BUSA EXAM 2 PERRY BINDER GSU COMPLETELY SOLVED QUESTIONS AND ANSWERS
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Course
PERRY BINDER
Institution
PERRY BINDER
BUSA EXAM 2 PERRY BINDER GSU COMPLETELY SOLVED QUESTIONS AND ANSWERS
Elements of an express contract (6) - ANSWER 1. Offer (offeror/Offeree)
2. Acceptance
3. Consideration
4. Capacity
5. Legality
6. Intent
Common law (cases) and statues (laws) - ANSWER Contract law is derived ...
BUSA EXAM 2 PERRY BINDER
GSU COMPLETELY SOLVED
QUESTIONS AND ANSWERS
,Elements of an express contract (6) - ANSWER 1. Offer (offeror/Offeree)
2. Acceptance
3. Consideration
4. Capacity
A
5. Legality
6. Intent
VI
Common law (cases) and statues (laws) - ANSWER Contract law is
derived from what two things?
TU
offer (Elements of an express contract) - ANSWER (1) A valid offer
communicated and accepted.
-offeror: A person who makes an offer.
-offeree: A person to whom an offer is made.
IS
acceptance (elements of an expressed contract) - ANSWER *Voluntary
act by the offer that shows an agreement to the terms of an offer. May consist
M
of words or conduct.*
-An offeree's response to an offer, rejecting the original offer and making a
O
new offer at the same time. Person receiving the offer changed the original
offer so wash my car for $30? No ill do it for $50.
-*counteroffer*: Responds to original offer and comes up with new terms
A
consideration - ANSWER Both sides must give up and receive
N
semi-equal values. The value given in return for a promise. Must be
something of legally sufficient value, and there must be a bargained for
JP
exchange. The deal or the contracts have to be where both sides get and
receive semi-equal value.
and promissory estoppel - ANSWER *-promissory estoppel:*Promissory
Estoppel No contract, but you promised (Detrimental Reliance) when you
promised, I relied on that promised, and thus I got harmed
(acted before promise was made) Prom story
, past consideration - ANSWER Bad or no consideration. Consideration
that took place in the past or that is given for something that has already been
done. Swimmer doesn't know me. Were at lake and my friend is drowning.
Swimmer saves the life. Give him $1000 tomorrow.
capacity
-void
-voidable
A
-unenforcable - ANSWER *legal ability of Who can and can't enter a
contract. *
VI
*void*: *void neither side can enforce (illegal).* certain things like contracts
illegal is plain old void, lack of capacity (if a prior judge ruled lack of
TU
capacity) then its void
*voidable:* *one side can choose to enforce it or get out of it* Contract may
be legally avoided or cancelled at the option of one or both of the parties.
One side can choose to enforce and a judge determines what is enforceable
IS
what is not enforceable. Can decide to enforce or get our the contract.
*unenforceable:* Up to a judge, A valid contract rendered unenforceable by
M
some statute or law.
capacity
O
-minor
-intoxication
-insanity
A
-undue influence
N
-duress - ANSWER *minor*: you're under 18, contracts are *voidable*at
option of minor. unless *student loans, business, necessity*
JP
*intoxication*: person under the influence
intoxicated person is *VOIDABLE* at his option once sober
*duress*: you are actually forced to sign contract, gun to head, if you can
prove then theyll let you out
*undue influence*: person of trust trying to influence like a kid trying to get
grandma to leave all to them
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