Voidable contract - Study guides, Class notes & Summaries

Question 1: Y and Z have reached an agreement where Y will offer to sell his leather couch to Z first before offering it to others. This agreement is indicative of a pre-emption right, where one party has the right of first refusal. Correct Answer: 2. Y and Z concluded a pre-emption contract. Question 2: X coerces Y into signing a contract for the sale of Y's car at an undervalued price. Given the circumstances of coercion and undue pressure, Y's most likely cause of action would b...

Contract - An agreement between tow or more parties that is legally enforceable. Differ state-to-state by law Not every promise can be enforced legally, but a set of promises confirmed in a contract entitles the party that is injured by a breach of that contract to force the other party to honor the contract through government intervention Express Contract - The terms are understood by written or oral words. Each instance of the terms is agreed upon Implied Contract - Where the contract i...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

In NYS, how old must one be to enter into contracts? 18 What other capability should they possess? Mental and emotional capability What happens if one of the parties to the contract is a minor? The contract is voidable by the minor What does the zoning board of appeals do? Grants variances What regulates construction standards in NYS? Building codes What does municipal engineer's office do? Oversees planning and construction of major highways, sweet syst...

ICAEW ACA Law Question and answers 2024 verified to pass Contract - CORRECT ANSWER - An agreement which legally binds the parties What are the essential elements of a contract - CORRECT ANSWER - Offer and acceptance, agreement. Intention to create legal relationship consideration. Standard form contract - CORRECT ANSWER - A standard document prepared by many large organisations and setting out the terms on which they contract with their customers. Prepared by the dominant party which ...

REAL ESTATE U FINAL EXAM AND FINAL PRACTICE EXAM LATEST ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ Are unlicensed assistants allowed to record and deposit trust money deposits and maintain trust account records under the close supervision of the offer broker-incharge? - ANSWER-Yes What entities must have a firm license to operate as a broker in North Carolina? - ANSWER-Any type other than sole proprietorships. When should written a...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - ANS - Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which the...

Test Bank for Business Law and the Legal Environment, Standard Edition 9e 9th Edition by Jeffrey F. Beatty, Susan S. Samuelson, Patricia Sanchez Abril. ISBN-13: 3366 Full Chapters test bank included Unit 1: THE LEGAL ENVIRONMENT. 1. Introduction to Law. 2. Ethics and Corporate Social Responsibility. 3. International Law. 4. Common Law, Statutory Law, and Administrative Law. 5. Constitutional Law. 6. Dispute Resolution. 7. Crime. Unit 2: TORTS. 8. Intentional Torts and Business Torts...

Promulgated Contract Forms - Champions School Of Real Estate Latest Test Mutual consent a "meeting of the minds" Unilateral Contract A contract in which only one party Is obligated to perform. one sided Consideration something given in exchange for a promise Option an agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time Unenforceable Contract a contract that cannot be enforced due to some flaw or other issu...