LSB 3213 - exam 2 All Possible Questions and Answers with complete solution
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Module
LSB 3213
Institution
LSB 3213
what is anticipatory repudiation? - Doctrine under which, when one party makes clear that party
has no intention to perform as agreed, nonbreaching party is entitled to recover damages in anticipation
of breach rather than waiting until performance is due.
what are the five consent defects? - 1....
LSB 3213 - exam 2
what is anticipatory repudiation? - Doctrine under which, when one party makes clear that party
has no intention to perform as agreed, nonbreaching party is entitled to recover damages in anticipation
of breach rather than waiting until performance is due.
what are the five consent defects? - 1. Misrepresentation
2. Fraud
3. Duress
4. Undue influence
5. Unconscionability
how did the Virginia state supreme court rule in Lucy v. Zehmer (1954)? - The court held that
evidence from the trial indicated that Zehmer took the transaction seriously and that Lucy was not
unreasonable in believing that a contract was formed under the circumstances. The court made clear
that actual mental intent is not required for formation of a contract.
according to the mailbox rule, when is an acceptance generally effective? - it is effective upon
dispatch when sent in a commercially reasonable manner and not when the acceptance is received by
the offeror
as a general rule, what statues do illegal contracts have? - it is automatically void, statutory
violations
at what point after making an offer can an offeror no longer revoke the offer? - offeres in the form
of an option contract
how did the New York Court of Appeals rule in Jacobs and Youngs v. Kent(1921)? - Rules in favor of
JY saying that they acted in good faith and there was not a result of fraud
how did the Ninth Circuit Court of Appeals rule in C.M.D. v. Facebook(2015)? - Rules against C.M.D
in an unpublished memorandum opinion, affirming the decision of the district court judge to dismiss
, C.M.D's complaint. Also concluded that he had not disaffirmed or disavowed facebooks user agreement,
since he continued to use facebook even after filling his lawsuit
in general, what are the three elements that an aggrieved party must prove to avoid a contract on the
basis of misrepresentation? - 1. Misrepresented fact was material
2. that party justifiably relied on misstatement when forming agreement
3. misrepresentation was one of fact and not just opinion or mere puffing
in general, what is the age below which a person is considered to lack full capacity to contract? -
minors - 18 under
in general, what status do the contracts of a person who lacks capacity have? - mental
incompetency
in general, what type of law governs contracts for services? - Common law contracts
in general, what type of law governs contracts for the sale of goods? - UCC sales contract
under what circumstance must a contract be in writing to satisfy the statute of frauds? - Statute of
Frauds; "money selling"
what are the four basic required elements of a valid contract? - Mutual Assent: parties to contract
must indicate through words or behavior that they willingly agree to enter into contract
Consideration: both sides must obtain something of value (legal benefit) and give something of value
(legal detriment)
Legality of purpose: contract must satisfy legal purpose
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