Bilateral mistake - Study guides, Class notes & Summaries

No, the buyer should have double checked the shipping date. - Answer Yes, there was a bilateral mistake of material fact Acme, a Dover, Delaware company, is to send widgets to a customer in Elmira, New York, under a destination contract. The contract will read F.O.B.Dover, Delaware F.O.B.Elmira, New York F.A.S.Dover, Delaware F.A.S.Elmira, New York - Answer F.O.B.Elmira, New York

LAW OF CONTRACT NOTES: Contract as an agreement intended to create enforceable obligations A contract is an agreement between two or more parties. The extra ingredient that distinguishes contracts from non-binding agreements is a serious intention to create legally enforceable obligations (animus contrahendi). The absence of an animus contrahendi explains why ‘gentlemen’s agreements’ are not enforceable as contracts. Legally binding agreements that are not contracts: The ...

PVL3702 Assignment 2 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references .............. Question 1 Answer saved Marked out of 1.00 Flag question Question text Gary points a loaded gun at Pete, and orders him to sign a written contract. Gary explains that the document is for the sale of Pete’s car to him (Gary), at a price of R50 000 which is far below the market value of the car. Pete, fearin...

Bilateral (Mutual) Mistakes of Fact - A mistake by both contracting parties about one or more material facts generally entitles either party to rescind the contract What are two defenses to the enforceability of a contract? - The parties must both voluntarily consent to a form, a contract, or the contact must be in writing to be enforceable. Adhesion Contract - One that is written exclusively by one party and presented to the other on a take-it or leave-it basis. Bargained-for-exchange - S...

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

PVL3702 EXAM PACK 2024/2025 PVL3702 What is the primary purpose of contract law? o A) To enforce criminal laws o B) To provide a framework for legal agreements o C) To regulate family matters o D) To govern property disputes Answer: B) To provide a framework for legal agreements Rationale: Contract law establishes the rules for making and enforcing agreements between parties. 2. Which of the following is not an essential element of a contract? o A) Offer o B) Acceptance o C) Conside...

precedent the tendency to decide current rulings based on previous cases, only binding in lower courts common law judge made law, often created through many precedents judicial power gives the right to interpret laws and determine their validity statutes legislature to become a law laws bill (congress), simple majority in house and senate -> president (veto power) -> 2/3 in house and senate -> statute injunction order to stop doing something ...

Louisiana 45-Hour Salesperson Post-License Course Exam 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 contrac...

Question text Feedback The correct answer is: Illusory promises Question text Select one: Feedback The correct answer is: Linda's acceptance is effective and a contract is created Question text l Question text On October 29, 1989, Al Glitz agrees to paint Georgia's house during Thanksgiving week for $4,000 in exchange for Georgia's promise to pay him $4,000 in cash immediately upon completion of the work. Which of the following statements is true with regard to this case? Select one: a. Georg...

Louisiana 45-Hour Salesperson Post-License Cour 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 wh...