Perry binder exam 4 GSU QUESTIONS AND 100% CORRECT ANSWERS
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Course
Perry binder
Institution
Perry Binder
Perry binder exam 4 GSU QUESTIONS AND 100% CORRECT ANSWERS
express contract - ANSWER an agreement that is expressed in oral or written words(most contracts are expressed contracts)
Express contracts require? - ANSWER 1. Offer(can be written or oral)
2. acceptance
3. consideratio...
VI
TU
IS
express contract - ANSWER an agreement that is expressed in oral or
written words(most contracts are expressed contracts)
M
Express contracts require? - ANSWER 1. Offer(can be written or oral)
O
2. acceptance
3. consideration
A
4.capacity
5. legality
N
6. Intent
JP
counteroffer - ANSWER a response by an offeree that contains terms and
conditions different from or in addition to those of the offer. Counter offer
terminates original offer.
consideration - ANSWER something of legal value given in exchange for
a promise. Both sides must give up and receive equal value.
,past consideration - ANSWER a prior act or performance. Does not
support a new contract = new consideration must be given.
Promissory Estoppel/Detrimental Reliance - ANSWER Made a
promise...other party relied on it... they were harmed.
capacity - ANSWER a person is legally able to enter a contract ( age,
A
state of mind, etc)
VI
Legality - ANSWER Contract is legally valid. (void if usury or illegal
gambling)
TU
usurious - ANSWER Charging interest rate higher than allowed (pawn
shop overcharge interest)
IS
Intent - ANSWER No mutual-mistake in the contract. If mutual-mistake
= no contract
M
void contract - ANSWER Has no legal effect if (minor, intoxication,
O
insanity, undue influence, duress)
Voidable contract - ANSWER one or more parties has the option to void
A
their contractual obligation. If contract is voided, both parties are released
N
from obligations. one side can choose to enforce then judge decides. Some
are unenforceable.
JP
minor - ANSWER Contract is voidable of minor. However can not get
out of student loans, business loans, or contract of necessity (food, clothing,
shelter)
intoxication - ANSWER contract is voidable once intoxicated person
sobers up
, insanity - ANSWER voidable if judge or court rules they lack capacity or
has previously lacked capacity.
undue influence - ANSWER person in position of trust plays on that trust
to get what they want (no force involved)
A
Duress - ANSWER Party was forced illegally to sign a contract
VI
unilateral mistake - ANSWER if one side makes a mistake, contract is
still binding (wells fargo case)
TU
breach of express contract - ANSWER a contracting part's failure to
perform an absolute duty owned under a contract.
IS
breach of express contract must show all... - ANSWER 1. existence of
valid contract
M
2. breach( other side broke contract )
3. Plaintiff was not notified of breach before lawsuit
O
4. Plaintiff performed all conditions prior to filing action
5. there are compensatory damages(unless fraud=punitive damages)
A
implied contracts - ANSWER are not expressly stated
N
Implied in fact - ANSWER agreements in party have been inferred from
JP
there conduct, not oral or written (remember painted fence)
Implied in law - ANSWER a court may award monetary damgages to a
plaintiff for providing work or services even though no actual contract
existed (quasi contract) hospital bill
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