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Flashcards in What is a Contract? Deck (10):
1

Contract

a promise or set of promises for the breach of which the law provides a remedy or the performance of which the land in some way recognizes a duty.

2

Goods

movable things

3

Merchant

under Art. 2 of the UCC, a merchant is one who regularly deals in goods of the kind sold or who otherwise by his profession holds himself out as having special knowledge or skills as to the practices or goods involved.

4

Every contract within the UCC imposes an obligation of ______________ in its performance and enforcement.

good faith

5

Bilateral Contract

a contract which requires a promise to perform as its form of acceptance.

6

Unilateral Contract

a contract which is accepted by performance. The contract must be performed in the method stipulated by the offeror..

7

In the absence of language to the contrary, all contracts are presumed to be what?

bilateral contracts

8

Void Contract

a contract which is void from the beginning. It cannot be legally enforced by either party.

9

Voidable Contract

a contract which one or both parties can elect to avoid.

10

What are the basic components of a contract?

Offer, acceptance, consideration.