Question

part one: true/false: one point each

1. the common law of contracts is the law created by state legislatures. f
2. the law of domestic sales in the united states is usually governed by article 2 of the u.c.c. t
3. the u.c.c. covers real - estate transactions. f
4. the person who makes the promise is the promisee. f
5. consideration is a necessary element in a contract. t
6. an executory contract is a fully performed contract. f
7. implied in fact contracts are inferred from the facts and circumstances surrounding the contract. t
8. all contacts must be in writing to be enforced. f
9. a contract where there is an exchange of promises between the parties is unilateral f
10. an offer is a communication by the offeree to the offeror. f
11. the objective test centers on a reasonable persons interpretation of the words and acti by the offeror. t

Explanation:

1. The common law of contracts is judge - made law, not created by state legislatures.
2. Domestic sales in the US are often governed by U.C.C. Article 2, which is state - enacted law.
3. The U.C.C. generally does not cover real estate transactions.
4. The person who makes the promise is the promisor, not the promisee.
5. Consideration is an essential element for a valid contract.
6. An executory contract is one not yet fully performed.
7. Implied - in - fact contracts are deduced from the facts and circumstances.
8. Not all contracts need to be in writing to be enforceable.
9. A contract with an exchange of promises is bilateral, not unilateral.
10. An offer is made by the offeror to the offeree, not the other way around.
11. The objective test focuses on a reasonable person's view of the offeror's words and actions.

Answer:

1. F
2. T
3. F
4. F
5. T
6. F
7. T
8. F
9. F
10. F
11. T