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Cards In This Set
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What provides stability, predictability, and certainty for buyers and sellers in the marketplace by giving confidence with their contractual agreements can be enforced?
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Contract Law
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What type of contracts may be created by written words or though oral agreements?
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Express Contracts
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Contract law deals with the _________ of contracts and the ________ of contracts?
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? Formation of contracts and enforcement of contracts
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What type of contracts may be inferred by actions of the parties even when there is no written or oral agreements?
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Implied Contracts
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Contract law is primarily by who?
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State common law
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Contract law may be motified by what?
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State statutes that establish requirements for particulular types of contracts
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Describe the signifigance of Article 2 of the Uniform Commercial Code (UCC).
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The UCC has been adopted by 49 states, and it governs contracts for the sale of goods, and modifies the common law in some respects for those contracts.
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What is an important principle underlying contract law?
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“Freedom to contract”
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What is the scholarly treatise summarizing the common law of contracts?
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Restatement, Second, of Contracts
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“A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes duty” is known as what?
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A contract
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“A manifestation of the intention (of a party) to act or refrain from acting in a specified manner” is what?
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A promise
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An agreement between competent parties enforceable in court; an agreement supported by consideration to do or not to do a particular thing is also defined by which vocabulary word?
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Contract
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When do courts adhere to the objective theory of contracts?
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When they have to determine whether the parties intended to form a contract
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A party’s intention to enter into a contract is judged based on what?
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Outward, objective faces, as would be interpreted by a reasonable person – rather than a party’s subjective intentions.
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When debating a party’s intent to enter a contract, importance is placed on what?
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What the parties said, how they acted and appeared, and the circumstances surrounding the transaction.
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