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BUSA EXAM 2 PERRY BINDER GSU: Questions And Accurate Answers
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BUSA EXAM 2 PERRY BINDER GSU: Questions And Accurate Answers
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BUSA EXAM 2 PERRY BINDER GSU: Questions AndAccurate Answers
Elements of an express contract (6) Right Ans - 1. Offer (offeror/Offeree)
2. Acceptance
3. Consideration
4. Capacity
5. Legality
6. Intent
Common law (cases) and statues (laws) Right Ans - Contract law is derived
from what two things?
offer (Elements of an express contract) Right Ans - (1) A valid offer
communicated and accepted.
-offeror: A person who makes an offer.
-offeree: A person to whom an offer is made.
acceptance (elements of an expressed contract) Right Ans - *Voluntary act
by the offer that shows an agreement to the terms of an offer. May consist of
words or conduct.*
-An offeree's response to an offer, rejecting the original offer and making a
new offer at the same time. Person receiving the offer changed the original
offer so wash my car for $30? No ill do it for $50.
-*counteroffer*: Responds to original offer and comes up with new terms
consideration Right Ans - Both sides must give up and receive semi-equal
values. The value given in return for a promise. Must be something of legally
sufficient value, and there must be a bargained for exchange. The deal or the
contracts have to be where both sides get and receive semi-equal value.
and promissory estoppel Right Ans - *-promissory estoppel:*Promissory
Estoppel No contract, but you promised (Detrimental Reliance) when you
promised, I relied on that promised, and thus I got harmed
(acted before promise was made) Prom story
past consideration Right Ans - Bad or no consideration. Consideration that
took place in the past or that is given for something that has already been
,done. Swimmer doesn't know me. Were at lake and my friend is drowning.
Swimmer saves the life. Give him $1000 tomorrow.
capacity
-void
-voidable
-unenforcable Right Ans - *legal ability of Who can and can't enter a
contract. *
*void*: *void neither side can enforce (illegal).* certain things like contracts
illegal is plain old void, lack of capacity (if a prior judge ruled lack of capacity)
then its void
*voidable:* *one side can choose to enforce it or get out of it* Contract may be
legally avoided or cancelled at the option of one or both of the parties. One
side can choose to enforce and a judge determines what is enforceable what is
not enforceable. Can decide to enforce or get our the contract.
*unenforceable:* Up to a judge, A valid contract rendered unenforceable by
some statute or law.
capacity
-minor
-intoxication
-insanity
-undue influence
-duress Right Ans - *minor*: you're under 18, contracts are *voidable*at
option of minor. unless *student loans, business, necessity*
*intoxication*: person under the influence
intoxicated person is *VOIDABLE* at his option once sober
*duress*: you are actually forced to sign contract, gun to head, if you can prove
then theyll let you out
*undue influence*: person of trust trying to influence like a kid trying to get
grandma to leave all to them
*insanity:* 1- if some prior court found that you lacked capacity. Any contract
you enter into will be considered void. But this is very rare. 2- if no prior
courts have ruled you lacked capacity. Then it is voidable at the guardian's
option. *lacks capacity*
legality
-usury, gambling Right Ans - -contracts must be legal or they will be void
, -think of title pawn or any contract where you have an interest rate higher
than the law allows, *usury deals with interest rates that exceeds maximum
allowed* (usuries)
contract of adhesion Right Ans - One party prepares a contract and submits
it to the other party on a "take-it-or leave-it" basis (without negotiation).
unconscionable contract Right Ans - One that is so unfair and one sided
that it would be unreasonable to enforce it.
usury Right Ans - maximum interesest rate legally allowed
wells fargo Right Ans - (unilateral mistake) foreclosure, paralegal make
one bid for 1150,000$ and she accidentally made the bid 15,000$, anyway
someone bid 20k instead and they told her tough luck the contract was going
through anyway
unilateral mistake Right Ans - A mistake that occurs when one party to a
contract is mistaken as to a material fact.
the party that makes the mistake cannot get out of the agreement but the one
not at fault can,
when only one party enters a contract under mistaken assumption
intent Right Ans - :If both parties make a big mistake on the contract then
we got no contract.
-no mutual mistake
unilateral mistake: A mistake that occurs when one party to a contract is
mistaken as to a material fact. (wells fargo case)
Breach of express contract
1 existence of valid contract
2 breach
3 plaintiff notified defendant of breach
4 plaintiff performed all conditions precedent to filling action
5 damages Right Ans - plaintiff performed all conditions precedent to
filling: before i sue you, i have to make sure i did everything i was suposed to
do uder the contract
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