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Sports Law Exam 2 - Contract Law Exam Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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Sports Law Exam 2 - Contract Law Exam Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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Sports Law Exam 2 - Contract LawContract - ANS A formal term to describe a voluntary agreement, which imposes duties and
benefits.
What does a contract impose? - ANS duties, benefits
A contract is ______ than a promise - ANS more
If breached, the law will provide a _____? - ANS remedy
Contract law's basis - ANS state law
Two ways a contract can be created - ANS express or implied
Express - ANS oral or written; terms clearly stated
Implied - ANS conduct indicates an agreement exists
Valid Contract - ANS one that is enforceable; provides relief to the non-breacher of the contract.
Breach - ANS when one party does not fulfill its obligation
Void - ANS not a contract; fails to meet contract standards
Voidable - ANS valid contract but has an option for one or both of the parties to cancel it.
Example of a voidable contract? - ANS a buyout clause; one party can pay the other to get out
of the contract.
3 Elements of a Contract - ANS 1. Offer
2. Acceptance
3. Consideration
Offer - ANS a party has to clearly state that they want a contract to exist; creates power of
acceptance; may provide the way that another party can accept the offer
Acceptance - ANS the other party must accept the offer and mirror what was in the offer; if you
of not accept the terms, you may offer a counteroffer; done by an agent or the offeree; must be
in positive manner through words or conduct; changing terms would only be a counteroffer; it
must be communicated to the offeror, not silence.
, Counter Offer - ANS When the offeree does not accept the original terms, and instead offers
new terms, and thus becomes the offeror.
Consideration - ANS an exchange of value between the parties or benefits. Usually
comparable; some sort of value or benefit given or given up by each party.
Consideration is not.... - ANS a gift or past performance
Elements of a Valid Contract - ANS - both parties clearly identified (names)
- term and length of the contract identified
- are there any warranties, obligations or representations?
- clearly identifying what each party must do
- any termination agreements (buyouts, morale, non-disclosures, etc).
Two additional elements to a contract - ANS 1. legality
2. capacity
Legality - ANS only covers legal issues; subject matter must be legal (ex: drug dealer)
Capacity - ANS ability of each party to enter into a contract
Examples of Incapacity - ANS -health reasons
- incompetence (mental)
- under the age of 18
- drug or alcohol impairment
A waiver... - ANS is a contract that excuses negligible behavior.
Consideration Waiver Example - ANS Skydiver gives up money to enjoy the activity.
Companies give up the activity, the experience, the use of their equipment.
Waiver general rules - minors - ANS waivers not enforceable to minors; and in some states
parents signatures not enough
Court looks at two elements of Waivers - ANS 1. content
2. context
- some states accept any waiver, others accept none.
NY State and Waivers - ANS -disfavors but accepts
NY State and Waivers Standard - ANS Rigorous Scrutiny
NY State Waiver Requirement - ANS - must include waiver and negligence in document
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