Perry binder exam 4 GSU QUESTIONS AND 100% CORRECT ANSWERS
5 views 0 purchase
Course
Perry binder
Institution
Perry Binder
Perry binder exam 4 GSU QUESTIONS AND 100% CORRECT ANSWERS
express contract - ANSWER an agreement that is expressed in oral or written words(most contracts are expressed contracts)
Express contracts require? - ANSWER 1. Offer(can be written or oral)
2. acceptance
3. consideratio...
,express contract - ANSWER an agreement that is expressed in oral or
written words(most contracts are expressed contracts)
Express contracts require? - ANSWER 1. Offer(can be written or oral)
2. acceptance
A
3. consideration
4.capacity
VI
5. legality
6. Intent
TU
counteroffer - ANSWER a response by an offeree that contains terms and
conditions different from or in addition to those of the offer. Counter offer
terminates original offer.
IS
consideration - ANSWER something of legal value given in exchange for
M
a promise. Both sides must give up and receive equal value.
past consideration - ANSWER a prior act or performance. Does not
O
support a new contract = new consideration must be given.
A
Promissory Estoppel/Detrimental Reliance - ANSWER Made a
promise...other party relied on it... they were harmed.
N
JP
capacity - ANSWER a person is legally able to enter a contract ( age,
state of mind, etc)
Legality - ANSWER Contract is legally valid. (void if usury or illegal
gambling)
Intent - ANSWER No mutual-mistake in the contract. If mutual-mistake
= no contract
void contract - ANSWER Has no legal effect if (minor, intoxication,
A
insanity, undue influence, duress)
VI
Voidable contract - ANSWER one or more parties has the option to void
their contractual obligation. If contract is voided, both parties are released
TU
from obligations. one side can choose to enforce then judge decides. Some
are unenforceable.
minor - ANSWER Contract is voidable of minor. However can not get
IS
out of student loans, business loans, or contract of necessity (food, clothing,
shelter)
M
intoxication - ANSWER contract is voidable once intoxicated person
O
sobers up
insanity - ANSWER voidable if judge or court rules they lack capacity or
A
has previously lacked capacity.
N
undue influence - ANSWER person in position of trust plays on that trust
JP
to get what they want (no force involved)
Duress - ANSWER Party was forced illegally to sign a contract
unilateral mistake - ANSWER if one side makes a mistake, contract is
still binding (wells fargo case)
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 JPNAOMISTUVIA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.