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buslaw91012
| Question | Answer |
|---|---|
| Provision of services qualifies as “consideration” for an enforceable contract TorF? | true |
| A contract is bilateral contract if the offeror’s promise is answered with the offeree’s promise of acceptance. True or False | true |
| A contract is ________ if the offeror’s offer can be accepted only by the performance of an act by the offeree. | unilateral |
| He tells Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following morning. Gary promises to make the delivery as requested by Windsor. This creates a ________ contract between them. | bilateral |
| After ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress to make him sign a contract of assent in favor of Sam. When Jim takes this contract to court, the contract will be declared ________. | voidable |
| An express contract can be stated orally. True or False | true |
| A counteroffer is considered a rejection of the original offer. True or False | true |
| Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan, legally, ________. | cannot revoke the contract |
| Ben was talking to Harry who was drunk. Harry agreed to give his car to Ben as a token of friendship. Once sober, Harry asks Ben to return his car. This contract is considered ________. | voidable |
| Which of the following elements must be established to create an implied-in-fact contract | The defendant was given an opportunity to reject the property or services provided by the plaintiff but failed to do so. |
| A unilateral mistake is a mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract. True or False | true |
| A material fact is a fact that is irrelevant to the subject matter of a contract but pertains to the conduct of the parties. True or False | false |
| Heather chooses to buy a scarf at Macy’s and reads the price on the tag as $50. She uses her credit card to pay for the scarf and post-purchase, she notices that the price tag actually says $500. This is an instance of a(n) ________. | unilateral mistake |
| ________ is an event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation. | Fraudulent misrepresentation |
| What makes Tim liable for undue influence? | He takes advantage of his grandmother’s illness and persuades her to sign a will leaving all her property to him. |
| Article 2 of the UCC applies to sales contracts for the sale of intangible goods. True or False | false |
| If a person buys a computer, the sale of contract for it would be subject to Article 2 of the UCC. True or False | true |
| the title to the goods pass from the seller to the buyer? | sale of goods |
| describe a mixed sale? | a sale that involves the provision of a service and a good in the same transaction |
| The ________ requires all contracts for the sale of goods costing $500 or more and lease contracts involving payments of $1,000 or more to be in writing. | Statute of Frauds |
| A person who disaffirms a contract based on intoxication must be returned to status quo. True or False | true |
| A covenant is an unconditional promise to perform. True or False | true |
| additional terms being added under the UCC? | It can be added in a sale that involves one or both parties being a nonmerchant. |
| She tells the baker that she will pay him $150 for the cake if he delivers the cake on Friday evening. If the baker does not deliver the cake on Friday evening, which of the following will hold true? | Martha cannot sue the baker. |
| Which of the following contracts is required to be in writing in most states? | promises to write a will |
| $100,000. Chel pays him $100,000 and moves in. A month later, Jonas learns that his state requires contracts for the lease of goods with payments of $1,000 or more to be in writing. Which of the following options does either party have? | The contract cannot be rescinded by either party as it has already been executed. |
| Legally enforceable contract | A contract in which if one party fails to perform as promised: The other party can use the court system to enforce the contract and recover damages or another remedy |
| offeror | makes the offer |
| offeree | can accept or deny the offer |
| 4 elements of a contract | agreement, consideration, contractual capacity, lawful object |
| Bilateral contract: | A contract entered into by way of exchange of promises of the parties “A promise for a promise” |
| Unilateral contract: | A contract in which the offeror’s offer can be accepted only by the performance of an act by the offeree A “promise for an act” |
| Executory contract | A contract that has not been fully performed by either or both sides |
| Executed contract: | A contract that has been fully performed by both sides A completed contract |
| Express contract: | An agreement that is expressed in written or oral words |
| Void contract | contract no longer exists |
| Voidable contract | A contract in which at least one party has the option of voiding the contract |
| Counteroffer: | A response by an offeree that contains terms and conditions different from or in addition to those of the offer A counteroffer terminates the previous offe |
| unilateral mistake | A mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract |
| Fraud: | An event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation Also called intentional misrepresentation or fraudulent misrepresentation |
| undue influence | Takes advantage of another person’s mental, emotional, or physical weakness Unduly persuades that person to enter into a contract |
| UCC section 2 | sale of goods costing $500+ must be in writing |
| UCC section 2A | lease contracts of $1000+ mist be in writing |
| breach of contract | A breach of contract occurs if one or both of the parties do not perform their duties as specified in the contract |
Created by:
gdapp02