Defining A Contract
5 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a fundamental characteristic of a contract?

  • It can only be written.
  • It must be made between three or more parties.
  • It is always related to monetary transactions.
  • It must involve at least one legally enforceable promise. (correct)
  • How does the Uniform Commercial Code define a contract?

  • A set of reciprocal promises made between parties.
  • A promise for which breach results in a remedy.
  • The total legal obligation that results from the parties' agreement. (correct)
  • An agreement that is only enforceable if it is written.
  • According to Restatement Second § 1, what primarily defines a contract?

  • An exchange relationship created only in written form.
  • The total agreement between parties.
  • A promise or a set of promises that have legal remedies for breach. (correct)
  • A legal obligation recognized by law.
  • What challenge do students face when learning about the concept of a contract?

    <p>Differentiating between legal and ordinary meanings.</p> Signup and view all the answers

    In which of the following scenarios is a contract NOT typically created?

    <p>A casual conversation about future plans without an intent to create a legal obligation.</p> Signup and view all the answers

    Study Notes

    Defining A Contract

    • The legal definition of a contract can be challenging due to its everyday usage.
    • Legal definitions may differ from common understanding.
    • Various definitions emphasize either the promissory aspect or its legal consequences.
    • The Restatement Second of Contracts defines a contract as a promise or set of promises for which the law provides a remedy for breach or recognizes as a duty.
    • The Uniform Commercial Code defines a contract as the full legal obligation arising from an agreement between parties, without mentioning promises explicitly.
    • A contract can be characterized as an exchange relationship established by an agreement, either oral or written, between two or more parties, involving at least one legally enforceable promise.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Explore the nuances of what constitutes a contract through various legal definitions. Understand the differences between common and legal perspectives, as well as the key elements required for a contract to be enforceable. This quiz delves into definitions from the Restatement Second of Contracts and the Uniform Commercial Code.

    More Like This

    Bailment Contract Overview
    10 questions
    Indian Contract Act, 1872 Overview
    8 questions
    Contratos de Suministro Gratuitos en Perú
    24 questions
    Use Quizgecko on...
    Browser
    Browser