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LEB 320F Exam 2 Questions and Answers Already Passed
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LEB 320F Exam 2 Questions and Answers Already Passed Explain the concept of "promissory estoppel." Promissory estoppel prevents a party from backing out of a promise when the other party has relied on that promise to their detriment. What does "parol evidence rule" entail in contract law?...

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  • September 10, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
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LEB 320F Exam 2 Questions and
Answers Already Passed
Explain the concept of "promissory estoppel."


✔✔ Promissory estoppel prevents a party from backing out of a promise when the other party

has relied on that promise to their detriment.




What does "parol evidence rule" entail in contract law?


✔✔ The parol evidence rule prohibits the use of oral or extraneous evidence to alter or contradict

the terms of a written contract.




When is a "contract of adhesion" likely to be unenforceable?


✔✔ A contract of adhesion is likely to be unenforceable if it is found to be excessively one-sided

or contains unfair terms.




Define "unconscionability" in contract law.


✔✔ Unconscionability refers to a situation where a contract is so unjust or overwhelmingly one-

sided that it is deemed unenforceable.




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,What is meant by "anticipatory breach" in contract law?


✔✔ Anticipatory breach occurs when one party indicates in advance that they will not fulfill

their contractual obligations, allowing the other party to seek remedies immediately.




What is the difference between an assignment and a delegation in contract law?


✔✔ An assignment transfers rights from one party to another, while a delegation transfers duties

or obligations from one party to another.




What is the legal significance of "capacity" in contract formation?


✔✔ Capacity refers to the legal ability of a party to enter into a contract, meaning they must be

of sound mind, of legal age, and not under duress.




Explain the concept of "duress" in contract law.


✔✔ Duress occurs when one party is forced or threatened into entering a contract, making the

contract voidable by the coerced party.




When can a contract be considered "executed" versus "executory"?




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, ✔✔ A contract is "executed" when all parties have fulfilled their obligations, while it is

"executory" when some or all obligations have yet to be completed.




What is "specific performance" as a remedy in contract law?


✔✔ Specific performance is a remedy that requires the breaching party to fulfill their contractual

obligations, typically used when monetary damages are insufficient.




What is "consideration" in contract law?


✔✔ Consideration refers to something of value exchanged between parties as an inducement to

enter into a contract.




How does "mutual mistake" affect a contract?


✔✔ A mutual mistake occurs when both parties are mistaken about a fundamental fact in the

contract, which may lead to the contract being voided.




What is the difference between "void" and "voidable" contracts?


✔✔ A void contract has no legal effect from the beginning, while a voidable contract is valid but

can be canceled by one of the parties.

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