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Elements of a valid contract

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
What are 4 elements of a valid contract?   show
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What is the fifth element of a contract that the Statutes of Frauds adds/imposes in certain cases?   show
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At Common Law, is an oral agreement valid? Explain.   show
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What kind of writing will satisfy the Statutes of Frauds?   show
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A enters into an oral agreement with B. A sells his house to B for $200,000, is this a valid contract?   show
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A enters oral agreement with B, A finds out can get out of contract, writes letter and signs it. B sues A, who wins? Explain.   show
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show To prevent Fraud, preventing someone who made a contract saying they didn't have a contract.  
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A promise/agreement evidenced by a writing to answer for or pay the debt of another.   show
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show No  
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Bob Jr. has bad reputation, wants to buy merchandise from Home Depot for $200, HD says no, Bob Sr. offers to pay if Bob Jr. doesn't, HD sues Bob Sr., who wins? Explain.   show
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Bob Sr. buys merchandise from Home Depot for $200, and wants delivered to his son Bob Jr. Bob Sr. doesn't pay, Home Depot sues Bob Sr., who wins? Explain.   show
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Where the main purpose behind promising to answer for or pay the debt of another is to secure an advantage for the promisor.   show
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show This is the Main Purpose Rule where the contract is treated as a primary promise because AB is getting the benefit of the job getting done. This is enforceable, so C & D wins.  
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show Probate Law  
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Estate of X has $180,000 in assets, and 30,000 in debt, also has 3 children, how much money do they receive?   show
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Estate of X has $180,000 assets and $180,000 debt, also has 3 children, how much money do they get?   show
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show 0, because there is nothing left after paying the debts. They do not owe anything because children are not responsible for their parents debts.  
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show No, because this is a promise of an executor or administrator to personally pay the debts of an estate, there has to be a writing to satisfy the Statutes of Frauds.  
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A enters into oral agreement with B to sell home for $200,000. Is this valid? Explain.   show
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show Yes, actions speak louder than words, B acted and A allowed.  
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If two people fall in love and want to get married, does there have to be a writing evidenced to satisfy the Statutes of Frauds?   show
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show Male wins because this is a contract for consideration of marriage and must be evidenced in writing to satisfy the Statutes of Frauds.  
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Created by: crazyredhead1965
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