Exam (elaborations)
Perry Binder Exam 2 GSU – Questions & Proper Solutions
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Perry Binder Exam 2 GSU – Questions & Proper Solutions
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Perry Binder Exam 2 GSU – Questions & ProperSolutions
Express contract Right Ans - an agreement that is expressed in oral or
written words(most contracts are expressed contracts)
Express contracts require? Right Ans - 1. Offer(can be written or oral)
2. acceptance
3. consideration
4.capacity
5. legality
6. Intent
Counteroffer Right Ans - 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.
Consideration Right Ans - something of legal value given in exchange for a
promise. Both sides must give up and receive equal value.
Past consideration Right Ans - a prior act or performance. Does not support
a new contract = new consideration must be given.
Promissory Estoppel/Detrimental Reliance Right Ans - Made a
promise...other party relied on it... they were harmed.
Capacity Right Ans - a person is legally able to enter a contract ( age, state
of mind, etc)
Legality Right Ans - Contract is legally valid. (void if usury or illegal
gambling)
Usurious Right Ans - Charging interest rate higher than allowed (pawn
shop overcharge interest)
Intent Right Ans - No mutual-mistake in the contract. If mutual-mistake =
no contract
, Void contract Right Ans - Has no legal effect if (minor, intoxication,
insanity, undue influence, duress)
Voidable contract Right Ans - one or more parties has the option to void
their contractual obligation. If contract is voided, both parties are released
from obligations. one side can choose to enforce then judge decides. Some are
unenforceable.
Minor Right Ans - Contract is voidable of minor. However can not get out of
student loans, business loans, or contract of necessity (food, clothing, shelter)
Intoxication Right Ans - contract is voidable once intoxicated person sobers
up
Insanity Right Ans - voidable if judge or court rules they lack capacity or
has previously lacked capacity.
Undue influence Right Ans - person in position of trust plays on that trust
to get what they want (no force involved)
Duress Right Ans - Party was forced illegally to sign a contract
Unilateral mistake Right Ans - if one side makes a mistake, contract is still
binding (wells fargo case)
Breach of express contract Right Ans - a contracting part's failure to
perform an absolute duty owned under a contract.
Breach of express contract must show all... Right Ans - 1. existence of valid
contract
2. breach( other side broke contract )
3. Plaintiff was not notified of breach before lawsuit
4. Plaintiff performed all conditions prior to filing action
5. there are compensatory damages(unless fraud=punitive damages)
Implied contracts Right Ans - are not expressly stated
Implied in fact Right Ans - agreements in party have been inferred from
there conduct, not oral or written (remember painted fence)
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