Question 1

Two very different legal concepts are related to need for or treatment of written contracts. Those rules are __________________ and ________________________ .​

Accepted Answer

The answer of Two very different legal concepts are related...

Question 2

After a minor becomes an adult failure to _____________ within a reasonable ________ by the minor, will turn a __________________ into a _____________ ..​

Accepted Answer

The answer of After a minor becomes an adult failure...

Question 3

Warbeagle was hired by Barge Brothers Diet Center to give advice as to how to best market the Diet Center's new "Starvation Diet." Warbeagle was to be paid for the development of a marketing  plan based on the number of days he worked in preparation of the plan ($1,000 a day). When he had completed about half of his intended work (five days), Warbeagle received an offer to tour the great restaurants of Russia with all expenses paid. He left Barge Brothers, but he did not leave them high and dry. He provided a computer disk and hard copy of all work he had completed to the date of​ departure. He also left a bill for $5,000.

Accepted Answer

The answer of Warbeagle was hired by Barge Brothers Diet...

Question 4

A contract drafted by a dominant party and then presented to the other party-the adhering party- on a "take it or leave it" basis is called a _________________ and it is generally ________________ .​

Accepted Answer

The answer of A contract drafted by a dominant party...

Question 5

A bargain so unfair to a party that no reasonable or informed person should agree to it and a court may decline to enforce is considered to be a(n) ___________________ .​

Accepted Answer

The answer of A bargain so unfair to a party...

Question 6

Fill in the appropriate term. 
 (             )   consists of two parts: something of legal value given in exchange for the promise and a 
 part of a bargained-for exchange. 
 A(n) (           )   gives one of the parties the right to buy (or sell) something at a certain price at a 
 certain time. 
 A rejection of the original offer which is also a new offer is called a   (                 )   . 
 A (                  )   mistake about a   (          )   fact will enable either party to rescind the contract. 
 When there is a valid ( ______ ), one of the original parties to the contract is completely relieved of 
 all former obligations under the contract. 
 The validity of a contract that has been fully performed cannot be challenged for failure to comply with the ( ______________________).

Accepted Answer

The answer of Fill in the appropriate term. 
 (...

Question 7

What are three essential elements of an offer?​

Accepted Answer

The answer of What are three essential elements of an...

Question 8

Is an advertisement generally considered to be an offer? Why? Why Not? Explain.​

Accepted Answer

The answer of Is an advertisement generally considered to be...

Question 9

Under the Statute of Frauds, some specified contracts must be in writing and signed by the party against whom enforcement is sought. State several benefits or advantages that result from this statute for the contracting parties.​

Accepted Answer

The answer of Under the Statute of Frauds, some specified...

Question 10

A contract that includes a promise for an act is called ____________ , while a contract that includes a promise in exchange for a promise is called _________________ .​

Accepted Answer

The answer of A contract that includes a promise for...

Question 11

Rosemary and Ronald were engaged in dispute over a contract. Rosemary claimed she was owed $53,000 and Ronald claimed much less was owed because of a breach by Rosemary. Rosemary agreed  to accept a promissory note for $28,000 from Ronald in lieu of her claim under the contract. Assuming the note is not yet paid what is the advantage of this transaction being an accord and satisfaction?​

Accepted Answer

The answer of Rosemary and Ronald were engaged in dispute...

Question 12

_________________ exists when one vulnerable party is convinced to enter into a contract by  someone who because of his or her relationship as trusted individual deprives the party of freedom  of will in making a contract.

Accepted Answer

The answer of _________________ exists when one vulnerable party is...

Question 13

Distinguish between an assignment and delegation.​

Accepted Answer

The answer of Distinguish between an assignment and delegation.​...

Question 14

Sandy Cowden inherited $700,000 from her grandfather. Reginald LaRocco is a local businessman who operates an almond ranch and is an insurance salesperson. He owns several land parcels in the  local community and wants to sell some of this land to Sandy. He convinces Sandy to buy Riveracres, Reginald's ranch on the outskirts of town. Reginald tells Sandy that there are 130 acres on the ranch. In fact there are only 90. Sandy has the ranch surveyed before buying and learns that it has only 90 acres. Reginald tells Sandy that he paid $50,000 for the land 40 years earlier and it is worth 10 times that today. He actually only paid $25,000 for the land which he purchased 53 years ago. He sells it to Sandy for $380,000 and three months later Sandy finds out a similar adjoining parcel sold for $210,000. Sandy wants to get out of the Riveracres contract. Will she be able to do so? Why or why not? Explain.​

Accepted Answer

The answer of Sandy Cowden inherited $700,000 from her grandfather....

Question 15

Bill owns a rare vintage Ford Mustang automobile. Jack, one of Bill's closest friends and a physician, has persuaded Bill to sell the car to Jack at a price substantially less than market value. At the time Bill sold the car, he was resting in a nursing home recovering from a serious illness. If Bill desires to set aside the sale, what arguments might he make?​

Accepted Answer

The answer of Bill owns a rare vintage Ford Mustang...

Question 16

Andorra orally agrees to work on Brook's farm in the Matanuska Valley near Fairbanks, Alaska. Under their contract, Andorra will remain through two growing seasons, for a period of 15 months.  Compensation will be room and board plus $500 paid each month and $50,000 paid at the end of the 15-month term. All goes well for six months, through the first harvest. Then Brook, because of domestic difficulties, sells the farm and fires Andorra. What legal remedy, if any, does Andorra have?​

Accepted Answer

The answer of Andorra orally agrees to work on Brook's...

Question 17

Under long-established law, minors generally have the power to avoid liability for their contracts. They seldom exercise this power, even though they make annual purchases measured in the billions  of dollars. What are some possible explanations for this seemingly strange state of affairs?​

Accepted Answer

The answer of Under long-established law, minors generally have the...

Question 18

When the Statute of Frauds requires that a contract be in writing, how much of a writing is  required? Is a complete, written and signed contract necessary? If not, what satisfies the requirement?​

Accepted Answer

The answer of When the Statute of Frauds requires that...

Question 19

The band "The Colorfast Tattoo" signs a contract to sing at the Hornet Theatre. The band and the owner agree that they will include a liquidated damage clause in the contract. Let's really make the  penalty stiff: so whoever breaches has to pay the other guy one hundred grand." This sum was far above either "The Colorfast Tattoo's" usual payment or the profits the promoter expected from the performance. Is this clause valid? Explain your answer​

Accepted Answer

The answer of The band "The Colorfast Tattoo" signs a...

Quiz 8: Contracts: Enforceable Agreements

Two very different legal concepts are related to need for or treatment of written contracts. Those rules are and ______ .

After a minor becomes an adult failure to _ within a reasonable by the minor, will turn a into a ___ ..

A contract drafted by a dominant party and then presented to the other party-the adhering party- on a "take it or leave it" basis is called a _ and it is generally .

A bargain so unfair to a party that no reasonable or informed person should agree to it and a court may decline to enforce is considered to be a(n) ___________________ .

What are three essential elements of an offer?

Is an advertisement generally considered to be an offer? Why? Why Not? Explain.

Under the Statute of Frauds, some specified contracts must be in writing and signed by the party against whom enforcement is sought. State several benefits or advantages that result from this statute for the contracting parties.

A contract that includes a promise for an act is called , while a contract that includes a promise in exchange for a promise is called _____ .

_________________ exists when one vulnerable party is convinced to enter into a contract by someone who because of his or her relationship as trusted individual deprives the party of freedom of will in making a contract.

Distinguish between an assignment and delegation.

Under long-established law, minors generally have the power to avoid liability for their contracts. They seldom exercise this power, even though they make annual purchases measured in the billions of dollars. What are some possible explanations for this seemingly strange state of affairs?

When the Statute of Frauds requires that a contract be in writing, how much of a writing is required? Is a complete, written and signed contract necessary? If not, what satisfies the requirement?

Quiz 8: Contracts: Enforceable Agreements

Two very different legal concepts are related to need for or treatment of written contracts. Those rules are __________________ and ________________________ .​

After a minor becomes an adult failure to _____________ within a reasonable ________ by the minor, will turn a __________________ into a _____________ ..​

A contract drafted by a dominant party and then presented to the other party-the adhering party- on a "take it or leave it" basis is called a _________________ and it is generally ________________ .​

A bargain so unfair to a party that no reasonable or informed person should agree to it and a court may decline to enforce is considered to be a(n) ___________________ .​