Exam (elaborations)
Contract Law For Paralegals – Complete Study Guide
- Course
- Institution
Contract Law For Paralegals – Complete Study Guide
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
Contract Law For Paralegals – Complete Study GuidePrepared as a study aid for:
Contract Law
Adjunct Professor Alan Beckman
UNLV Outreach Continuing Education
Paralegal Program
Summer 2023
Texts:
What is a contract? Correct Ans - a contract is a legally enforceable
agreement composed of a promise or promises that have been agreed on
and that create both rights and duties for the parties to the agreement.
Requires:
- mutual assent,
- consideration, aka "bargained-for exchange of promises", and
- no defenses to formation. (#1, 8)
.
What law applies to:
Services
Land
Goods Correct Ans - • common law (state case law) for services;
• common law (state case law) for land sales; and
• Uniform Commercial Code for goods
(UCC Article 2 and NRS 104.2)
(#1, p. 9)
.
What are the key three elements of a contract? Correct Ans - •
mutual assent
• consideration
• no defenses to formation
(#1, p. 12)
.
What three forms do contracts take and how are they classified?
Correct Ans - • express contracts: formed by written or spoken
language
,.
• implied contracts: formed by conduct
.
• quasi-contracts: a legal fiction, they are formed by law as a consideration
substitute to avoid unjust enrichment ; not formed by mutual agreement of
the parties.
(#3, PPT-2 and Beckman lecture 8/1/2013 merged and edited)
.
classifications are:
• bilateral
• unilateral
(#1, pp. 8-9)
.
What is the preemption doctrine? Correct Ans - "federal
substantive law supplants state law, but, absent other provisions, both
state and federal courts have concurrent jurisdiction of actions arising
under that law . . . ."
(Garner 2011)
(#1, p. 10)
.
What is mutual assent (or consent)? Correct Ans - a "meeting of the
minds" wherein the parties manifest their intention to enter into a
contract. This manifestation consists of a valid offer and a valid acceptance.
(#1, p. 12 and Beckman lecture 8/1/2013 merged and edited)
.
agreement, approval, permission; especially, verbal or nonverbal conduct
reasonably interpreted as willingness. "The requirement of 'assent,' which
is fundamental to the formation of a binding contract, implies in a general
way that both parties to an exchange shall have a reasonably clear
conception of what they are getting and what they are giving up." ---
Chirelstein (Black's).
.
What is an offer and how is it made? Correct Ans - the beginning of
a contract where the offeror indicates his intention to enter into an
agreement in a way that the offeree can accept by simply assenting to the
stated intention.
,(#1, p. 11)
.
a promise to perform conditional on receiving acceptance (#4, 11).
.
must be accepted while "alive" (#3, PPT-2)
.
What comprises a valid offer? Correct Ans - composed of:
a) a promise to enter into a contract is expressed
b) in clear and certain terms
c) communicated to the offeree
(#3, PPT-2).
.
What is an offer for a bilateral contract? Correct Ans - a promise
(offer) is offered in exchange for a promise (acceptance).
the initial offer is composed of:
a) the expression of a promise to enter into a contract
b) in clear and certain terms
c) communicated to the offeree
(#1, 12; #3, PPT-2).
What is an offer for a unilateral contract? Correct Ans - a promise
(offer) is offered in exchange for performance (acceptance).
the initial offer is composed of:
a) the expression of a promise to enter into a contract
b) in clear and certain terms
c) communicated to the offeree
(#1, 12; #3, PPT-2).
acceptance is by performance, that is, by completion of the requested act.
offeror cannot revoke the offer once it has been relied upon by the offeree.
offeror must allow completion; otherwise, subject to restitution damages.
.
(#1, p. 12 and lecture 8/1/2013 merged and edited)
What is a quasi-contract? Correct Ans - a legal fiction formed by
law to avoid unjust enrichment exemplified by promissory estoppel, aka
detrimental reliance. The court imposes this contract as a remedy whereby
, detrimental reliance becomes a consideration substitute. Unjust
enrichment is mandatory for the imposition of this quasi-contract
(Beckman lecture, 8/1/2013).
.
quasi-contract: implied-in-law contract: an obligation created by law for
the sake of justice; specifically, an obligation imposed by law because of
some special relationship between the parties or because one of them
would otherwise be unjustly enriched. An implied-in-law contract is not
actually a contract, but instead is a remedy that allows the plaintiff to
recover a benefit conferred on the defendant. Also termed contract
implied-in-law, quasi-contract, constructive contract (Black's).
.
How are offers terminated? Correct Ans - 1. revocation by the
offeror;
2. rejection by the offeree;
3. termination by law
(#1, p. 13).
.
Who can accept offers? Correct Ans - a person can accept an offer if
the offeror has created a power of acceptance in them. This means that any
person can accept an offer if he knows of the offer and he is the party to
whom the offer was made.
(#1, p. 15)
.
Who can revoke an offer? Correct Ans - the offeror.
Who can reject an offer? Correct Ans - the offeree.
What is an acceptance and what are the methods of acceptance?
Correct Ans - when an offeree assents to or agrees to an offer, which
creates an agreement.
.
can be by:
• performance,
• promise, and,
• in limited cases, by silence.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $26.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now