business law chp 9

Laissez-faire means ______ market.

free

The 19th century saw ______ economic theories treated as a highly important part of ______.

laissez -faire; public policy

One of the best ways that a court can deal with unfairness in a strict interpretation of contract is

promissory estoppel.

Promissory estoppel is designed to

protect bargains people make to prevent injustice.

According to the Uniform Commercial Code, ______.

software downloaded from the Internet does not qualify as a good

According to the Uniform Commercial Code, the term "goods" means ______.

tangible, movable personal property

The principle of quasi contract applies where one of the parties ______ receives a benefit from the other party under circumstances that make it ______ to keep the benefit without paying for it.

voluntarily; unfair

Which of the following is correct regarding Article 2 of the Uniform Commercial Code?

It applies to all contracts for the sale of goods.

Which of the following is correct regarding Article 2 of the Uniform Commercial Code?

A court that applies it is more likely to find the parties had a contract than a court that applies contract law.

Which part of the Uniform Commercial Code applies to contracts for the sale of goods?

Article 2

The fundamental goal of the ______ is to unify and codify an international law of sales in much the same way that the Uniform Commercial Code provides uniformity and stability for transactions among contracting parties from different states in the United States.

CISG

Which of the following is true regarding the CISG and the UCC?

The CISG applies only to commercial sales of goods, whereas the UCC governs both consumer and commercial transactions.

The biggest reform in contract law has resulted from which of the following?

The Uniform Commercial Code

An agreement is based on ______.

an offer and its acceptance

The Uniform Commercial Code defines "merchant" on a(n) ______ basis.

case-by-case

By 1603, the ______ courts of England recognized the enforceability of simple contracts.

common law

A legally enforceable promise or set of promises is known as a(n) ______.

contract

It would probably not be possible to have an industrialized market economy without ______.

contracts

A contract is ______ when all the parties have fully performed their duties under the contract.

executed

A contract is ______ as long as it has not been fully performed.

executory

Bob hired John to mow his lawn. John has mowed the law but Bob has not yet paid. This is a(n) ______ contract.

executory

A contract is ______ when the parties have directly stated its terms at the time the contract was formed.

express

A quasi contract is a legal ______ created by the ______ to ______.

fiction; court; avoid injustice

The Uniform Commercial Code is generally more ______ than traditional contract law.

flexible

If two parties have clearly reached an agreement, even though they have not expressly stated its terms, a(n) ______ contract is created.

implied

Certain standards of quality imposed on sellers of goods as a matter of law are called ______.

implied warranties

A(n) ______ contract is one that may be canceled by one or both parties, but is enforceable against both parties unless a party with the right to cancel the contract has done so.

voidable

In large part, most electronic contracting issues may be resolved through a familiarity with ______.

traditional contract rules

A contract that is grossly unfair or one-sided is known as a(n) ______ contract.

unconscionable

In a(n) ______ contract, only one of the parties makes a promise.

unilateral

Contracts are called either ______ or ______, depending on whether one or both of the parties made a promise.

unilateral; bilateral

A ______ contract is one that meets all the legal requirements for a contract.

valid