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BLS 342 Final Exam review 2024/2025 (100% verified) A+ grade assured
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BLS 342 Final Exam review 2024/2025 (100% verified) A+ grade assured
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BLS 342 Final Exam review4 elements of a contract - ANSagreement, consideration, capacity, legality
2 elements of agreement - ANSoffer and acceptance
three elements of an offer - ANS1. intent to be bound
2. definitive and certain terms
3. Communication to the offeree
How can an offer be terminated? - ANSRevocation, Rejection, Lapse of Time, Operation of
Law, counter-offer, destruction of subject matter
terms of acceptance - ANSintent to be bound, communication to the offeror, terms must be
mirrored
Mirror Image Rule - ANSrequires that the terms in the acceptance must exactly match the
terms contained in the offer
Mailbox Rule - ANSacceptance of an offer becomes effective when placed in mailbox
revocation of acceptance becomes effective when received
2 exceptions to requirement of consideration - ANSpromissory estoppel
contract under seal
Promissory Estoppel - ANSthe legal enforcement of an otherwise unenforceable contract
due to a party's detrimental reliance on the contract
a. Do courts consider the adequacy of consideration? - ANSno
Preexisting Duty - ANSCan't be bound to a contract to do something they already have to do
(police duty to serve)
Contractual Capacity - ANSthe legal ability to enter into a contractual relationship
must understand and be able to fulfill the requirements of the contract
capacity issues for void contract - ANSwhen the Court must get involved, i.e. adjudicated to
be insane or intoxicated or have a legal guardian
capacity issues for voidable contract - ANSUnder the age of majority, mentally incapacitated,
drunk
examples of an illegal object - ANS1. Against public policy
, 2. Violation of a statute
3. Usury laws (interst on a loan), gambling laws
five causes of a lack of genuine assent - ANSUndue influence
duress
unilateral mistake
bilateral mistake
misrepresentation
1. What are the five types of contracts that must be in writing under the Statute of Frauds? -
ANSa. Sale of land
b. Prenup
c. Goods over $500
d. Contracts to take someone's debt
e. Contracts that prevent performance within a year
What must the writing include under the Statute of Frauds - ANSa. Name of parties
b. Subject matter of agreement
c. consideration
d. contractual/relevant terms
e. signature of defendant
What are the exceptions to the writing requirement of the Statute of Frauds? - ANSa. Partial
performance
b. Promissory estoppel
c. Quasi contract = not a legal contract but the court treats it as one -- ex painting
townhouses
d. UCC - oral contracts between merchants
What is the Parol Evidence Rule? - ANSAmbiguous terms, typos or incomplete info then
they allow parol evidence
Lucy v zemmer - ANSAgreement to buy the farm and objectively common law looks at
contract, and not the intent of the parties
Sources of Contract Law - ANSCommon Law
Uniform Commercial Code (UCC)
Contracts for International Sale of Goods (CISG)
What types of Contracts fall under UCC Article 2? - ANSdomestic sale of goods
What transactions apply to the CISG? - ANSinternational sale of goods
is there a written requirement for CISG? - ANSno
is there a written requirement for UCC? - ANSyes, if over $500
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