Blr 302 exam 1 Question and answers already passed 2024/2025
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Blr 302 exam 1 Question and answers already passed 2024/2025 Blr 302 exam 1
Contracts - correct answer Provide consistency and stability in law and society
Contract law deals with - correct answer enforceable promises
Contract formula - correct answer K = O + A + C + (Legality + Cap...
blr 302 exam 1 question and answers already passed
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Blr 302 exam 1
Contracts - correct answer ✔Provide consistency and stability in law and
society
Contract law deals with - correct answer ✔enforceable promises
Contract formula - correct answer ✔K = O + A + C + (Legality + Capacity)
Pacta sunt servanda - correct answer ✔agreements must be kept (sanctity of
a contract)
Bona fide - correct answer ✔good faith
ex post facto - correct answer ✔after the fact
objective theory of contracts - correct answer ✔resonable person
3 p's - correct answer ✔predict, provide, protect
3 v's - correct answer ✔Valid, Void, Voidable
Major defenses in contract law - correct answer ✔Fraud, duress, mistake
(bilateral/mutual)
Bilateral Contract - correct answer ✔promise for a promise
,Unilateral Contract - correct answer ✔promise for an act
Implied Contract - correct answer ✔A contract formed in whole or in part
from the conduct of the parties. (quasi - prevent unjust enriching)
Express Contract - correct answer ✔A contract in which the terms of the
agreement are fully and explicitly stated in words, oral or written.
Quantum Meruit - correct answer ✔"As much as he deserves" - the damages
awarded in a quasi-contract case
Statute of Frauds - correct answer ✔A state statute under which certain
types of contracts must be in writing to be enforceable.
locus sigilli (L.S.) - correct answer ✔Latin phrase for "the location of the seal"
Personal Service Contract - correct answer ✔unique talents, abilities, and
skills
promissory estoppel (detrimental reliance) - correct answer ✔allows a party
to recover on a promise even though that promise was made without
consideration
Hoffman v. Red Owl Stores - correct answer ✔Promissory estoppel case
where plaintiff sells his bakery to own a red owl store then they backed out
Raffles v Wichelhaus - correct answer ✔Mutual mistake: a mistake as to the
identity of the subject matter, where both parties think differently of the subject
being bought
, Bales of cotton from Bombay, on a ship with the same name as another ship.
Meeting of the minds
Uniform Law Commission - correct answer ✔group that addresses need for
standardization, especially in biz, drafts "model statutes" for states to consider
drafting; must be passed by state legislature before becoming law
Advertisments - correct answer ✔considered invitations to negotiate NOT
offers
Lefkowitz v. Great Minneapolis Surplus Store - correct answer ✔Ads in the
newspaper that included the quantity of items, price, place, and because it
said first come first served, it was a specific person. Ads were a binding offer.
non-offers - correct answer ✔statements of opinion
statements of intention
statements with some exceptions
agreements to agree
estimates for services
Puffery - correct answer ✔the legal exaggeration of praise, stopping just
short of deception, lavished on a product
Offers must be clear and not ambiguous - correct answer ✔or void for
vagueness
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