Pleasant BLAW Exam 3 Questions With Verified Answers Contract
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Course
Blaw 3391
Institution
Blaw 3391
Pleasant BLAW Exam 3 Questions With Verified Answers
Contract
An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future.
Bilateral Contract
promise for a promise
Unilateral Contr...
pleasant blaw exam 3 questions with verified answe
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Pleasant BLAW Exam 3 Questions With
Verified Answers
Contract
An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to
perform or to refrain from performing some act now or in the future.
Bilateral Contract
promise for a promise
Unilateral Contract
promise in exchange for an act
Formal Contract
requires a special form for creation
Informal Contract
requires no special form for creation
Express Contract
Formed by words (oral, written, or a combination)
Implied Contract
formed by the conduct of the parties
Purposes of Contracts
Sale of Merchandise
Employment
Transfer of ownership of land or personal property
expressed contract
made clear, specifically stated
implied contract
based on actions
Quasi Contract
a contract formed after the fact
example: unjust enrichment, benefit underserved
4 elements of a contract
1. Agreement
2. Consideration
3. Capacity
4. Legality
, 3 Parts of Valid Offer
1. definite and certain
2. communicated to offeree
3. serious intention that offeror will be bound
duress
Unlawful pressure brought to bear on a person, causing the person to perform an act that he or she
would not otherwise perform.
Undue Influence
arises when one party can greatly influence another due to a relationship and trust
unconsionable contracts
Shock your conscious
shockingly unjust or unfair
Statue of Frauds
A state statute under which certain types of contracts must be in writing to be enforceable.
Contracts under Statue of Frauds
1. Agreements by an executor or administrator to pay the debts of a deceased person.
2. Agreements to answer for the debts of another.
3. Agreements that cannot be completed in less
than one year.
4. Agreements made in contemplation of marriage.
5. Agreements to sell any interest in real property.
6. Agreements to sell personal property for $500 or more.
Essential Elements of a Written Contract
1. Names of parties
2. Purpose of agreement
3. Description of consideration promised
4. Date and place where contract was made
5. Signatures of parties
Exceptions to Statute of Frauds
1. admission
2. partial performance
3. promissory estoppel (ex. Sally and Uncle Jewelry)
Parol Evidence Rule
spoken or written words in conflict cannot be introduced as evidence
breach of contract
refusal to perform
unsatisfactory performance
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