FUNDAMENTALS OF LAW 2 SUFFOLK UNIVERSITY FINAL (PROFESSOR JANDA) QUESTIONS AND ANSWERS
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FUNDAMENTALS OF LAW 2 SUFFOLK UNIVERSITY
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FUNDAMENTALS OF LAW 2 SUFFOLK UNIVERSITY
FUNDAMENTALS OF LAW 2 SUFFOLK UNIVERSITY FINAL (PROFESSOR JANDA) QUESTIONS AND ANSWERS
Sale of land offer need two things: - Answer-Price and description (doesnt need to be super specific just needs to identifiable)
offer for services need: - Answer--description of the work
outside of what...
FUNDAMENTALS OF LAW 2 SUFFOLK
UNIVERSITY FINAL (PROFESSOR
JANDA) QUESTIONS AND ANSWERS
Sale of land offer need two things: - Answer-Price and description (doesnt need to be
super specific just needs to identifiable)
offer for services need: - Answer--description of the work
outside of what is on the other cards other terms of the offer can be - Answer-supplied
by the court and are not required.
Consideration - Answer-Consideration is a bargained for exchange of something of
legal value.
Bargain: - Answer-just make sure the parties bargain for something as opposed to
giving a gift.
Legal value: - Answer-A promise to do something or the actual doing of something one
is not already legally obligated to do.
A promise to refrain from doing something or refraining from doing something that one
is legally allowed to do.
(the thing you do or refrain from doing does not have to have financial value)
Sham consideration - Answer-(courts will not judge the adequacy of the consideration)
But
Something that is not really intended to serve as consideration is NOT consideration.
But be careful cause the possibility of value is.... - Answer-value.
The real possibility that the thing could have value is sufficient to constitute
consideration.
Past consideration: - Answer-Something that was done - usually an act - that would
have been consideration if it were bargained for when done. But it wasn't bargained for.
The preexisting duty rule: - Answer-A promise to perform something a party is already
legally obligated to do is NOT consideration.
can a contract be modified without new consideration? - Answer-Since a preexisting
duty is not consideration it follows that A contract cannot be modified without
consideration.
,Exceptions to the preexisting duty rule: - Answer--if there is a promise to do anything
new or different from the original promise, no matter how slight the change, there is
consideration
-Unanticipated circumstances exception: you dont need consideration to modify a
contract when circumstances arise that were not anticipated at the time the contract
was made. So long as the modification is fair and equitable. But this exception only
works if neither party has fully performed.
-Article 2 of the UCC (contracts for sales of goods) does not follow the preexisting legal
duty rule. I.E. a contract can be modified without consideration as long as the
modification is sought in good faith.
illusory promises - Answer--An illusory promise is an empty promise manifesting no
commitment.
Be careful of satisfaction clause (not illusory) must be in good faith.
Be careful of exclusive agency contracts: (not illusory)
Conditional promises are enforceable unless - Answer-the condition is entirely within the
promisor's control and so is not illusory.
A promise to choose one of several alternative means of performance is - Answer-
illusory unless every alternative involves some legal detriment to the promisor.
Defense: - Answer-a defense is a legal argument claiming that the agreement is not
enforceable as a contract.
First type of defense is claiming missing formation elements - Answer--was there an
offer?
-did it include essential terms such as quantity in a sale fo goods
-was there a valid acceptance?
-was the purported acceptance valid under the mirror image rule or under 2-207
-was there consideration
Formation elements negated defense: - Answer--lack of capacity
-mistake
(these negate the existence of mutual agreement)
Public policy defenses: - Answer--illegality
-statute of frauds
Overview of statute of frauds: - Answer-A contract within the statute is not enforceable
unless it is evidence by a writing and signed by the party to be bound.
What types of contract fall within the statute of frauds (6 things) - Answer--marriage:
contracts in which the consideration is marriage. (prenups)
-year (contracts that cannot be performed within a year)
,-land (contracts for interest in land)
-executor: contracts by executor or administrator to personally pay the debt of an estate.
-goods that are 500 dollars or more
-suretyship: contract to answer for the debt of another
Sale of goods 500 dollars or more - Answer-Contracts for the sale of goods are within
the statute of frauds if the price of goods is 500 dollars or more.
-the 500 dollar threshold includes modified price terms
Contracts that cannot be performed within a year of the contract being made: - Answer--
An oral contract of relatively short duration of work but which by the terms of the
contract cannot be done for over a year must be signed in writing to be enforceable.
-Contract to employ someone for life is - Answer-not within the statute of frauds cause
theoretically anyone can die at any time.
contract to complete a task with no set date of performance: - Answer-that does not fall
within the statute of frauds.
Contracts for the sale of land:
Contracts for the sale of real estate - Answer-within the statute of frauds
Any contract that creates an interest in land for more than a year is - Answer-also within
the statute of frauds.
Contract with broker to sell land - Answer-does not fall under statute of frauds
Suretyship: - Answer-A surety is a guarantor of the debt of another person.
You are the backstop if payment is not made.
falls within statute of frauds
Executor: - Answer-A promise by an executor or administrator to pay down the estate's
debt out of their own funds.
falls within statute of frauds
Marriage contract - Answer-Contract where the consideration is marriage
Will normally start out with if you marry me/if you marry my son or daughter you will get.
Exceptions to statute of frauds (4 things) - Answer-Sale of goods statute of frauds
exceptions:
-specially manufactured goods
-written confirmation by merchant
-admissions
-performance
, Specially manufactured goods: - Answer--a contract for a sale of goods for 500 dollars
or more can be enforced without writing if the goods are specially manufactured goods.
(these are goods that are made to order like custom made goods. It is not suitable to
sale to anyone but one particular buyer)
Written confirmation by merchant: (merchant's confirmatory memo rule) - Answer--
applies only in contracts between merchants.
-must be oral agreement
-one party must send written confirmation of the agreement
-that would be sufficient to bind that party if he were the one being sued.
-no written objection within 10 days from the other side.
(merchant: anyone in business or general deals in goods of the kind sold)
Admissions: - Answer--if you admit to having a contract in court then you are bound.
Contract for sale of land:
Contracts for the sale of land performance. - Answer-Full performance by the seller
takes the contract out of the statute
Part performance by the buyer might take the contract out of the statute of frauds.
(part performance that unequivocally indicates that the parties have contracted for the
sale of land that will take it out of the statute of frauds)
Requires 2 things
-payment of the purchase price
-possession of the subject land or valuable improvements on the land.
Performance: (statute of frauds) - Answer--performance takes the contract out of the
statute of fraud to the extent of the performance accepted.
What type of writing will do: (statute of frauds) - Answer-A contract does not have to be
in writing we just need a writing containing the essential terms that is signed by the
party being sued.
Written memorandum (electric records and emails count. Example attempted
cancellation)
The writing doesnt have to be on one piece of paper can be across multiple
Signature can be any type of mark that is intended to authenticate the writing. Electronic
or otherwise
Sale of goods = - Answer-all we need is quantity in the contract
Sale of land = - Answer-we need price and description in the contract
Service contracts = - Answer-need description of the work to be in the contract.
Absence of mutual assent: defense to contracts (3 things) - Answer-Mistake
Misunderstanding
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