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Binder GSU Exam 2 - BUSA 21O6: Questions & Answers
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Binder GSU Exam 2 - BUSA 21O6: Questions & Answers
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Binder GSU Exam 2 - BUSA 21O6: Questions & AnswersContract law is derived from what two things? Right Ans - Common law
(cases) and statues (laws)
Expressed Contracts can be: Right Ans - Written or Oral
What are the 6 elements of an expressed contract? Right Ans - 1. offer
2. acceptance
3. consideration
4. capacity
5. legality
6. intent
Consideration Right Ans - where both sides must give up and receive semi-
equal value
Past consideration Right Ans - either no consideration at all or bad
consideration
Promissory estoppel (detrimental reliance) Right Ans - when you
promised, I relied on that promised, and thus I got harmed
(acted before promise was made)
Void Right Ans - neither side can enforce (illegal)
Voidable Right Ans - one side can choose to enforce it
Minor Right Ans - person under 18
IS VOIDABLE
Intoxication Right Ans - person under the influence
Intoxicated person is VOIDABLE at his option once sober
Insanity Right Ans - can be void or voidable depending on if the court rules
that you lack capacity
Undue influence Right Ans - defense to transactions imposed on
weak/vulnerable people
, Duress Right Ans - forced
Usury Right Ans - max interest rates allowable for a transaction
The 5 steps for a Breach of Expressed Contract Right Ans - 1. existence of
valid contract
2. breach (broke)
3. plaintiff notified defendant of breach
4. plaintiff performed all conditions precedent to filing action (did its part)
5. damages
Implied contract Right Ans - contract with understood terms
In fact - conduct (defendant's conduct made it seem like...)
In law - unjust enrichment (quasi contract)
Unconscionable contract (contract of adhesion) Right Ans - one-sided
consumer contract where there's no ability for negotiation
What are the 6 Boilerplate Clauses? Right Ans - 1. Default and Acceleration
2. Choice of Law
3. Forum Selection
4. Attorney's Fee
5. Severability/Savings
6. Modification/Merger
Default and acceleration Right Ans - you failed to pay, so you are now in
default and your entire payment is due now
Choice of law Right Ans - where law is enforced (location)
Forum selection Right Ans - venue
Hint: you want the place of litigation to be where you are
Attorney’s fees Right Ans - losing party pays attorneys fees
severability/savings Right Ans - sever (cut) bad parts and save the rest
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