LEB 320f Test 2 Chapter 11 & 12 Exam Questions and Answers
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Course
LEB 320F
Institution
LEB 320F
consideration - Answer-is not a gift; therefore, it is not a contract (doesn't have to be enforced)
bargained-for exchange - Answer-the consideration given by the promisor must induce the promise to incur a legal detriment and/or provide a legal benefit to the promisor (there must be something i...
LEB 320f Test 2 Chapter 11 & 12 Exam
Questions and Answers
consideration - Answer-is not a gift; therefore, it is not a contract (doesn't have to be
enforced)
bargained-for exchange - Answer-the consideration given by the promisor must induce
the promise to incur a legal detriment and/or provide a legal benefit to the promisor
(there must be something in return like monetary return or something similar)
consideration - Answer-inducing each other
Maria is inducing her $150 for a phone from Mr. Q who is inducing his phone for the
money
Hamer v. Sidway - Answer-- Uncle becomes indebted to nephew after uncle promises
nephew $5,000 if he can refrain from drinking, using tobacco, swearing and playing
cards or billiards for money until age 21
- Nephew fulfills promise to refrain
- Nephew gives the right to receive the money to receive the money to Louisa Hamer.
- Uncle Dies
- Sidway, executor for the Estate of the Uncle refuses to pay Hamer
- Executor argues there was no consideration given in exchange for the promise to pay
$5,000
- Court disagrees and says the action of refraining from a legal right is consideration
liquidated debts - Answer-those in which there is no genuine basis for a good faith
dispute as to the existence or the amount of the indebtedness, compromise agreements
are less frequently binding
Quarture v. Allegheny County - Answer--Quarture owned land in Pennsylvania
- of which a portion was taken when Allegheny county relocated and widened a state
highway
-Plaintiff employed a lawyer to help him recover damages from the county
, -Written contract to "institute, conduct, superintend or prosecute to final determination a
suit...." and provided lawyer "10 percent of all that might be recovered"
-Lawyer represents plaintiff and board awarded plaintiff damages - but plaintiff was
unsatisfied
In order to appeal these damages, plaintiff and lawyer entered into a new agreement
Promising 33% of recovery obtained on appeal
-Court awarded him a greater sum Lawyer petitions court asking for 33% of the
judgement
-Plaintiff objects, contending that his promise to pay the larger percentage was not
supported by consideration
-Court rejects contention, awards lawyer his 33%, plaintiff appeals
Judgment reversed - agreement did not stipulate additional compensation in case of an
appeal.
objective intent - Answer-a person's manifested or apparent intent into entering a
contract
subjective intent - Answer-actual or secret intent
offer - Answer-the idea of a proposal made by one person, called the offeror, to another,
the offeree, indicating what the offeror will give in return for a specified promise or act
on the part of the offeree
*** offer cannot be a contract if you know multiple people received it
countermat - Answer-survey
last stipulation in Richards v. Flowers el al. contract
acceptance - Answer-needs to mirror the offer
(1) must demonstrate a definite, present intent to accept the offer,
(2) must be unconditional and not add any terms that are additional to or different from
those of the offer, and
(3) must be legally communicated to the offeror or to the offeror's agent
termination - Answer-an offer can be terminated by
(1) revocation,
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