Unconscionable bargains - Study guides, Revision notes & Summaries

Bilateral (Mutual) Mistakes of Fact - A mistake by both contracting parties about one or more material facts generally entitles either party to rescind the contract What are two defenses to the enforceability of a contract? - The parties must both voluntarily consent to a form, a contract, or the contact must be in writing to be enforceable. Adhesion Contract - One that is written exclusively by one party and presented to the other on a take-it or leave-it basis. Bargained-for-exchange - S...

BLAW212 Exam Questions with All Correct Answers What is a contract? - Answer-A promise or set of promises which the law will enforce Four elements of a contract - Answer-Offer, acceptance, intention to be bound, consideration Definition of offer - Answer-An offer is clear and unambiguous undertaking or promise to be bound by specified terms which becomes binding upon acceptance Invitation to treat - Answer-another party is invited to make an offer or enter negotiations Revocation of...

BLAW212 Test Questions with All Correct Answers Misrepresentation Section & Act - Answer-Section 35 of the contract and commercial law act Misrepresentation Law - Answer-A party to a contract will be entitled to damages they was induced to enter into the contract by misrepresentation made by or on behalf of the other party Misrepresentation test - Answer-1. False statement of past or present facts 2. The statement was material in inducing the plaintiff into entering the contract 3. In r...

BLAW212 Final Exam Questions with Correct Answers Executory consideration - Answer-a promise to do something (or refrain from it) in the future; e.g. hire purchase of a car, mow lawns next week for $20 (a promise for a promise) Executed consideration - Answer-something given or done when the contract comes into existence; cash purchase, reward for lost property Privity of Contract - Answer-only a party to the contract can sue on the contract. a third party may not sue for a benefit ...

BLAW 212 Laws and Tests Questions and Answers All Correct What are the four steps of contract formation? - Answer-1. Offer 2. Acceptance 3. Intention to be bound 4. Consideration What is an offer? - Answer-A clear and unambiguous undertaking or promise to be bound by specified terms which becomes binding on acceptance What are the three characteristics of offer? - Answer-1. Must be definite and clear in its terms (leaves nothing open for negotiations) 2. Can be expressed or implied ...

BLAW212 Study Test Questions with Correct Answers Doctrine of Part Performance Test - Answer-1. is there an enforceable agreement but for section 24 of the Property Law Act 2007 2. has there been part performances of the oral agreement to do something which is: A. clearly a step in the performance of a contractural obligation or right under that agreement; and B. Was on the balance of possibilities done on the basis that a contract for the sale of land as alleged was in existence? 3. Do...

BLAW212 2024 Exam Questions and Answers All Correct (1) Doctrine of Part Performance Test - Answer-1. is there an enforceable agreement but for section 24 of the Property Law Act 2007 2. has there been part performances of the oral agreement to do something which is: A. clearly a step in the performance of a contractural obligation or right under that agreement; and B. Was on the balance of possibilities done on the basis that a contract for the sale of land as alleged was in existence? ...

BLAW212 Final Exam Questions with Correct Answers Executory consideration - Answer-a promise to do something (or refrain from it) in the future; e.g. hire purchase of a car, mow lawns next week for $20 (a promise for a promise) Executed consideration - Answer-something given or done when the contract comes into existence; cash purchase, reward for lost property Privity of Contract - Answer-only a party to the contract can sue on the contract. a third party may not sue for a benefit ...

BLAW212 Exam Questions with All Correct Answers What is a contract? - Answer-A promise or set of promises which the law will enforce Four elements of a contract - Answer-Offer, acceptance, intention to be bound, consideration Definition of offer - Answer-An offer is clear and unambiguous undertaking or promise to be bound by specified terms which becomes binding upon acceptance Invitation to treat - Answer-another party is invited to make an offer or enter negotiations Revocation of...

EC410 Exam 2 Study Guide  Bargain Theory: Hamer v. Sidway  Bargain Theory: Allegheny College v. Chautauqua National Bank  Contract Formation: Lucy v. Zehmer  Optimal Reliance: Hadley v. Baxendale  Optimal Reliance: Allied Canners & Packing v. Victor Packing Co.  Optimal Reliance & Promissory Estoppel: Pertz v. The Edward J. Corporation  Optimal Reliance & Promissory Estoppel : Hoffman v. Red Owl Stores  Gratuitous Promises: Cosgrove v. Bartolotta  Mistakes: A...