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Bus 250 - Final Exam || A+ Verified Solutions.
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Contract correct answers A written or spoken agreement between private parties creating mutual obligations enforceable by law Elements of Contract correct answers offer acceptance consideration 6 Elements of a Contract correct answers -Need 2 or more parties -Consideration -An agreement t...

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  • August 3, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • contract

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  • Bus 250
  • Bus 250

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Bus 250 - Final Exam || A+ Verified Solutions.
Contract correct answers A written or spoken agreement between private parties creating mutual
obligations enforceable by law

Elements of Contract correct answers offer
acceptance
consideration

6 Elements of a Contract correct answers -Need 2 or more parties
-Consideration
-An agreement that is sufficiently definite
-Parties with legal capacity to make a contract
-Mutual assent
-No legal prohibition precluding contraction formation

Revocation of an Offer correct answers the withdrawal of a previous offer to engage in some sort
of legally binding contract.

Fact Pattern: I made an offer & no one accepts it correct answers Can revoke the contract

Fact Pattern: If an offer is made & accepted correct answers Can NOT revoke the contract

Methods of acceptance correct answers A contract is formed when an offeree accepts for a valid
offer

"I'll pay $40 for mowing grass"
You mow the grass. correct answers Offer by acceptance

Types of Consideration correct answers -money
-forbearance
-a return promise

Most common type of consideration correct answers money

Past Consideration correct answers Not a consideration
-where there is an unambiguous written obligation based on appreciation of past services, the
obligation may be enforced by the courts

Someone saves your life and you promise to give you everything they have. Later on, the person
tries to enforce it but it can't be enforced unless if WRITTEN. correct answers past consideration
example

Counteroffers correct answers when the original offer of a contract is not accepted and a new
offer is returned in the original offers place; void or nullifies the original offer; may be accepted,
rejected or modified by the party that made the original offer

, "No, I want it for cheaper"
"Wait, nevermind I will pay $700"
You can not go back and now accept the offer after suggesting a counter offer. correct answers
example of counteroffer

Oral contracts correct answers Enforceable under MS law unless the contract falls within MS
Statue's of Fraud.

Statue of frauds correct answers require contracting parties to reduce to writing specific terms
which is better for specific contracts.
-Main ones: agreements can't be performed within 15 months

Ex. 2 year agreement with 15+ work; must be signed correct answers Statue of frauds example

Ex.Will not start until after the 15+ period correct answers Statue of frauds example

Ex. Starts at month 10 but will not be finished within the 15 month period correct answers Statue
of frauds example

Ex. if for some how they have Unlimited resources and it should take longer but it is completed
before 15 months then it doesn not have to be written correct answers Statue of frauds example

Ex. Leases are longer than a year correct answers Statue of frauds example

interpreting Contracts correct answers Take contract, read, and do what it says from your plain
meaning and understanding
4 corners of the contract
If it is ambiguous, we can not figure out what it is telling us to do

Ambiguity correct answers Not clear enough to understand actions needed to take place

Rules of Ambiguity correct answers Step one: what does the contract say
Step two: exception 1
step three: exception 2

What does contract say? correct answers In interpreting contracts, the court's primary purpose is
to determine the intent of the contracting parties.
-The best evidence of the parties' intent is the language used in the contract
- Absent ambiguity, the contract will be enforced according to the word's plain meaning without
resort to parol or extrinsic evidence

Step 2: Exception 1 correct answers -The first case in which parol evidence is allowed is to
clarify terms in contract when a term's meaning is missing or ambiguous.

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