CP Contracts & Business Law Flashcards
6 cards from real CP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CP Contracts & Business Law flashcards as text
Under California law, which of the following is NOT an essential element of a valid contract?
Answer: Written documentation
California contracts generally require offer, acceptance, consideration, and mutual assent; writing is only required for certain contracts under the Statute of Frauds.
California's Statute of Frauds (Civil Code § 1624) requires a writing for which of the following contracts?
Answer: A contract for the sale of real property
California Civil Code § 1624 requires contracts for the sale of real property to be in writing and signed by the party to be charged.
In contract law, 'consideration' is best defined as:
Answer: A bargained-for exchange of something of legal value
Consideration is the bargained-for exchange—each party must give something of legal value, such as a promise, act, or forbearance.
Which California statute governs the formation and enforcement of contracts with consumers and sets unconscionability standards?
Answer: California Civil Code § 1670.5
California Civil Code § 1670.5 codifies the unconscionability doctrine, allowing courts to refuse enforcement of oppressive or one-sided contract terms.
A California LLC is primarily governed by which statute?
Answer: California Revised Uniform Limited Liability Company Act (Corp. Code § 17701 et seq.)
California LLCs are governed by the California Revised Uniform Limited Liability Company Act, codified at Corporations Code § 17701 et seq.
Under the California Commercial Code (UCC Article 2), a contract for the sale of goods valued at $500 or more must be:
Answer: In writing and signed by the party against whom enforcement is sought
California Commercial Code § 2201 (Statute of Frauds for goods) requires a written contract signed by the party to be charged for goods sales of $500 or more.