Elements of a valid contract
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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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crazyredhead1965
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