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Questions and Answers
What is a fundamental characteristic of a contract?
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?
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?
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?
What challenge do students face when learning about the concept of a contract?
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In which of the following scenarios is a contract NOT typically created?
In which of the following scenarios is a contract NOT typically created?
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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.
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