perry binder exam 2 gsu With Solutions
100% Complete
Promissory Estoppel/Detrimental Reliance Made a promise...other party relied on it... they
were harmed.
capacity a person is legally able to enter a contract ( age, state of mind, etc)
Legality Contract is legally valid. (void if usury or illegal gambling)
usurious Charging interest rate higher than allowed (pawn shop overcharge interest)
Intent No mutual-mistake in the contract. If mutual-mistake = no contract
void contract Has no legal effect if (minor, intoxication, insanity, undue influence, duress)
Voidable contract one or more parties has the option to void their contractual obligation. If
contract is voided, both parties are released from obligations. one side can choose to enforce then
judge decides. Some are unenforceable.
, perry binder exam 2 gsu With Solutions
100% Complete
minor Contract is voidable of minor. However can not get out of student loans, business
loans, or contract of necessity (food, clothing, shelter)
intoxication contract is voidable once intoxicated person sobers up
insanity voidable if judge or court rules they lack capacity or has previously lacked
capacity.
undue influence person in position of trust plays on that trust to get what they want (no
force involved)
Duress Party was forced illegally to sign a contract
unilateral mistake if one side makes a mistake, contract is still binding (wells fargo case)
breach of express contract a contracting part's failure to perform an absolute duty owned
under a contract.
, perry binder exam 2 gsu With Solutions
100% Complete
breach of express contract must show all... 1. existence of valid contract
2. breach( other side broke contract )
3. Plaintiff was not notified of breach before lawsuit
4. Plaintiff performed all conditions prior to filing action
5. there are compensatory damages(unless fraud=punitive damages)
implied contracts are not expressly stated
Implied in fact agreements in party have been inferred from there conduct, not oral or
written (remember painted fence)
Implied in law a court may award monetary damgages to a plaintiff for providing work or
services even though no actual contract existed (quasi contract) hospital bill
Unconscionable contract contracts that courts refuse to enforce in part or at all because it
is oppressive and unfair ( taken advantage of)
100% Complete
Promissory Estoppel/Detrimental Reliance Made a promise...other party relied on it... they
were harmed.
capacity a person is legally able to enter a contract ( age, state of mind, etc)
Legality Contract is legally valid. (void if usury or illegal gambling)
usurious Charging interest rate higher than allowed (pawn shop overcharge interest)
Intent No mutual-mistake in the contract. If mutual-mistake = no contract
void contract Has no legal effect if (minor, intoxication, insanity, undue influence, duress)
Voidable contract one or more parties has the option to void their contractual obligation. If
contract is voided, both parties are released from obligations. one side can choose to enforce then
judge decides. Some are unenforceable.
, perry binder exam 2 gsu With Solutions
100% Complete
minor Contract is voidable of minor. However can not get out of student loans, business
loans, or contract of necessity (food, clothing, shelter)
intoxication contract is voidable once intoxicated person sobers up
insanity voidable if judge or court rules they lack capacity or has previously lacked
capacity.
undue influence person in position of trust plays on that trust to get what they want (no
force involved)
Duress Party was forced illegally to sign a contract
unilateral mistake if one side makes a mistake, contract is still binding (wells fargo case)
breach of express contract a contracting part's failure to perform an absolute duty owned
under a contract.
, perry binder exam 2 gsu With Solutions
100% Complete
breach of express contract must show all... 1. existence of valid contract
2. breach( other side broke contract )
3. Plaintiff was not notified of breach before lawsuit
4. Plaintiff performed all conditions prior to filing action
5. there are compensatory damages(unless fraud=punitive damages)
implied contracts are not expressly stated
Implied in fact agreements in party have been inferred from there conduct, not oral or
written (remember painted fence)
Implied in law a court may award monetary damgages to a plaintiff for providing work or
services even though no actual contract existed (quasi contract) hospital bill
Unconscionable contract contracts that courts refuse to enforce in part or at all because it
is oppressive and unfair ( taken advantage of)
