Describe Express and implied contracts. What does it mean when a contract is called void and voidable?

Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one:  a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contract

1) What is a Contract and what are its elements? 2) When is there a VALID OFFER? 3) What is Breach of Contract? 4) Differentiate Void from Voidable Contacts.  5) When is there Undue Influence in a Contract?

Conditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediately

What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17

WHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?

In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.

1. A contract to sell real estate is generally not enforceable unless it is in writing.   a) True   b) False

The following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis

What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.