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CMGT 460 EXAM STUDY GUIDE
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CMGT 460 EXAM STUDY GUIDEName the 4 Contract Theories - Answer 1. Express Contract -
Language
2. Contract Implied in Fact -
Facts and Circumstances
3. Contract Implied in Law,
quasi-contract, quantam meruit
4. Promissory Estoppel
Name the 2 Contract Theories that apply to Actual Contracts (Legal Theories) - Answer
1. Express Contract -
Language
2. Contract Implied in Fact -
Facts and Circumstances
Name the 2 Contract Theories that apply to Not Actual Contracts (Equitable Theories) -
Answer 3. Contract Implied in Law,
quasi-contract, quantam meruit
4. Promissory Estoppel
Name the Elements applicable to Actual Contracts - Answer a. Agreement (offer +
acceptance)
b. Consideration
c. Legal objective
d. Capable parites
e. Assent
f. Statute of Frauds
Name the Elements applicable to Theory 3 (Contract Implied in
Law/Quasi-Contract/Quantum Meruit) - Answer a. Unjust
b. Enrichment
Name the Elements applicable to Theory 4 (Promissory Estoppel) - Answer a. Promise
, b. Promisor expects promisee to rely
c. Promisee reasonably rellies
d. Promisee suffers an injury
What is the Remedy for breach of contract? - Answer Theory of law is to award
expectation damages - to put the injured person in the place he would have been if there
had been no breach
What is the Remedy for breach of a Quasi Contract - Answer Injured party entitled to
recover the "reasonable value of the goods/services" provided
What is the Remedy for breach of Promissory Estoppel? - Answer Promise is enforced
(even though no acceptance/agreement) to the extent necessary to avoid an injustice
What is consideration? - Answer Legal value given as part of a bargain or exchange
What happens if there is no consideration when creating a contract? - Answer Contract
is invalid
What is the difference between a gift v. a contract? - Answer A gift, the supplier isn't
rewarded/expect anything
A contract there is a two way exchange
Who are the 3 incapable parties? - Answer 1. involuntarily intoxicated
2. infant: >18
3. insane
What happens if one party isn't capable? - Answer voidable
What is legal objective? - Answer Both parties are legally obliged to perform their part of
the contract less they face legal action
What happens if there is no legal objective? - Answer void
What is assent? - Answer Voluntary Exchange
What happens if there is no assent? - Answer voidable
What is the 6th element of a contract? - Answer Signature/Statute of Frauds
What happens if there is no signature? - Answer Contract Unenforceable
What happens if a party is under 18 and enters into a contract? - Answer They can
disaffirm their entry
What happens if there is no voluntary assent into a contract? - Answer They can rescind
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