BUSL - Exam #3

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To be legally sufficient, consideration must be bargained for and be of legal value.

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The Statute of Frauds requires the writing to be a single integrated document.

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If a debt is liquidated, the parties have a good faith disagreement on the exact amount of the debt.

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Minors may avoid both executory and executed contracts

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After Uncle Ned is declared incompetent to manage his own legal affairs, his court-appointed guardian, Stewie, can sign contracts on Ned's behalf.

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Adam sent Eve an offer by surface mail. Eve may accept the offer by overnight courier.

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An unconditional offer of cash or a cash equivalent in exchange for services to be provided is an example of the incurring of a legal detriment.

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A contract that, by its own terms, can be performed within a year from the date of making, must be in writing to be enforceable.

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Carl and Daniel agree Daniel owes Carl $500. If Carl agrees to accept $400 from Daniel to settle the debt, the debt will be discharged.

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A unilateral mistake of a material fact may be grounds for the mistaken party to rescind a contract if the non-mistaken party did not know or have reason to know of the mistake.

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Brad accepts Stanley's offer to ell his sailboat for $3,000. The contract does not include a time for the exchange of the money for the boat. A court may not supply the performance term to complete the contract.

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Sheree intends to testify she was a minor when she entered into a written contract with Terrance. Under the Parol Evidence Rule, this testimony would be ruled inadmissible.

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If the offeree has substantially performed the requested act in an offer for a unilateral contract, the offeror is prevented from revoking the offer.

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Angus rejects Charlie's offer to purchase Angus' pool table for $700, then changes his mind and communicates an acceptance of the offer. Angus' acceptance is effective and a contract now exists.

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Under the UCC, parties may agree to modify the terms of an existing contract without providing new consideration.

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In determining whether a contract can be performed within a year, the measuring period starts the day the contract is signed and ends when the performance is completed.

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Extraordinary difficulties unforeseen at the time a contract was formed may justify a demand for additional compensation

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Angela offers to pay Paula $1,000 if she will not paint the front door to her home magenta. If Paula agrees, a valid, enforceable contract exists.

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Giving up the right to sue on a valid claim may be consideration for receiving a sum of money to resolve a case in litigation.

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Mike has completed and been paid for a renovation of Ike's summer home. Ike is so pleased he offers to pay Mike an additional $2,000. Ike's promise is legally binding.

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At Common Law, a transaction that lacks a bargained-for exchange of consideration will not be upheld even if the parties knowingly and voluntarily consented to it.

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Andi, a representative for Nature's Best Juice Co., has contracted for the entire crop of Bill's cranberry crop. This contract fails for indefiniteness.

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A recital of nominal consideration is always interpreted to be sham consideration.

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During formation of a contract parties may offer as consideration promises to do what they are already legally required to do.

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An oral agreement to hire an employee for two years is not enforceable.

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The Common Law requirement that the acceptance contain exactly the same terms as the offer is the _________ rule

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Which element of a contract is met by a meeting of the minds?

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Courts use the "main purpose" rule to determine

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In which of the following situations would oral evidence be allowed?

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The term for the withdrawal of an offer by an offeror is

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Ann is injured in an accident caused by Bob. Bob agrees to pay Ann $2,500 if she agrees to release Bob from further liability. Ann agrees. If Ann's damages ultimately exceed $2,500, Ann can

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Bay Crab Processor has a contract with Jim, a local crabber, to buy all the crabs Jim catches during the season for $35 a bushel. This is an example of a(n) __________ contract.

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Alan and Britney enter into an oral contract. Alan lists the terms on a sheet of paper containing his business logo and address and signs it. Britney does not sign the paper. This agreement is enforceable against

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Which of the following statements about nominal consideration is correct?

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Which of the following is not a term a court will supply if it is missing in the contract?

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Which of the following statements is true about modifying contracts governed by the Code?

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Milo files a suit against National Corporation under the doctrine of promissory estoppel. Milo must show that

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Parol evidence is evidence based on

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Which of the following is an example of an unliquidated debt?

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Larry Lawyer entered into a contract to buy land from a client at well below market value. The client was elderly and trusted Larry as his lawyer and son of his best friend to be fair and give him good advice. Client can rescind the contract based on

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Cashing a check marked "paid in full" creates an accord and satisfaction under which circumstances?

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If an offer does not specify how long it will remain open, it will remain open for

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Frank put an ad in the local paper stating he had a 1998 Avalon with 110,000 miles for sale for $9,000. Which statement best describes the legal status of this ad?

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Which of the following is an illusory promise?

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Dell, a farmer, has an agreement to lease 500 acres from Wood for 3 years. Must this agreement be in writing to be enforceable?

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On June 25, Sam Seller mailed Ben Buyer an offer to sell his car to Ben for $10,000. The offer arrived on June 28. Ben put his acceptance in the mail on June 30, but, because of the long holiday, it did not arrive at Sam's home until July 7. Sam found a buyer who was willing to pay $11,000 for the car and mailed a revocation on June 27. Ben got the revocation on July 1. Was a contract formed between Sam and Ben? If so, on what date did it become effective?

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Quinn promises to sell his RV to Sid, who builds a structure behind his house in which to keep it. Quinn's attempt to renege on the promise is

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Ruth, a minor, charges groceries at Sam's Mart. Two days later, Ruth disaffirms the purchase. Ruth owes Sam's Mart

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Alpha Cable Company, a subcontractor, understates its bid on a project for Beta Communications, Inc., the general contractor, due to an addition error. Alpha can most likely

Quiz am BUSL - Exam #3, erstellt von ermarv12 am 01/05/2014.

BUSL - Exam #3

To be legally sufficient, consideration must be bargained for and be of legal value.

The Statute of Frauds requires the writing to be a single integrated document.

If a debt is liquidated, the parties have a good faith disagreement on the exact amount of the debt.

Minors may avoid both executory and executed contracts

After Uncle Ned is declared incompetent to manage his own legal affairs, his court-appointed guardian, Stewie, can sign contracts on Ned's behalf.

Adam sent Eve an offer by surface mail. Eve may accept the offer by overnight courier.

An unconditional offer of cash or a cash equivalent in exchange for services to be provided is an example of the incurring of a legal detriment.

A contract that, by its own terms, can be performed within a year from the date of making, must be in writing to be enforceable.

Carl and Daniel agree Daniel owes Carl $500. If Carl agrees to accept $400 from Daniel to settle the debt, the debt will be discharged.

A unilateral mistake of a material fact may be grounds for the mistaken party to rescind a contract if the non-mistaken party did not know or have reason to know of the mistake.

Brad accepts Stanley's offer to ell his sailboat for $3,000. The contract does not include a time for the exchange of the money for the boat. A court may not supply the performance term to complete the contract.

Sheree intends to testify she was a minor when she entered into a written contract with Terrance. Under the Parol Evidence Rule, this testimony would be ruled inadmissible.

If the offeree has substantially performed the requested act in an offer for a unilateral contract, the offeror is prevented from revoking the offer.

Angus rejects Charlie's offer to purchase Angus' pool table for $700, then changes his mind and communicates an acceptance of the offer. Angus' acceptance is effective and a contract now exists.

Under the UCC, parties may agree to modify the terms of an existing contract without providing new consideration.

In determining whether a contract can be performed within a year, the measuring period starts the day the contract is signed and ends when the performance is completed.

Extraordinary difficulties unforeseen at the time a contract was formed may justify a demand for additional compensation

Angela offers to pay Paula $1,000 if she will not paint the front door to her home magenta. If Paula agrees, a valid, enforceable contract exists.

Giving up the right to sue on a valid claim may be consideration for receiving a sum of money to resolve a case in litigation.

Mike has completed and been paid for a renovation of Ike's summer home. Ike is so pleased he offers to pay Mike an additional $2,000. Ike's promise is legally binding.