MGMT 200 Clase 6 Ch.10 and Ch.11 Notes

Contract law is __________ law.

primarily state

Law merchant (lex mercatoria) refers to __________ rules merchants devised over centuries.

commercial

The Restatement (second) of Contracts is an authoritative document that provides a summary of __________.

the common law of contracts

The Uniform Commercial Code (UCC) applies to __________ of goods.

sales

A contract is an agreement, upon sufficient consideration, to do or not to do a __________ thing.

particular

A __________ is a statement that binds the party to do or refrain from doing a particular act.

Promise

Section I of the Restatement (Second) of Contracts defines a contract as a promise or a set of promises for which the law gives a remedy for breach, or recognizes as a __________.

duty

A contract is called an __________ contract if there is a written or oral expression of intent by the parties.

express

An __________ contract arises from the actions rather than the expressions of the parties.

implied

Offer is defined as a promise to do something or to refrain from doing some __________ thing.

specific

To be an effective offer, three requirements must be met: clear intent by the offeror, basic terms must be clear and certain, and the offer must be __________.

properly communicated

Preliminary negotiations are not offers, they are __________ to negotiate or make an offer.

invitations

An Opinion Contract creates an obligation to keep an offer open for a __________ period.

specified

An offer can be terminated by __________ it.

withdrawing

The __________ of a contract is the expression to the offeror that the offeree agrees to the terms of the offer.

Acceptance

Acceptance must be __________, unequivocal, and properly communicated.

unconditional

A __________ breach occurs when a party's performance is substantially less than the requirements of the contract.

material

Damages awarded for breach of contract are typically __________ damages.

compensatory

The principles of __________ rest upon the idea of freedom to contract, but are limited by public policy goals.

contract law

If an offer does not specifically state a time for acceptance, it is presumed to end in a __________ time.

reasonable

If parties to a contract enter a mutual agreement to cancel it, it is known as __________.

rescind

__________ is a contract established by law to prevent unjust enrichment in the absence of a real contract.

Quasi contract

The __________ rule prohibits evidence that contradicts the terms of a written contract intended to express the final agreement.

Parol evidence