A
VI
TU
IS
M
O
A
Perry binder exam 4 GSU
N
QUESTIONS AND 100%
JP
CORRECT ANSWERS
,express contract - ANSWER an agreement that is expressed in oral or
written words(most contracts are expressed contracts)
Express contracts require? - ANSWER 1. Offer(can be written or oral)
2. acceptance
A
3. consideration
4.capacity
VI
5. legality
6. Intent
TU
counteroffer - ANSWER a response by an offeree that contains terms and
conditions different from or in addition to those of the offer. Counter offer
terminates original offer.
IS
consideration - ANSWER something of legal value given in exchange for
M
a promise. Both sides must give up and receive equal value.
past consideration - ANSWER a prior act or performance. Does not
O
support a new contract = new consideration must be given.
A
Promissory Estoppel/Detrimental Reliance - ANSWER Made a
promise...other party relied on it... they were harmed.
N
JP
capacity - ANSWER a person is legally able to enter a contract ( age,
state of mind, etc)
Legality - ANSWER Contract is legally valid. (void if usury or illegal
gambling)
, usurious - ANSWER Charging interest rate higher than allowed (pawn
shop overcharge interest)
Intent - ANSWER No mutual-mistake in the contract. If mutual-mistake
= no contract
void contract - ANSWER Has no legal effect if (minor, intoxication,
A
insanity, undue influence, duress)
VI
Voidable contract - ANSWER one or more parties has the option to void
their contractual obligation. If contract is voided, both parties are released
TU
from obligations. one side can choose to enforce then judge decides. Some
are unenforceable.
minor - ANSWER Contract is voidable of minor. However can not get
IS
out of student loans, business loans, or contract of necessity (food, clothing,
shelter)
M
intoxication - ANSWER contract is voidable once intoxicated person
O
sobers up
insanity - ANSWER voidable if judge or court rules they lack capacity or
A
has previously lacked capacity.
N
undue influence - ANSWER person in position of trust plays on that trust
JP
to get what they want (no force involved)
Duress - ANSWER Party was forced illegally to sign a contract
unilateral mistake - ANSWER if one side makes a mistake, contract is
still binding (wells fargo case)
VI
TU
IS
M
O
A
Perry binder exam 4 GSU
N
QUESTIONS AND 100%
JP
CORRECT ANSWERS
,express contract - ANSWER an agreement that is expressed in oral or
written words(most contracts are expressed contracts)
Express contracts require? - ANSWER 1. Offer(can be written or oral)
2. acceptance
A
3. consideration
4.capacity
VI
5. legality
6. Intent
TU
counteroffer - ANSWER a response by an offeree that contains terms and
conditions different from or in addition to those of the offer. Counter offer
terminates original offer.
IS
consideration - ANSWER something of legal value given in exchange for
M
a promise. Both sides must give up and receive equal value.
past consideration - ANSWER a prior act or performance. Does not
O
support a new contract = new consideration must be given.
A
Promissory Estoppel/Detrimental Reliance - ANSWER Made a
promise...other party relied on it... they were harmed.
N
JP
capacity - ANSWER a person is legally able to enter a contract ( age,
state of mind, etc)
Legality - ANSWER Contract is legally valid. (void if usury or illegal
gambling)
, usurious - ANSWER Charging interest rate higher than allowed (pawn
shop overcharge interest)
Intent - ANSWER No mutual-mistake in the contract. If mutual-mistake
= no contract
void contract - ANSWER Has no legal effect if (minor, intoxication,
A
insanity, undue influence, duress)
VI
Voidable contract - ANSWER one or more parties has the option to void
their contractual obligation. If contract is voided, both parties are released
TU
from obligations. one side can choose to enforce then judge decides. Some
are unenforceable.
minor - ANSWER Contract is voidable of minor. However can not get
IS
out of student loans, business loans, or contract of necessity (food, clothing,
shelter)
M
intoxication - ANSWER contract is voidable once intoxicated person
O
sobers up
insanity - ANSWER voidable if judge or court rules they lack capacity or
A
has previously lacked capacity.
N
undue influence - ANSWER person in position of trust plays on that trust
JP
to get what they want (no force involved)
Duress - ANSWER Party was forced illegally to sign a contract
unilateral mistake - ANSWER if one side makes a mistake, contract is
still binding (wells fargo case)
