Promisor Study guides, Class notes & Summaries

Contract Law Test Question With 100% Complete Solutions 2023 Updated Real Exam Hamer v. Sideway - ANSWER- Nephew was promised by his uncle that if he did refrain from drinking using tobacco, swearing, and playing cards or billboards until he became 21 years of age and then he would pay him $5,000. The nephew preformed the terms of the promise and he sent a letter to his uncle informing him of the performance. Uncle said he would give him the money just once he is a little older. The uncle die...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

Assignments and Delegations: Bring 3ps into K as partiesDonne Bénéficiaire they are donating something of value (don't owe anything ahead of time) Creditor Beneficiare creditor beneficiary is a beneficiary between A and B, C is waiting. Usually when they bring in someone they owe money to, into the contract Intended Beneficiary has the power to sue for breach (Insurance contract) Unintended Beneficiary parties that benefit from the contract between A and B, but it wasn't f...

Express Actual Authority: Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: he FAR and states that each authority is delegable unless specifically stated otherwise (FAR 1.108(...

AIC 301 Test Exam Questions Marking Scheme A legally enforceable agreement between two or more parties. - Answer -contract The party to a contract making a promise. - Answer -Promisor The party to a contract to whom a promise is made. - Answer -Promisee The relationship that exists between the parties to a contract. - Answer -Privity of contract A person who is not a party to a contract but who benefits from it and has a legal right to enforce the contract if it is breached by eit...

Is contract law statutory or common law? Usually common law Can vary state by state, but is becoming more uniform Can be supplemented by State statutes Two functions of contracts Dictate Performance Allocate Risk Contract law definition System of rules for enforcing promises and the breaking of promises Least cost avoider of risks Better at minimizing costs associated with risks Efficient legal rules are one that enforce contracts when the risk is borne by the ...

What is the restatement of contracts? Detailed Analyses of the decided cases in the field. the restatements declare the law as the courts have determined it to be. What is the Uniform Commercial Code? A large collection of legal rules regarding many important businesses or commercial activities. What are the Elements of a legal contract? 1. the parties reached an agreement. 2. consideration was present. 3. the agreement was legal. 4. the parties entered into the contract with ca...

what makes a contract irrevocable? - option contract detrimental reliance what is an option contract? - offeror promises to hold offer open for a special period in exchange for consideration what is determinantal reliance (promissory estoppel)? - 1. If Person A reasonable relies on 2. Person's B promise 3. In a way that causes Person A harm, then 4. Person B is estopped form not fulfilling the promise (Person B has kept the promise) what is partial performance? - form of detrim...

Elements of a binding contract correct answers1 .An offer must be made. 2. An acceptance must be given. 3. Something of value must be exchanged (consideration) When is a contract not enforceable? correct answers"illegal," Fraud, Minor Quasi-Contract (unjust enrichment) correct answers- Not necessarily a contract, but enforceable - A party confers a benefit that the second party accepts, would be unjust for the acceptor to keep benefit without paying. Promissory Estoppel correct ans...