LSB 3213 Exam 2 OK State Questions with 100% Correct Answers | Latest Update | Verified
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Course
LSB 3213 OK State
Institution
LSB 3213 OK State
Bilateral (Mutual) Mistakes of Fact - A mistake by both contracting parties about one or more
material facts generally entitles either party to rescind the contract
What are two defenses to the enforceability of a contract? - The parties must both voluntarily
consent to a form, a contract, or th...
LSB 3213 Exam 2 OK State
Bilateral (Mutual) Mistakes of Fact - A mistake by both contracting parties about one or more
material facts generally entitles either party to rescind the contract
What are two defenses to the enforceability of a contract? - The parties must both voluntarily
consent to a form, a contract, or the contact must be in writing to be enforceable.
Adhesion Contract - One that is written exclusively by one party and presented to the other on a
take-it or leave-it basis.
Bargained-for-exchange - Something with legally sufficient value is offered in exchange for a
promise or performance.
.
Consideration must be given by how many of the parties? - If a promise is not supported by
consideration, the promise is considered gratuitous and not legally enforceable.
Fraudulent Misrepresentation - When an innocent party is induced to enter into a contract by a
misrepresentation of material fact.
How do courts interpret contracts? - A court will enforce a contract according to its obvious terms.
Intent to Deceive - This is knowledge of a misrepresenting party that facts have been falsely
represented.
Unconscionable Contracts or Clauses - These are contracts whose bargains are so oppressive that
the courts relieve innocent parties of part or all of their duties.
What about offers made to the general public - how can these be properly revoked? - In the
manner in which it was originally communicated.
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