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Contract Law - Definitions and Explanations

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1. Explain the difference between law and morals.

2. Explain the difference between situational ethics and rational ethics.

3. Identify the two parts of the U.S. Constitution.

4. Define the Uniform Commercial Code (UCC).

5. Define the purpose of Tort law.

6. Define the term "contract."

7. Identify the five elements of the formalist theory of contract law.

8. Explain the difference between an express and an implied contract.

9. Match the term with its definition: Offer, Acceptance, Counteroffer, Mirror Image Rule, Implied Acceptance.

10. Explain the difference between fraud and misrepresentation.

11. Define the term "undue influence."

12. Define the term "capacity."

13. Define the term "consideration."

14. Identify the types of consideration.

15. Define the Statute of Frauds

16. The six contracts that the Statue of Frauds requires to be in writing.

17. Define the nature of agency.

18. Responsibility of the principal for the agent's act when the agent performs duties with a third party.

19. The range of activities for which the servant is engaged.

20. Define the standard concerning criminal liability in the principal / agent relationship.

21. Identify the six ways an agency relationship may be created.

22. Explain the differences between express, implied, and apparent authority.

23. Define the term "vicarious liability."

24. Identify the obligations of the agent to the principal.

25. Identify the obligations of the principal to the agent.

26. Match the term with its definition: Fulfillment of purpose, Mutual Agreement, Revocation/Renunciation.

27. Explain the difference between assignment and delegation.

28. Explain the difference between complete and substantial performance.

29. Define the term "goods."

30. Identify the element that the Uniform Commercial Code (UCC) obligates to every imposed contract or duty.

31. Define the Convention on Contracts for the International Sale of Goods.

32. Determine if goods must be identified to the contract before title can be transferred to the buyer.

33. Define the Document of title.

34. Define the term "commercial unit."

35. Define the term "anticipatory breach."

36. Identify the types of warranty protection.

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Solution Preview

1. Explain the difference between law and morals.

2. Explain the difference between situational ethics and rational ethics.

3. Identify the two parts of the U.S. Constitution.

4. Define the Uniform Commercial Code (UCC).

5. Define the purpose of Tort law.

6. Define the term "contract."

7. Identify the five elements of the formalist theory of contract law.

8. Explain the difference between an express and an implied contract.

9. Match the term with its definition: Offer, Acceptance, Counteroffer, Mirror Image Rule, Implied Acceptance.

10. Explain the ...

Solution Summary

1. Explain the difference between law and morals.

2. Explain the difference between situational ethics and rational ethics.

3. Identify the two parts of the U.S. Constitution.

4. Define the Uniform Commercial Code (UCC).

5. Define the purpose of Tort law.

6. Define the term "contract."

7. Identify the five elements of the formalist theory of contract law.

8. Explain the difference between an express and an implied contract.

9. Match the term with its definition: Offer, Acceptance, Counteroffer, Mirror Image Rule, Implied Acceptance.

10. Explain the difference between fraud and misrepresentation.

11. Define the term "undue influence."

12. Define the term "capacity."

13. Define the term "consideration."

14. Identify the types of consideration.

15. Define the Statute of Frauds

16. The six contracts that the Statue of Frauds requires to be in writing.

17. Define the nature of agency.

18. Responsibility of the principal for the agent's act when the agent performs duties with a third party.

19. The range of activities for which the servant is engaged.

20. Define the standard concerning criminal liability in the principal / agent relationship.

21. Identify the six ways an agency relationship may be created.

22. Explain the differences between express, implied, and apparent authority.

23. Define the term "vicarious liability."

24. Identify the obligations of the agent to the principal.

25. Identify the obligations of the principal to the agent.

26. Match the term with its definition: Fulfillment of purpose, Mutual Agreement, Revocation/Renunciation.

27. Explain the difference between assignment and delegation.

28. Explain the difference between complete and substantial performance.

29. Define the term "goods."

30. Identify the element that the Uniform Commercial Code (UCC) obligates to every imposed contract or duty.

31. Define the Convention on Contracts for the International Sale of Goods.

32. Determine if goods must be identified to the contract before title can be transferred to the buyer.

33. Define the Document of title.

34. Define the term "commercial unit."

35. Define the term "anticipatory breach."

36. Identify the types of warranty protection.

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