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JD-Next Class Complete Questions With Solutions
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JD-Next Class Complete Questions With Solutions
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JD-Next Class Complete Questions WithSolutions
Contract CORRECT ANSWERS a legally binding agreement
Contract 2 CORRECT ANSWERS A promise/set of promises which the law will enforce
Contract 3 CORRECT ANSWERS Creates rights & obligations that maybe enforced in
the courts
Contract 4 CORRECT ANSWERS the normal method of enforcement is action for
damages for breach of contract, though some cases the court may order performance
by the party in default.
Contracts Arise From: CORRECT ANSWERS (1) Social Relationships (2) Contracts as
exchanges btw parties (3) Contracts as Agreements btw parties (4) Contracts as
expectations of parties
Consideration CORRECT ANSWERS Something of legal value given in exchange for a
promise
Consideration Elements CORRECT ANSWERS (1) Something of legal value must be
given (2) There must be a "bargained-for exchange" (an offer that was accepted).
Estoppel CORRECT ANSWERS A legal principle that bars a party from denying or
alleging a certain fact owing to that party's previous conduct, allegation, or denial.
Past Consideration CORRECT ANSWERS a prior act or performance that does not
support a new contract
Promissory Estoppel CORRECT ANSWERS an equitable doctrine that prevents the
withdrawal of a promise by a promisor if it will adversely affect a promisee who has
adjusted his/her in justifiable reliance on the promise...to his/her detriment
Promissory Estoppel Elements CORRECT ANSWERS (1) Promisor made a promise
(2) The Promisor should've reasonably expected that the promisee would rely on the
promise
(3) The promisee actually relied on the promise & engaged in action or forbearance of a
right
(4) Injustice would result if the promise weren't enforced
Parole Evidence CORRECT ANSWERS evidence of prior negotiations or
contemporaneous agreement introduced in court in order to modify, explain, or
supplement the contract at issue.
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