Exam (elaborations)
BLAW Exam 2 Questions and Correct Answers
- Course
- Institution
BLAW Exam 2 Questions and Correct Answers
[Show more]
Content preview
BLAW Exam 2T/F A breach of contract law suit is a civil action and not a criminal action. - Answer -True (civil law
includes torts and contracts)
T/F A contract must involve two or more parties. - Answer -True
T/F The components of a contract include consideration AND fairness. - Answer -False - Fairness is NOT
part of the contractual components / requirements.
T/F If O'Brien promises to give a car to his son on his son's birthday, then that promise is an enforceable
contractual commitment. - Answer -False - A promise to make a gift is not accompanied by
consideration and is thus not enforceable
T/F Contracts must be in writing to be enforceable. - Answer -False - An oral contract may be
enforceable unless the Statute of Frauds requires a writing.
T/F O'Brien promises Donald that he will pay Donald $500 if Donald paints O'Brien's garage. This is an
example of a unilateral contract. - Answer -True - a promise for an action is a unilateral contract, while a
promise for a promise is a bi-lateral contract.
, T/F O'Brien promises to pay Claire $350 for her bicycle. Claire delivers her bicycle and O'Brien pays Claire
$350. This is an executory contract. - Answer -False - Executory means that the contract has not been
fully performed. Here the contract is fully performed and is thus called an 'executed' contract.
T/F Agreement can be accomplished by an action rather than a statement that the offeree accepts. -
Answer -True - an offeree can accept by stating that she accepts, but . . . . she can also accept by an
action.
T/F Consideration may include forbearance. - Answer -True - As we saw in Hammer v. Sidway,
consideration can include forbearance.
T/F Consideration does NOT have to be fair. - Answer -TRUE
T/F An offeree can terminate an offer by revocation. - Answer -False - To terminate an offer, an offeree
rejects, an offeror revokes.
Tom offers to sell his business to Brady for $5.5 million. Brady responds 'no that is too much, but I will
pay $5.2 million. Brady's response . . . - Answer -is a counteroffer
If a student offered to pay O'Brien $50 to arrive at class on time and O'Brien accepted and then showed
up on time. . . . - Answer -the student would not have to pay O'Brien because of O'Brien's pre-existing
duty to do his job.
T/F A contract made by a minor is void. - Answer -False - A minor that enters into a contract creates a
voidable contract, not a void agreement. This means that the minor my typically disaffirm the contract
and recover her consideration (payment).
T/F A party who is intoxicated may, nevertheless, agree to perform a contract formed during the state of
intoxication. - Answer -True - a party who is intoxicated can disaffirm OR ratify and if she ratifies then
she performs the underlying agreement.
T/F Contracts to perform services where the worker is to be paid more than $500 are governed by the
statute of frauds. - Answer -False - Service contracts are not required to be in writing because they
exceed $500; that is the rule for the sale of goods.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Zanaya. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now