Exam 9: The Nature and Origins of Contracts

Umi enters into an agreement with Sheng to sell her farm to him.They shake hands to "seal the deal," but do not put the agreement in writing.The contract is:

A promise exchanged for a promise is an example of:

Which of the following is true of the laissez-faire economic theories that were prevalent in the 19^th century?

How does the Uniform Commercial Code (UCC)define merchant? Why does the UCC distinguish between merchants and nonmerchants?

The Uniform Commercial Code was adopted by all the states in America,except Louisiana,which has adopted only part of the Code.

A voidable contract is necessarily unenforceable.

What is a quasi contract?

The United Nations Convention on Contracts for the International Sale of Goods applies to any party,be it a merchant or a nonmerchant.

Which of the following is true about a contract?

An oral contract that is required by contract law to be in writing is _____.

A promise exchanged for an act is an example of a(n)_____.

Barry is eleven years old and makes an agreement with Laurel to buy Laurel's music player.The agreement is _____.

In a contract involving elements of both goods and services,a court will determine whether Article 2 of the Uniform Commercial Code (UCC)applies by:

Marge Corp.,a supermarket,sends Valerie Orchard Inc.an order for 80 cases of apples at $180 per case.Valerie Orchard sends an acknowledgement form to Marge,accepting the order.Describe the type of contract between Marge and Valerie Orchard.

A contract is implied when the parties directly state its terms at the time the contract is formed.

The Industrial Revolution that modernized America changed many of the basic assumptions underlying contract law.

Not all promises are contracts.

Bill downloaded an antivirus software from the Internet.Under the Uniform Commercial Code (UCC),the software is a:

Explain the differences between and similarities of the categories used to classify contracts by their enforceability: valid,unenforceable,voidable,and void.

Traditional contract law is basically designed to protect bargains that people make and that satisfy all the legal requirements for a binding contract.