent the fraud that occurs when one party attempts to impose upon another a contract that did not in fact exist.
What is the difference between a unilateral contract and a bilateral contract? ✔✔Bilateral: a reciprocal arrangement between two parties by which each promises to perform an act in exchange for the other parties act.
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