Reference no: EM131694992
Chapter 9 Questions
With this Chapter we will start looking at contracts - all of us, at one time or another, have been a party to a contract, but we may not have been entirely clear about exactly how or when that contract came into existence, what the terms of the contract were, and what our responsibilities under it were.
In this Chapter we will take an overview look at these things we call contracts in an effort to begin to understand them better.
1. What is a contract?
2. What are the 5 requirements that are necessary to make a promise a contract?
3. What is the Uniform Commercial Code (UCC)?
4. What is the purpose of the CISG (Contracts for the Sale of International Goods?)
5. What does it mean to say that a contract is valid?
6. What is the effect on the parties of an unenforceable contract?
7. What is the effect on the parties of a voidable contract?
8. What is a void contract?
9. Define unilateral and bilateral contracts, and give an example of each.
10. What is the difference between executed and executory contracts?
11. What is the difference between an express and an implied contract?
Sometimes, one or more of the elements of a contract are lacking, but letting one of the parties off the hook seems patently unfair.
In these situations courts can impose what are called equitable remedies; questions 12 and 13 deal with a couple of equitable remedies.
12. When do courts apply the theory of a quasi-contract?
13. What does the doctrine of promissory estoppel mean?
14. Let's go back to a question I have asked you before; what area(s) would you like to have more clarification on?