When a court determines that a contract was unconscionable at the time that it was made, the UCC allows all of the following EXCEPT one, which is: Make the parties go through with the contract no matter what.
What are the three requirements that must be met in order for a contract to be valid quizlet?
- Competent parties.
- Offer and Acceptance.
- Legal Purpose.
- In writing.
- Consideration.
- Signatures.
Which of the following is a rule recognized by the restatement of contracts?
Which of the following is a rule recognized by the Restatement of Contracts? A person’s contractual obligations may be voidable if that person suffers from a mental impairment that prevents him or her from acting in a reasonable manner.
When a licensee first meets a person that person is called a?
When a licensee first meets a person, that person is called a . buyer .
When a commercial contract involves both a service and a sale of good what test will the courts use to determine if Article 2 of the UCC applies?
Terms in this set (13)
If a contract involves both goods and services, does the UCC apply? Courts will use a predominant-factor test to determine if the case was more a sale of goods or services. If the former, the UCC applies.
Which of the following is an essential element of a contract?
In order for a contract to be legally binding, it must contain several essential elements. The contract must include an offer, acceptance, and consideration . The offer provides something of value from one party to the other and must be clear and concise.
What are the three requirements that must be met in order for a contract to be valid?
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality . In some states, element of consideration can be satisfied by a valid substitute.
What types of contracts fall under Article 2 of UCC?
Article 2 of the UCC governs the sale of goods, which is defined by §2-105 and includes things that are moveable, but not money or securities. It does not include land or houses. Contracts between merchants are also governed by article 2 of the UCC.
What is the key difference between an agreement and a contract?
The terms “agreement” and “contract” are often used interchangeably, but they aren’t necessarily the same thing. A contract is a specific agreement – usually in writing and signed – with terms and conditions that are enforceable in court . An agreement may fall short of being an enforceable contract.
How many restatements of contracts are there?
There are now four series of Restatements , all published by the American Law Institute, an organization of judges, legal academics, and practitioners founded in 1923.
What is special about a universal agent?
What is special about a universal agent? A universal agent has power of attorney . ... A universal agent has power of attorney. The authority to act for another person in specified or all legal or financial matters.
Which best describes the role of a fiduciary?
Which BEST describes the role of a fiduciary? ... A fiduciary relationship is established when a property manager agrees to represent an owner in leasing the owner’s property . A fiduciary can only disclose confidential information obtained after termination of fiduciary relationship.
What term refers to the person who hires a real estate agent and delegates?
STUDY. What term refers to the person who hires a real estate agent and delegates to the agent the responsibility of representing his or her interests? Principal .
Who does UCC Article 2 apply to?
2 Sales: UCC Article 2 applies to transactions of goods ; it does not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor does this Article impair or repeal any statute regulating sales to consumers, farmers or ...
What is a good under UCC Article 2?
Article 2 is a vast segment of the UCC that specifically addresses contracts for the sale of goods. A good is any movable property identified at the time of the contract . ‘Goods’ are also sometimes known as ‘chattels. ... Some merchants are also sellers because they sell or contract to sell goods.
Does Article 2 of the UCC apply to real estate?
Article 2 applies only to goods ; sales of real estate and services are governed by non-UCC law.
