Unconscionable bargain - Study guides, Revision notes & Summaries

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 ...

BUS201 U4 fully solved 2023Which of the following best describes the concept of "incapacity" as a vitiating factor? The law views certain persons such as a young child and people who are intoxicated to lack the capacity to enter into a contract. There are four types of mistakes that can vitiate a contract. Which of the following is one such mistake? Unilateral mistake. "A contract entered into as a result of duress is unenforceable. Which of the following may constitute duress...

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. ...

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 from...

BLAW 212 Final Exam Questions and Answers Graded A What is a tort and how is it different from a contract? - Answer-A tort is civil wrong, where the conduct of one person causes harm or invades the interests of another, other than a breach of contract or breach of trust, that for which a court will give a remedy How is a tort different from a crime? - Answer-Crimes are brought to the State to punish wrongdoing, torts involve the victim of wrongful conduct seeking compensation Who is a dut...

BLAW Final Exam Questions and Answers Offer and Acceptance 1. the acceptance of unilateral offers can be made by a promise to ship or by shipment itself. 2. not all terms have to be included for a contract to result. 3. particulars of performance can be left open. 4. Firm written offers made by a MERCHANT, the duration of which is 3 months or less, cannot be revoked. 5. Acceptance by performance requires notice within a reasonable time; otherwise, the offer can be treated as lapsed. 6. Th...

MIE 305 Final Exam Contract - ANS a promise or set of promises supported by the exchange of bargained-for consideration for the breach of which the law gives a remedy, or the performance of which the law recognizes as an enforceable duty. "a promise or set of promises that are enforceable in court." primarily state based common law contract elements - ANS -Agreement: the parties agree to the exchange of legal detriment as to each other -Bargained-for consideration: exc...

Final Exam (BCOR 2301) 2023 Questions and Answers Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. prov...

Anderson's Business Law and the Legal Environment, Standard Volume 23rd Edition 5556 7640 3, 8, 5110, 0321, 6, 4, 7640, 2592, 3817 1: TheNature and Sources of Law 1-1 Nature of Law and Legal Rights 1-1a Legal Rights 1-1b Individual Rights 1-1c The Right of Privacy 1-1d Privacy and Technology 1-2 Sources of Law 1-2a Constitutional Law 1-2b Statutory Law 1-2c Administrative Law 1-2d Private Law 1-2e Case Law, Statutory Interpretation, and Precedent ...

Anderson's Business Law and the Legal Environment, Standard Volume 23rd Edition 5556 7640 3, 8, 5110, 0321, 6, 4, 7640, 2592, 3817 1: TheNature and Sources of Law 1-1 Nature of Law and Legal Rights 1-1a Legal Rights 1-1b Individual Rights 1-1c The Right of Privacy 1-1d Privacy and Technology 1-2 Sources of Law 1-2a Constitutional Law 1-2b Statutory Law 1-2c Administrative Law 1-2d Private Law 1-2e Case Law, Statutory Interpretation, and Precedent ...