Docsity
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

D216 Unit 4 Walk-Thru Guide - Contracts.docx, Lecture notes of Business Accounting

Western Governors University (WGU)Business Accounting

Summaries, key terms and main points for testing

Typology: Lecture notes

2025/2026

Uploaded on 04/24/2026

stephen-pennington
stephen-pennington 🇺🇸

14 documents

1 / 6

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
D216
Walk-Thru Guide for Unit 4
(Contracts)
Directions:
1) The following questions are NOT practice exam questions. Instead, they are
specifically designed to be completed open book as you are reading through
the online textbook material.
2) Read page by page through the Unit without skipping around. The questions
will flow right in order as you read page by page through the Units.
3) Make sure you answer the questions very thoroughly. By doing this, you will
have a very robust review guide for the Units when you are finished.
1) What is a contract?
2) What is the objective theory of contracts?
3) What are the 4 legal requirements for a valid contract?
4) What are the 2 defenses to the enforceability of a contract?
5) What is the difference between a bi-lateral and a uni-lateral contract?
6) Give an example of a formal contract.
7) Give an example of an informal contract.
8) Give an example of an express contract.
9) Give an example of an implied contract.
10) What are the 3 requirements of an implied contract?
11) You go to the grocery store and buy milk. You are taking it to your car.
Is this contract executed or executory?
12) Give an example of an executory contract.
13) Can a valid contract be unenforceable? Give an example.
14) Give an example of a voidable contract vs a void contract.
pf3
pf4
pf5

Partial preview of the text

Download D216 Unit 4 Walk-Thru Guide - Contracts.docx and more Lecture notes Business Accounting in PDF only on Docsity!

D

Walk-Thru Guide for Unit 4

(Contracts)

Directions:

1) The following questions are NOT practice exam questions. Instead, they are

specifically designed to be completed open book as you are reading through

the online textbook material.

2) Read page by page through the Unit without skipping around. The questions

will flow right in order as you read page by page through the Units.

3) Make sure you answer the questions very thoroughly. By doing this, you will

have a very robust review guide for the Units when you are finished.

  1. What is a contract?
  2. What is the objective theory of contracts?
  3. What are the 4 legal requirements for a valid contract?
  4. What are the 2 defenses to the enforceability of a contract?
  5. What is the difference between a bi-lateral and a uni-lateral contract?
  6. Give an example of a formal contract.
  7. Give an example of an informal contract.
  8. Give an example of an express contract.
  9. Give an example of an implied contract.
  10. What are the 3 requirements of an implied contract?
  11. You go to the grocery store and buy milk. You are taking it to your car. Is this contract executed or executory?
  12. Give an example of an executory contract.
  13. Can a valid contract be unenforceable? Give an example.
  14. Give an example of a voidable contract vs a void contract.
  1. Agreement requires an offer. What are the 3 requirements of an offer?
  2. When are preliminary agreements binding?
  3. Offers must contain definite terms. What does this mean exactly? List the 4 items.
  4. Offers must be communicated (obviously). What does a communicated offer terminate?
  5. What are the requirements of termination of an offer by the offeror (the person making the offer)?
  6. When is an offer terminated by action of an offeree?
  7. When are offers terminated automatically by operation of law? List the 4 circumstances.
  8. Offers must be accepted in order for a contract to arise. What is unequivocal acceptance?
  9. Can silence or inaction be acceptance?
  10. Acceptance can certainly be communicated verbally or in writing. How else can it be communicated?
  11. What is the mailbox rule?
  12. What if the offeror makes known that acceptance must occur a specific way?
  13. What is consideration? Give an example.
  14. What is the rule regarding pre-existing duty?
  15. What is recission? Give an example.
  16. Is past consideration acceptable in forming a contract?
  17. Can an illusory promise be valid consideration?
  18. Give an example of an illusory promise.
  19. What is an accord an satisfaction?
  20. What is the difference between a liquidated an unliquidated debt?
  1. What are the rules regarding performance to the satisfaction of another?
  2. What is anticipatory repudiation? Give an example.
  3. Contracts can be discharged by mutual recission. What is this? Give an example.
  4. Contracts can be discharged a novation. What is this? Give an example.
  5. Contracts can be discharged by a settlement agreement. What is this? Give an example.
  6. Contracts can be discharged by an accord and satisfaction. What is this? Give an example.
  7. Contracts can be discharged by operation of law. List the 6 types of discharge due to operation of law (ie - material alteration of the contract, statute of limitations, etc).
  8. What is waiver of breach? Give an example. Sale and Lease Contracts
  9. Article 2 of the UCC sets for the requirements for what type of contracts? Note: it does not cover real estate. And also the UCC rules change depending on whether the parties are merchants. Keep an eye out for this in the exam!!
  10. How does the UCC define a sale?
  11. How does the UCC define goods?
  12. What if the contract involves goods and services combined, sold by a merchant?
  13. How does the UCC set forth who a merchant is? Is Home Depot “a merchant”? Yes.
  14. What are leases under the UCC?
  15. What are the UCC rules when it comes to making an offer?
  1. What is a merchants firm offer? Give an example.
  2. What are the rules for acceptance when it comes to the UCC?
  3. What are the rules regarding communication of acceptance under the UCC?
  4. What are the rules regarding additional terms under the UCC?
  5. What are the rules regarding acceptance when both parties are non- merchants?
  6. What are the rules of acceptance when both parties are merchants?
  7. What are the rules regarding consideration under the UCC?
  8. What is the rule regarding the Statute of Frauds under the UCC?
  9. When does the Statute of Frauds NOT apply under the UCC (what is the exception)?
  10. Under the UCC when are existing goods “identified”?
  11. When are future goods “identified”?
  12. Once goods are identified, when does title pass from seller to buyer according to the UCC in shipment contacts?
  13. Once goods are identified, when does title pass from seller to buyer according to the UCC in destination contacts?
  14. The UCC covers “risk of loss” in the event that goods are damaged or destroyed during shipment. What are the rules in “carrier cases” (when the goods are being delivered)?
  15. What are the UCC rules when the contract does not require the goods to be shipped or delivered anywhere?
  16. What is an express warranty made by a seller or lessor?
  17. The implied warranty of merchantability applies ONLY in situations where a merchant sells the item. What is this warranty about?
  18. The implied warranty of fitness applies to all sales of goods (merchant or non-merchant) when the seller or lessor knows what 2 items?