Exam (elaborations)
LEB 320F - Exam 3 Questions and Answers
- Course
- Institution
LEB 320F - Exam 3 Questions and Answers
[Show more]
Content preview
LEB 320F - Exam 3 Questions and AnswersWhat are the 4 elements of a valid contract? - Answer -1. agreement
2. consideration
3. legality
4. capacity
What is a contract? - Answer -a legally binding agreement - a private agreement that is backed up by law
elements - agreement, consideration, legality, capacity
What are the 4 classifications every contract has? - Answer -1. bilateral v. unilateral
2. express v. implied v. quasi
3. valid v. void v. voidable v. unenforceable
4. negotiated v. adhesive
What does whether a contract is bilateral or unilateral address? - Answer -"what does the promisor want?" or "what does the promisee need to give the promisor?"
What does a bilateral contract mean? - Answer -a promise for a promise
most contracts are bilateral in nature - promise now for performance later
ex - Astrid is a singer - "Astrid, I promise to pay you $200 if you promise to come sing a song in my office at 2 oclock"
-the promise was made now, but the performance won't be until later
What does a unilateral contract mean? - Answer -a promise for performance
there is no contract until the performance actually happens
ex - Astrid is a singer - "Astrid, if you come by and sing to me at 2 oclock, I'll pay you $200"
-the only breach that might happen in the unilateral situation is that she might show up and sing and I don't pay her
-even if Astrid doesn't show up to sing, no contract was breached
How can a contract be created expressly? How can a contract be created impliedly? - Answer -expressly - through our words
impliedly - through our actions What is an express contract? - Answer -signing something, written contract, verbal contract, etc.
What is an implied contract? - Answer -ex- purchasing groceries, eating at a restaurant, barbershop
What is a quasi contract? - Answer -actually not a contract at all - a situation where a contract does not exist, and the court creates one
the court says "we've got a contract type situation in the absence of an actual contract" (here court = judge)
quasi damages are used when there is not contract, but the court believes if the defendant pays, things will be made right - in the case of unjust enrichment (unjust enrichment leads to the plaintiff being paid for the fair market value of their services
-ex- a soctor billing for services that weren't signed for
When are quasi court damages used? - Answer -when there is no contract, but the court believes if the defendant pays, things will be made right - in the case of unjust enrichment (unjust enrichment leads to the plaintiff being paid for the fair market value of their services
-ex- a doctor billing for services that weren't signed for
What is a valid contract? - Answer -one that has all of the elements
When is a contract void? - Answer -when all 4 elements aren't present - it never was a contract in the first place (ex- if the contract is illegal)
neither party is bound - you cannot breach it because there's nothing to breach
What is a void contract? - Answer -never was a contract in the first place - when all 4 elements aren't present
What is a voidable contract? - Answer -where one of the parties can walk away without penalty
ex- an adult goes into business with a minor
-minors, for a period of time, have the freedom to walk away without penalty (but the adult can't walk away)
What is an unenforcable contract? - Answer -a valid contract that later becomes unenforcable (by some operation of law)
When is a contract unenforcable? - Answer -nothing starts out as unenforcable - the court won't back it up anymore
what are some operations of law that might make a completely valid contract unenforcable?
1. if you want to sue someone for breach of contract after the statute of limitations (usually 1 year after the breach) has expired 2. if at the time of agreement the contract is legal, but before the time the contract is going to be acted on a piece of legislation is passed making the contract illegal
-it was legal when the agreement was struck, but it became illegal
-called intervening illegality
What are some operations of law that might make a completely valid contract unenforcable? - Answer -1. if you want to sue someone for breach of contract after the statute of limitations (usually 1 year after the breach) has expired
2. if at the time of agreement the contract is legal, but before the time the contract is going to be acted on a piece of legislation is passed making the contract illegal
-it was legal when the agreement was struck, but it became illegal
-called intervening illegality
What is whether a contract is negotiated or adhesive concerned with? - Answer -how did we arrive at the terms?
how did you settle on those terms?
When is a contract considered negotiated? - Answer -where we both had a say in it
When is a contract considered adhesive? - Answer -when it's a take it or leave it contract
ex- cell phone contract, lease agreement
okay, because nobody's making you have an apartment or a cell phone
9/10/13 ethics - Answer -ethics- about morality, but not necessarily legality (the moral code that a subset of society follows)
utilitarianism
-greatest good
-ends justify means
-John Stuart Mill
-Jeremy Rotham
deontology
-rules matter
-follow the code
-ten commandments
-golden rule
-Immanuel Kant
virtue ethics
-what is the character of the actor?
-honesty, integrity, etc.
-Aristotle
9/26/13 ethics - Answer -scenario: if someone's a salesman of a company and uses their own car, the company reimburses them for mileage. If the company says they'll pay them back once a quarter for a car wash if they bring in a receipt for the car wash.
-what id you already get free car washes?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now