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BLAW 341 Exam 2- Maull Questions and Answers 100% Solved | Graded A+
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BLAW 341 Exam 2- Maull Questions and Answers 100% Solved | Graded A+ Chapter 10 - Contract - A set of promises constituting an agreement between parties, giving each a legal duty to the other and the right to seek a remedy for the breach of the promises or duties Objective theory of contract...

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  • December 21, 2024
  • 57
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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BLAW 341 Exam 2- Maull Questions and

Answers 100% Solved | Graded A+


Chapter 10 - ✔✔

Contract - ✔✔A set of promises constituting an agreement between parties,

giving each a legal duty to the other and the right to seek a remedy for the

breach of the promises or duties

Objective theory of contracts - ✔✔The view that contracting parties shall

only be bound by terms that can be objectively inferred from promises

made (judged by outward, objective facts as interpreted by a reasonable

person)

Objective facts include... - ✔✔what the party said when entering into the

contract,



how the party acted or appeared, and



the circumstances surrounding the transaction




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,Pan Handle Realty, LLC v. Olins - ✔✔Olins want to rent a luxury house

from Pan Handle realty. They sent him lease, they met up and negotiated,

and a final draft of the lease was signed. Olins gave a check for the first

year's rent but stopped making payments on it. Olins said he no longer

intended to rent the house. Realty sued for breach of contract



Decision: Realty won. Olins appealed but appellate court affirmed lower

court's decision. Realty was granted compensation of one year's rent plus

attorney and other fees

4 requirements for a valid contract - ✔✔agreement, consideration,

contractual capacity, legality



without all 4, no true contract exists

Agreement - ✔✔offer and an acceptance. One party must offer to enter into

a legal agreement, and another party must accept the terms of the offer

Consideration - ✔✔Any promises made by the parties must be supported

by legally sufficient and bargained-for consideration (something of value

received or promised to convince a person to make a deal)




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,Contractual Capacity - ✔✔The legal ability to enter into contracts. The

threshold mental capacity, or competence level, required by law for a party

who enters into a contract to be bound by that contract

Legality - ✔✔The contract's purpose must be to accomplish some goal that

is legal and not against public policy

Defenses to the Enforceability of a Contract - ✔✔1. Voluntary consent

2. Form

Voluntary consent - ✔✔The consent of both parties must be voluntary. For

instance, if a contract was formed as a result of fraud, mistake, or duress

(coercion), the contract may not be enforceable

Form - ✔✔The contract must be in whatever form the law requires. Some

contracts must be in writing to be enforceable

Two parties in the contract - ✔✔offeror (makes the proposal) and offeree

(accepts or rejects)

Bilateral Contract - ✔✔Promise for a promise: A type of contract that arises

when a promise is given in exchange for a return promise




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, No performance, such as the payment of funds or delivery of goods, need

take place; the contract comes into existence at the moment the promises

are exchanged

Bilateral Contract example - ✔✔I'll give you $200 for your old iPhone

Unilateral Contract - ✔✔Promise for an act/performance: A type of contract

that results when an offer can be accepted only by the offeree's

performance



The contract is formed not at the moment when promises are exchanged

but rather when the contract is performed

Unilateral Contract example - ✔✔IF you drive my car from NYC to LA, I'll

pay you $1,000

Revocation of Offers for Unilateral Contracts - ✔✔once performance has

been substantially undertaken, offeror cannot revoke offer

Formal contracts - ✔✔contract that require a special form or method of

creation (formation) to be enforceable



ex. negotiable instruments (checks, drafts, promissory notes, and

certificates of deposit)


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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