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Legl 4400 test 1b questions with complete solutions 2024
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Legl 4400 test 1b questions with complete solutions 2024
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Legl 4400 test 1Contract - correct answer ✔agreement between 2 or more parties and is
legally enforceable
Enforceablility - correct answer ✔ability to have contract enforced by the
court. deals with "what needs to be" and can withstand parole enforcement
objection
Validity - correct answer ✔a contract needs to be valid in order to be
enforced. however not every valid contract can be enforced
4 requirements for validity - correct answer ✔- mutual assent
- consideration
- legality
- capacity
statute of frauds - correct answer ✔states that certain contracts must be
written in order to be enforced. the 6 types that need to be enforced are
MYLEGS.
MYLEGS - correct answer ✔- Marriage
- contracts for more than one Year
- Land
- Executor (or Estate),
- Goods that are $500 or more
- Surety (agreement to pay another's debts)
needed to be in writing to be enforced
, Executed contract - correct answer ✔a contract that either 1) has been
fulfilled/fully preformed ,or 2) everyone has signed the written contract and the
contract is ready to be fulfilled/preformed.
Executory contract - correct answer ✔a contract that has not been preformed
yet
Express contract - correct answer ✔exchange of promises that both parties
agree to orally or written
Implied in fact contract - correct answer ✔a contract agreed to by nonverbal
means. is as valid as any other contract. (ex: raising your glass at a bar for
another drink)
Implied in law contract - correct answer ✔contract where person entering it
doesn't have capacity to enter it, the law will impose the contract anyway.
meant to prevent unjust enrichment.
Quantum meruit - correct answer ✔reasonable sum of money for work or
service giving to 'suffering' party in an implied in law contract
Parole evidence rule - correct answer ✔cannot testify to a dispute that
occurred before or after signing a contract and is not in the contract
Void v. voidable contracts - correct answer ✔void contracts: missing a legal
part and is not actually a contract at all. example: contract to murder
voidable contracts: contracts that can be undone with no legal consequences
for not performing it. capacity is normally missing for this, but it can also
involve fraud.
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