Exam (elaborations)
Law quiz Ap 1.
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Exam of 5 pages for the course Chapter 5: Ethics and Bioethical Issues at Chapter 5: Ethics and Bioethical Issues (Law quiz Ap 1.)
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Law quiz Ap 1Bilateral (Mutual) Mistakes of Fact
A mistake by both contracting parties about one or more material facts of the
contract.
Unilateral Mistakes of Fact
A mistake made by only one of the parties that does not generally give the
mistaken party any right to relief from the contract.
A mistake of value (or quality)
is a mistake about the future market value or quality of the object of the contract
Fraudulent Misrepresentation
When an innocent party is induced to enter into a contract by a misrepresentation
of material fact.
Duress
A party who enters into a contract under fear or threat makes the contract
voidable.
Substantial Performance
, A party in good faith that performs substantially all of the terms can enforce the
contract
Measure of Damages
Cost to bring the object of the contract into compliance with its terms—if that cost
is reasonable under the circumstances.
Performance to the Satisfaction of Another
When the contract is personal, the performance must actually satisfy the party
specified in the contract, and only the personal satisfaction of the party fulfills the
condition. (Reasonable person otherwise)
Material Breach of Contract
Occurs when performance is not substantial.
Material versus Minor Breach
If the breach is minor (not material), the nonbreaching party's duty to perform
may be suspended until the breach has been remedied
Anticipatory Repudiation
Refusal of one party to carry out their contractual obligations before either party
has a duty to perform.
Discharge by Novation
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