Exam (elaborations)
CMGT 460 EXAM STUDY GUIDE
- Course
- Institution
CMGT 460 EXAM STUDY GUIDE ...
[Show more]
Content preview
CMGT 460 EXAM STUDY GUIDEName the 4 Contract Theories - Answer 1. Express Contract -
Language
2. Contract Implied in Fact -
Facts and Circumstances
3. Contract Implied in Law,
quasi-contract, quantam meruit
4. Promissory Estoppel
Name the 2 Contract Theories that apply to Actual Contracts (Legal Theories) - Answer
1. Express Contract -
Language
2. Contract Implied in Fact -
Facts and Circumstances
Name the 2 Contract Theories that apply to Not Actual Contracts (Equitable Theories) -
Answer 3. Contract Implied in Law,
quasi-contract, quantam meruit
4. Promissory Estoppel
Name the Elements applicable to Actual Contracts - Answer a. Agreement (offer +
acceptance)
b. Consideration
c. Legal objective
d. Capable parites
e. Assent
f. Statute of Frauds
Name the Elements applicable to Theory 3 (Contract Implied in
Law/Quasi-Contract/Quantum Meruit) - Answer a. Unjust
b. Enrichment
Name the Elements applicable to Theory 4 (Promissory Estoppel) - Answer a. Promise
, b. Promisor expects promisee to rely
c. Promisee reasonably rellies
d. Promisee suffers an injury
What is the Remedy for breach of contract? - Answer Theory of law is to award
expectation damages - to put the injured person in the place he would have been if there
had been no breach
What is the Remedy for breach of a Quasi Contract - Answer Injured party entitled to
recover the "reasonable value of the goods/services" provided
What is the Remedy for breach of Promissory Estoppel? - Answer Promise is enforced
(even though no acceptance/agreement) to the extent necessary to avoid an injustice
What is consideration? - Answer Legal value given as part of a bargain or exchange
What happens if there is no consideration when creating a contract? - Answer Contract
is invalid
What is the difference between a gift v. a contract? - Answer A gift, the supplier isn't
rewarded/expect anything
A contract there is a two way exchange
Who are the 3 incapable parties? - Answer 1. involuntarily intoxicated
2. infant: >18
3. insane
What happens if one party isn't capable? - Answer voidable
What is legal objective? - Answer Both parties are legally obliged to perform their part of
the contract less they face legal action
What happens if there is no legal objective? - Answer void
What is assent? - Answer Voluntary Exchange
What happens if there is no assent? - Answer voidable
What is the 6th element of a contract? - Answer Signature/Statute of Frauds
What happens if there is no signature? - Answer Contract Unenforceable
What happens if a party is under 18 and enters into a contract? - Answer They can
disaffirm their entry
What happens if there is no voluntary assent into a contract? - Answer They can rescind
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 Flat. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now