LME 2 Midterm (Zalesne) Exam Actual Questions And Well Elaborated Complete Answers.
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Course
LME.
Institution
LME.
illegality - correct answer generally court doesn't want to use its resources to enforce a contract that is illegal or violates public policy (not a bright line test)
illegality rule - correct answer gene...
illegality - correct answer generally court doesn't want to use its resources to
enforce a contract that is illegal or violates public policy (not a bright line test)
illegality rule - correct answer generally a contract or contract term that is
illegal (violates a statute) or is against public policy will not be enforced
(BUT! not every violation of a statute will create a policy concern strong enough to deny enforcement of
an otherwise valid contract)
assent, a deal's a deal, enforce legit expectations, avoid forfeiture,
especially when: violence was small, no real harm, small part of K was illegal, disproportionate harm
public -- illegality - correct answer don't enforce
courts don't want to use resources to enforce illegal K, legislature provides that illegal
rules must have meaning, bright line test more efficient
, policies tend to be grounded in - correct answer moral values, economic
notions, protect government institutions
pure commodification - correct answer the belief that real welfare is always
promoted by permitting exchange. everything can be commodified (made available on open markets
and therefore the subjects of contracts)
policy reasons to enforce - correct answer contract reasons, law and economic
reasons, social reasons
risks of undoing a contract if one party is unable to understand the terms - correct answer
lack of stability of contractual relations/forfeiture, can perpetuate stereotypes, parentalistic, takes away
agency of contracting party
agency - correct answer right to make decisions and exercise control over our
own actions and possessions
our ability to act for ourselves as a fundamental aspect of personal freedom and liberty
balance - correct answer stability of contract relations vs protection of people
who cannot protect themselves
procedural unfairness - correct answer unfairness in the bargaining process
status: imbalance of power
behavior: taking advantage of superior bargaining power
courts more likely to police the bargain if this has been found
substantive unfairness - correct answer unfairness in the resulting terms
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