Contract Law Past Exam With Answer And Notes

oral {Ans: what type of express formation is their word against yours?}Conditions Precedent {Ans: Event that must occur before contract obligations}Commercial Impracticability {Ans: UCC defense for unforeseen difficulties in performance}Noncooperation Excuse {Ans: Valid reason for not fulfilling contract obligations ex; extreme events happening}condition subsequent {Ans: Excuses contractual performance if some future event takes place Extinguishes a duty to make compensation for breach of contract after the breach occurred}adhesion contract {Ans: A standard-form contract in which the stronger party dictates the terms.}Valid Contract {Ans: Contains all essential elements: offer, acceptance, legal capacity, subject matter, consideration}Legal Subject Matter {Ans: Ensures legality of the contract's subject, including licensing and anti-competition clauses}donees and creditors {Ans: what are the two diff types of third party beneficiaries?}counteroffer {Ans: An offer made in response to another's offer. Usually made in place of an acceptance}oral or written {Ans: express formation can be __or ___?}can't sue or get damages for breach of contract, but can sue if the parties contract intended to benefit that person {Ans: when can a third party in a contract sue?}Unconscionability {Ans: Court intervention in unfair contract terms}Assignee {Ans: Third party