MGMT 311 Exam 3 Questions With Correct
Answers
the function of contract law
| | | |
provides stability and predictability and is the foundation upon which more
| | | | | | | | | | |
specialized areas of the law are built | | | | | |
sources of contract law
| | |
common law and UCC (uniform contract code)
| | | | | |
common law contracts | |
- service contracts - leases
| | | |
- employment contracts
| |
- real estate contracts
| | |
UCC contracts
|
sale or lease of goods
| | | |
definition of a contract | | |
,an agreement that can be enforced by law between two or more parties who
| | | | | | | | | | | | | |
promise to perform or refrain from performing some act now or in the future
| | | | | | | | | | | | |
objective theory of contracts
| | |
the apparent intention of a party to enter into a contract is determined by the
| | | | | | | | | | | | | | |
objective, outward manifestation of his or her assent as it would be interpreted
| | | | | | | | | | | | |
by a reasonable person
| | |
objective factors of contracts include
| | | |
- words: spoken or written by a party
| | | | | | |
- actions: how the party acted or appeared when they entered into the contract
| | | | | | | | | | | | |
- circumstances: surrounding the transaction
| | | |
weston v. cornell university
| | |
Dr Weston was hired by Cornell as associate professor with tenure. They made a
| | | | | | | | | | | | | |
new contract without tenure. Sued that she was an associate professor on tenure
| | | | | | | | | | | | |
tract. Contract said associate professor no tenure. No additional words, actions,
| | | | | | | | | | |
or circumstances
|
elements of a valid contract| | | |
agreement, consideration, contractual capacity, legality
| | | |
,agreement
the mutual assent and agreement of the parties must be evidenced by an offer
| | | | | | | | | | | | | |
and an acceptance
| |
consideration
legally sufficient and bargained-for consideration must be exchanged for
| | | | | | | | |
contractural promises |
contractual capacity |
each party to a contract must be recognized as being legally competent to enter
| | | | | | | | | | | | | |
into contracts
|
legality
the purpose and subject matter of the contract must not be contrary to law or
| | | | | | | | | | | | | | |
public policy |
defenses to enforceability of a contract
| | | | |
voluntary consent and form | | |
, voluntary consent |
- consent must be genuine and voluntary
| | | | | |
- cannot be fraud, mistake, undue influence
| | | | | |
form
- agreement must be in the form required by lavo
| | | | | | | | |
- contracts for land must be in writing
| | | | | | |
statue of limitations for contracts
| | | |
4 years
|
promise
a person's declaration that she will or will not make something happen in the
| | | | | | | | | | | | | |
future
promisor
person making the promise
| | |
Answers
the function of contract law
| | | |
provides stability and predictability and is the foundation upon which more
| | | | | | | | | | |
specialized areas of the law are built | | | | | |
sources of contract law
| | |
common law and UCC (uniform contract code)
| | | | | |
common law contracts | |
- service contracts - leases
| | | |
- employment contracts
| |
- real estate contracts
| | |
UCC contracts
|
sale or lease of goods
| | | |
definition of a contract | | |
,an agreement that can be enforced by law between two or more parties who
| | | | | | | | | | | | | |
promise to perform or refrain from performing some act now or in the future
| | | | | | | | | | | | |
objective theory of contracts
| | |
the apparent intention of a party to enter into a contract is determined by the
| | | | | | | | | | | | | | |
objective, outward manifestation of his or her assent as it would be interpreted
| | | | | | | | | | | | |
by a reasonable person
| | |
objective factors of contracts include
| | | |
- words: spoken or written by a party
| | | | | | |
- actions: how the party acted or appeared when they entered into the contract
| | | | | | | | | | | | |
- circumstances: surrounding the transaction
| | | |
weston v. cornell university
| | |
Dr Weston was hired by Cornell as associate professor with tenure. They made a
| | | | | | | | | | | | | |
new contract without tenure. Sued that she was an associate professor on tenure
| | | | | | | | | | | | |
tract. Contract said associate professor no tenure. No additional words, actions,
| | | | | | | | | | |
or circumstances
|
elements of a valid contract| | | |
agreement, consideration, contractual capacity, legality
| | | |
,agreement
the mutual assent and agreement of the parties must be evidenced by an offer
| | | | | | | | | | | | | |
and an acceptance
| |
consideration
legally sufficient and bargained-for consideration must be exchanged for
| | | | | | | | |
contractural promises |
contractual capacity |
each party to a contract must be recognized as being legally competent to enter
| | | | | | | | | | | | | |
into contracts
|
legality
the purpose and subject matter of the contract must not be contrary to law or
| | | | | | | | | | | | | | |
public policy |
defenses to enforceability of a contract
| | | | |
voluntary consent and form | | |
, voluntary consent |
- consent must be genuine and voluntary
| | | | | |
- cannot be fraud, mistake, undue influence
| | | | | |
form
- agreement must be in the form required by lavo
| | | | | | | | |
- contracts for land must be in writing
| | | | | | |
statue of limitations for contracts
| | | |
4 years
|
promise
a person's declaration that she will or will not make something happen in the
| | | | | | | | | | | | | |
future
promisor
person making the promise
| | |
