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LGS Test 3
| Question | Answer |
|---|---|
| A contract that has been fully performed by both sides is called an executory contract | false |
| an implied-in-law contract is a contract in which agreement between parties has been inferred from their conduct | false |
| a rejection of an offer is not effective until it is actually received by the offeror | true |
| under the mailbox rule, an acceptance is only effective when it is received | false |
| which of the following is an acceptable consideration for a contract? | money |
| which type of contract can be accepted only the performance of an act by the offeree | unilateral |
| if a contract is required to be in writing under the Statute of Frauds but is not the contract is ___________________ | unenforceable |
| according to the objective theory of contracts judged by the ____________________ | reasonable person standard |
| what is the significance of the age of majority in relation to legal contracts? | it is the age above which people of capacity can enter into a legal contract |
| A(n) ________________ is a contractual provision that relieves one or both of the parties to a contract from tort liability | exculpatory clause |
| A(n) _____________ is a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust | unconscionable court |
| genuineness of assent may be missing because a party entered into a contract based on _______________ | mistake, fraud/misrepresentation, duress undue influence |
| a unilateral mistake is a mistake in which party is mistaken about a material fact regarding the subject matter of a contract, and is generally not grounds for rescission | true |
| a contract involving mutual mistake of value is ________________ | non-rescindable |
| __________________ is an event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation | fraudulent misrepresentation |
| ______________ is a situation in which party threatens to do a wrongful act unless the other party enters into a contract | duress |
| which of the following scenarios make Tim liable for undue influence? | he takes advantage of his grandmothers illness and persuades her to sign a will leaving all her property to him |
| In order to prove fraud, which of these elements must be shown? | the innocent party relied on the wrongdoer's representation |
| the doctrine of _______________ allows the court to order an oral contract for the sale of lane or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustic | part performance |
| _________________ says that if a written contract is a complete and final statement of the parties agreement, and prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written... | parole evidence rule |
| a(n) _____________ breach of contact occurs when a party renders inferior performance of his or her contractual obligations | material |
| an award of ______________ orders the breaching party to perform the acts promised in a contract | specific performance |
| the innocent non-breaching party has a legal duty to avoid or reduce damages caused by a breach of contract | true |
| 4 essential elements of a valid contract | Agreement, Contractual, Capacity, and Lawful Object |
| bilateral contract | a contract entered into by way of exchange of promises of the parties "promise for a promise" |
| Unilateral Contract | a contract in which the offeror's offer can be accepted only be the performance of an act by the offeree "promise for an act" |
| Valid Offers | serious intent, definiteness; communicated to offense |
| termination of a contract | when offeree agrees to be mutually bound to terms of the contract by giving consideration, or something of value ($$$) seals the deal |
| Mailbox rule | favors acceptances onle acceptances effective when mailed or received/communicate; formed when acceptance dropped in mail; once sent out of senders control |
| counter offer | an offer made in response to another |
| rejection | the dismissing or refusing of a decree, decision or promise |
| unilateral offers | a legal contract in which the buyer pars for the specific action from another party |
| contracts implied in law | equitable damages whereby a court may award monetary damages to a plaintiff for providing work or serviced to a defendant even though no actual contract existed |
| contracts implied in fact | contract in which agreement between parties has been inferred from their conduct |
| consideration/bargained for exchange | benefit-determent test; bargained for exchange; does not have to be equal on both sides of contract; forbearance |
| emancipation | the fact or process of being set from legal, social or political restrictions; liberation |
| illegal contracts | contract that has an illegal object (void) |
| court's position/illegality | the state of being contrary to or forbidden by law |
| unconscionable contracts/elements | shocks the conscience to; unequal bargaining power, dominant party used that power, weaker party has no other choice |
| exculpatory clause | one party attempts to escape liability in advance; sometimes enforceable if it does not violate public policy |
| duress | freewill is lacing someone is forced into signing contract |
| fraud | misrepresentation of material fact |
| undue influence | person is induced to act otherwise than by their own words free will or w/o adequate attention to the consequences |
| mistakes of value | mistake that occurs when both parties know the object of the contract but are mistaken as to its value |
| fraud/elements | wrongful or criminal deception intended to result in financial or personal gain |
| novation | the substitution of a new contract in place of an old one |
| executory contracts | contract that has not yet been fully performed or fully executed |
| types of damages for breach of contract/remedies | consequential damages,equitable remedies for breach on contract, mitigation of damages |
Created by:
llindley