Exam (elaborations)
BLAW exam 2/101 Complete Accurate Q’s and A’s
- Course
- Institution
BLAW exam 2/101 Complete Accurate Q’s and A’s
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
BLAW exam 2/101 Complete AccurateQ’s and A’s
T/F A breach of contract law suit is a civil action and not a criminal action. - -
True (civil law includes torts and contracts)
- T/F A contract must involve two or more parties. - - True
- T/F The components of a contract include consideration AND fairness. - -
False - Fairness is NOT part of the contractual components / requirements.
- T/F If O'Brien promises to give a car to his son on his son's birthday, then
that promise is an enforceable contractual commitment. - - False - A promise
to make a gift is not accompanied by consideration and is thus not
enforceable
- T/F Contracts must be in writing to be enforceable. - - False - An oral
contract may be enforceable unless the Statute of Frauds requires a writing.
- T/F O'Brien promises Donald that he will pay Donald $500 if Donald paints
O'Brien's garage. This is an example of a unilateral contract. - - True - a
promise for an action is a unilateral contract, while a promise for a promise is
a bi-lateral contract.
- T/F O'Brien promises to pay Claire $350 for her bicycle. Claire delivers her
bicycle and O'Brien pays Claire $350. This is an executory contract. - - False
- Executory means that the contract has not been fully performed. Here the
contract is fully performed and is thus called an 'executed' contract.
- T/F Agreement can be accomplished by an action rather than a statement
that the offeree accepts. - - True - an offeree can accept by stating that she
accepts, but . . . . she can also accept by an action.
- T/F Consideration may include forbearance. - - True - As we saw in
Hammer v. Sidway, consideration can include forbearance.
- T/F Consideration does NOT have to be fair. - - TRUE
- T/F An offeree can terminate an offer by revocation. - - False - To
terminate an offer, an offeree rejects, an offeror revokes.
- Tom offers to sell his business to Brady for $5.5 million. Brady responds 'no
that is too much, but I will pay $5.2 million. Brady's response . . . - - is a
counteroffer
, - If a student offered to pay O'Brien $50 to arrive at class on time and
O'Brien accepted and then showed up on time. . . . - - the student would not
have to pay O'Brien because of O'Brien's pre-existing duty to do his job.
- T/F A contract made by a minor is void. - - False - A minor that enters into
a contract creates a voidable contract, not a void agreement. This means
that the minor my typically disaffirm the contract and recover her
consideration (payment).
- T/F A party who is intoxicated may, nevertheless, agree to perform a
contract formed during the state of intoxication. - - True - a party who is
intoxicated can disaffirm OR ratify and if she ratifies then she performs the
underlying agreement.
- T/F Contracts to perform services where the worker is to be paid more than
$500 are governed by the statute of frauds. - - False - Service contracts are
not required to be in writing because they exceed $500; that is the rule for
the sale of goods.
- T/F Undue influence requires that one party is a minor and then that party
may disaffirm the underlying contract. - - False - undue influence requires
that one party has the ability to influence and control the other party due to
a close or confidential relationship.
- T/F A unilateral mistake will permit the mistaken party to disaffirm if the
other party knew or should have known of the mistake. - - True - the general
rule is that with a unilateral mistake the parties have to perform. However,
the exception is if the non-mistaken party knew or should have known of the
other party's error.
- T/F Carol enters into a 3 year employment contract with her employer.
Carol works for the entire 3 years and is paid her full salary. This contract
must have been in writing. - - False - the contract could have been oral and
if it was the court would not enforce it because of the statute of frauds.
However, if it was oral, the parties could still have performed the contract if
they chose to do so.
- T/F The main purpose doctrine (rule) is an exception to the ability of a
minor to disaffirm. - - False - it is an exception to the Statute of Frauds.
- elements of a contract - - agreement, consideration, capacity, legality
- bilateral contract - - promise for a promise
- unilateral contract - - promise for an act
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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81503 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now