LGS 200 Abigail Hammonds exam 2 PRACTICE Flashcards _ (DETAILED ANSWERS) 2024 -

7/26/24, 5:00 AM LGS 200 Abigail Hammonds exam 2 PRACTICE Flashcards | Quizlet https://quizlet.com/677922865/lgs -200-abigail -hammonds -exam -2-practice -flash -cards/ 1/8 LGS 200 Abigail Hammonds exam 2 PRACTICE Jeremiah Terms in this set (73) You go out drinking and playing cards with your buddies. After you have consumed a huge amount of alcohol, you agree to sell your motorcycle to your buddy. The next morning, after you sober up, your buddy tells you what you did. Do you think your buddy can legally hold you to the deal to sell him your motorcycle? No, he can't, if you were so intoxicated that you could not form the mental capacity to enter into a contract, and your buddy knew you were intoxicated. Which of the following is a valid offer? 1. Arun distributes flyers at work stating he wants to sell his house, listing the address and the asking price. 2. Eric offers to buy Arun's house for $775,000 with no contingencies because Eric's lease ends in two months. Arun wants to think about it and six days later has not yet responded. 3. Eric offers to buy Arun's house for $290,000. Arun says, "No, but I will sell it to you for $300,000." Eric seems to be upset, so Arun says he will sell it for $290,000. 4. Arun tells Eric he will sell one of his houses for $250,000 by the end of the summer. 2. Eric offers to buy Arun's house for $775,000 with no contingencies because Eric's lease ends in two months. Arun wants to think about it and six days later has not yet responded. Which act or statement is a valid offer? A detailed advertisement What type of acceptance requires an affirmative action for the offeree to accept that offer? Unilateral contracts LGS 200 Abigail Hammonds exam 2 PRACTICE 7/26/24, 5:00 AM LGS 200 Abigail Hammonds exam 2 PRACTICE Flashcards | Quizlet https://quizlet.com/677922865/lgs -200-abigail -hammonds -exam -2-practice -flash -cards/ 2/8 Lilly hired Harris Lawn Service to cut her grass one summer, and paid through automatic charges to her credit card. After taking three months off for winter weather, Harris staff cut Lilly's grass for four weeks in a row before charging the fees on Lilly's credit card. Lilly protested the charges, stating she did not hire the company to cut grass for the second summer. Harris sues Lilly. What law applies? Choose 2 answer choices. 1. Lilly's silence is acceptance because of the parties' past dealings. 2. Lilly's silence is acceptance because the offeree accepted the benefit offered. Which situation would be considered sufficient consideration for a contract to exist? Pam agrees to pay Derek $500 if he does not sit next to her in class anymore. (Forbearance) What are the elements of consideration? Choose 2 answer choices. 1. something of value from each party 2. an exchange to which the parties agree Which type of lack of capacity is easiest to prove? Minor status Samuel has mental competency issues. Samuel entered into a contract with Beth, but now Samuel is petitioning the court to terminate the contract. What options does the court have in ruling in the case? Choose 2 answer choices. 1. The contract is voidable if Samuel was incompetent at the time the contract was formed. 2. The contract is void if Samuel has been previously determined to be mentally incompetent. What is an exception to the statute of frauds? Promissory Estoppel Promissory Estoppel Promissory estoppel is an exception to the statute of frauds writing requirement. If one party makes an oral promise that should reasonably cause the other party to rely on it, and that party does rely on the promise, the court may enforce that agreement despite the lack of the required writing. What is the result if parties agree to a contract orally, but it is a contract that must be in writing under the statute of frauds? 1. The parties can complete the contract. 2. The contract is voidable. What is the term for the legal ability to enter into a binding contract? contractual capacity What factors may cause a person to lack contractual capacity? 1. severe intoxication 2. mental incompetence 3. being under the age of majority (usually 18) What elements are required for an offer to be effective under the common law? 1. The terms of the offer must be reasonably definite so that all parties understand them. 2. The offer must be communicated to the offeree. 3. The offeror must intend to be bound by the offer. What factors are used to judge if consideration is adequate to ensure a fair bargain? 1. Promises exchanged may not be a preexisting duty. 2. Promises must be made with voluntary consent. How may a revocable offer effectively be revoked? 1. The offeror may take an action that contradicts the offer and make that known to the offeree. 2. The offeror may withdraw the offer with a clear expression. A contract for a purpose that causes the parties to violate a law is: illegal and void. LGS 200 Abigail Hammonds exam 2 PRACTICE