True or False
2-A is an assertion that something either will or will not happen in the future.
3-A contract needs two requirement and Agreement is required to form a contract, regardless of whether it is formed in the traditional
4- which is generally defined as: The value given in return for a promise,
5-Common law governs all contracts except when it has been modified or replaced by statutory law, such as the Uniform Commercial Code (UCC),1 or by administrative agency regulations.
6-Which contracts generally are governed by the common law of contracts.
B Real estate
E All of the above
7-Contracts for the sale and lease of goods, however, are governed by the ―to the extent that the UCC has modified general contract law.
The Definition and Function of a Contract
8-A is an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future.
9-Contract law assures the parties to private agreements that the promises they make will be enforceable
10- A person who makes a promise
11- A person to whom a promise is made ( usually a buyer )
12-In determining whether a contract has been formed, the element of is of prime importance.
13-Stating the clear intent of the (contract) or Objectiveness a contract that can be understood by others and not the issuing party.(subjective) is considered intent.
14-In contract law, intent is determined by what is referred to as the of
not by the personal or subjective intent, or belief, of a party.
15- Objective facts that must be included in a contract.
(1) What the party said when entering into the contract,
(2) How the party acted or appeared, and
The circumstances surrounding the transaction.
All of the above
Objective Theory of Contracts A theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions.
16- Ability to enter freely into contractual arrangements. , A freedom protected by the U.S. Constitution in Article I, Section 10
NOTE: Because freedom of contract is a fundamental public policy of the United States, courts rarely interfere with contracts that have been voluntarily made.
For example, illegal bargains, agreements that unreasonably restrain trade, and certain unfair contracts made between one party with a great amount of bargaining power and another with little power generally are not enforced.
Requirements for a valid contract
17- An agreement to form a contract includes an One party must offer to enter into a legal agreement and the other party must accept the terms of the offer
18- Any promises made by the parties must be supported by legal sufficient and bargained for consideration ( something of value must be received)
something of value must be exchange by both parties I.e (money for beer)
19- Both partties entering into a contract must have the contractual capacity to do so the law must recognize them as being competent qualified...