Mbe Contract Law > Formation > Formation Flashcards Latest Version Questions And Accurate Answers

MBE Contract Law > Formation > Formation Flashcards latest version questions and accurate answers Examines the formation of contracts. Includes: - Offers - Mutual Assent - Terms - Consideration - Modification Q1 Define contract A Legally enforceable agreement that contains the rights and responsibilities of the contracting parties. 2 Q What are the types of law that govern contracts? A 1. Common Law: employment contracts, personal service contracts 2. UCC Article II: anything moveable; tangible personal property3. Mixed: When the contract deals with both services and good, predominant purpose of the contract reigns 3 Q Elements needed to form a valid contract A 1. Mutual assent (offer + acceptance); 2. Consideration (bargained for legal detriment); and 3. No defenses to formation 4 Q Define bilateral contract A Contract created by mutual promise of performance. The most common type of contract. Ex. You agree to pay a certain amount of money in exchange for title of a home. 5 Q Define unilateral contractA Requires full performance as method of acceptance; binding once performing party begins performance 6 Q Define offer A 1. An outward, objective manifestation of willingness to enter into a bargain; 2. That creates the power of acceptance in