Exam (elaborations)
MIE 305 FINAL EXAM QUESTIONS AND ANSWERS 2024
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MIE 305 FINAL EXAM QUESTIONS AND ANSWERS 2024
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MIE 305 FINAL EXAMHow do we treat silence by an offeree (does not accept or reject) - ANSWERS-
Offeree may also reject outright without a counteroffer. Silence cannot be treated
as acceptance even if in terms of offer, although may be a rejection if the offer is
limited as to duration (or by operation of law if too much time goes by)
False Representation/Misrepresentation - ANSWERS-must include a wrong
material fact with an intent to deceive, and innocent party must "detrimentally
rely" on the misrepresentation
Duress - ANSWERS-must render the target incapable of substantial free will
(blackmail, physical threat)
Undue Influence - ANSWERS-again, free will compromised; an individual in a
dominant position places substantial stress (moral, social, persuasive) on a person
for a K
What's the difference between duress and undue influence? - ANSWERS-Duress
includes blackmail and physical threat while undue influence is more moral, social
and persuasive influence
What's the effect of incapacitation in contract law? - ANSWERS-Incapacity refers
to the mental state of a party to a contract typically involving minors however
they pertain to mental incompetents, intoxicated persons, and drug addicts
,The contract is voidable only by the incapacitated party
When might someone entering in contract need to be sensitive to those
concerns? - ANSWERS-The person entering the contract must be sensitive to
these concerns because only the incapacitated party can void the contract, the
person who made the contract cannot raise an issue
Disaffirmation in contract law - ANSWERS-means to refuse to be bound to a
previous legal agreement
Ratification - ANSWERS-is the approval of a voidable transaction by one who
previously had the right to disaffirm
agreements and violation of public policy - ANSWERS-A contract provision is
contrary to public policy if it is injurious to the interests of the public, contravenes
some established interest in society, violates policy or purpose of some statute, or
tends to interfere with the public health, safety, morals or general welfare
Statute of frauds - ANSWERS-A contract may come into existence at the time of
oral agreement, but is not enforceable until written evidence of the agreement is
available
Adhesion - ANSWERS-"take it or leave it" that is typically drafted by one party
w/no input from other. Raises the issue of whether true consent was present.
Courts typically construe ambiguities against the drafter; may refuse to enforce
part or all of the K if it is found to suffer from unconscionability
, Ex: House/apartment lease (rent not able to negotiate)
Understand the basics of void contracts, such as those for illegal purposes -
ANSWERS-
We can bring third parties (3P) into CL contracts in 1 of 2 ways without seeking
approval from the other party: - ANSWERS-1: make them an intended beneficiary
of an agreement (A takes out an insurance contract with B, beneficiary is C. What
about unintended beneficiaries?)
2: intentionally give them rights or duties in existing contract (but not both...yet).
The Bundle rights in property - ANSWERS-possession, enjoyment, exclusion,
control, transfer
Possession - ANSWERS-: the right to occupy the property. Given a key and told
you have possession
Enjoyment - ANSWERS-: if you hold title to a piece of property, then you have the
right to use the property to the extent permitted by law. If you have a lease you
also have certain rights to enjoyment because the landlord gets to tell you what
you may or may not use the property for
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