Bilateral mistake - Study guides, Class notes & Summaries

ACC 480 Chapter 15 Exam Questions With 100% Correct Answers. C Fact Pattern 15-B1 (Questions B1-B2 apply) Digital Storage, Inc., offers to sell provide cloud-computing services to Entrepreneur Enterprises, Inc., but mistakenly transposes some of the digits in the price so that $15,400 appears in the offer as $14,500. Entrepreneur Enterprises accepts the written offer. B1. Refer to Fact Pattern 15-B1. Entrepreneur Enterprises’ best argument in favor of enforcement of the contract is th...

Louisiana 45-Hour Salesperson Post-License Course Already Graded A Obligation A legal relationship in which a person (the obligor) becomes bound to perform in another person's (the obligee's) favor Contract An agreement between two or more parties that creates, modifies, or extinguishes obligation(s) Synallagmatic/bilateral contract A contract that obligates both parties Unilateral contract: A contract that only obligates one party Onerous contract: A contract in which each party obtains an...

Impossibility of Performance - ️️A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party) Novation - ️️The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated. Typically, this involves the substitution of a new party for one of the original parties to the contract Anticipatory Repudiati...

Capacity Correct Answer ability of a person to enter into a valid contract ** Age and Mental Condition What are the 6 requirements of a valid contract? Correct Answer OACLCI Offer, Acceptance, Consideration, Legality, Capacity, Intent Bilateral contract Correct Answer Promise for a Promise; contract is created at the time of promises Unilateral contract Correct Answer promise for performance; completed when act is completed Mutual assent Correct Answer meeting of the minds How ...

ACC 480 Chapter 15 Exam Questions With 100% Correct Answers. C Fact Pattern 15-B1 (Questions B1-B2 apply) Digital Storage, Inc., offers to sell provide cloud-computing services to Entrepreneur Enterprises, Inc., but mistakenly transposes some of the digits in the price so that $15,400 appears in the offer as $14,500. Entrepreneur Enterprises accepts the written offer. B1. Refer to Fact Pattern 15-B1. Entrepreneur Enterprises’ best argument in favor of enforcement of the contract is th...

Obligation - ANSWER A legal relationship in which a person (the obligor) becomes bound to perform in another person's (the obligee's) favor Contract - ANSWER An agreement between two or more parties that creates, modifies, or extinguishes obligation(s) Synallagmatic/bilateral contract - ANSWER A contract that obligates both parties Unilateral contract: A contract that only obligates one party Onerous contract: - ANSWER A contract in which each party obtains an advantage in exchange f...

ACC 480 Chapter 15 Exam Questions With 100% Correct Answers. C Fact Pattern 15-B1 (Questions B1-B2 apply) Digital Storage, Inc., offers to sell provide cloud-computing services to Entrepreneur Enterprises, Inc., but mistakenly transposes some of the digits in the price so that $15,400 appears in the offer as $14,500. Entrepreneur Enterprises accepts the written offer. B1. Refer to Fact Pattern 15-B1. Entrepreneur Enterprises’ best argument in favor of enforcement of the contract is th...

CPCU 530 Exam Questions and Answers All Correct Civil Law - Answer-Comprehensive codes of written laws or statutes that apply to all legal questions. These systems rely on scholarly interpretations of their codes and constitutions rather than on court decisions Common Law - Answer-Body of law derived from court decisions as opposed to statutes or constitutions. Doctrine of Stare Decisis - Answer-Principle that lower courts must follow precedents set by higher courts Substantive Law -...

Obligation - ANSWER A legal relationship in which a person (the obligor) becomes bound to perform in another person's (the obligee's) favor Contract - ANSWER An agreement between two or more parties that creates, modifies, or extinguishes obligation(s) Synallagmatic/bilateral contract - ANSWER A contract that obligates both parties Unilateral contract: A contract that only obligates one party Onerous contract: - ANSWER A contract in which each party obtains an advantage in exchange f...

BUSFIN 3500 Final Exam | Questions and Answers Contract promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty Contract Law falls under what jurisdiction State Elements of a Contract Agreement Consideration Legal Capacity Legal Object Agreement consists of an offer by one party to enter into a contract an acceptance of the terms by the other party Consideration the bargained-for exchange for his or her promis...