LENB professor el jourbagy test 3 Study
Questions, all Solved 100% Correct _Verified
Answers
under what circumstances does someone have limited capacity to enter into a contract? -
✔✔-minor
-intoxication
-mental deficiency
restitution - ✔✔compensation for injury or loss
Disaffirmance - ✔✔The legal avoidance, or setting aside, of a contractual obligation.
to ratify a contract - ✔✔minor continues to pay on a contract after turning 18
covenant not to compete - ✔✔enforceable if it is reasonable in scope. They are judicially
disfavored because they restrict liability.
adhesion contract - ✔✔A take-it-or-leave-it offer made by a party who holds most of the
power in a bargaining session
exculpatory clause - ✔✔A clause that releases a contractual party from liability in the event
of monetary or physical injury, no matter who is at fault.
mutual mistake - ✔✔either party is in the wrong and can revoke
concealment - ✔✔Act of hiding facts
, non-disclosure - ✔✔Failure to disclose important information
duress - ✔✔any unlawful act or threat exercised on a person whereby the person is forced
to enter into an agreement or to perform some other act against his or her will.
Obstacles to genuine assent - ✔✔mistake, misrepresentation, undue influence, duress,
unconscionability
Unconscionability - ✔✔one party has more bargaining power than the other, dictating the
terms of the agreement and eliminating the other party's free will
contracts that must be in writing pursuant to statute of frauds - ✔✔1. contracts involving
real estate
2. contracts in contemplation of marriage
3. contracts that take more than one year to complete
4. contracts that involve co-signing
written contract with UCC - ✔✔$500 or more
exceptions to written contracts that satisfy the statute of frauds: - ✔✔1. admission
2. partial performance
3. promissory estoppel
parol evidence rule - ✔✔a common law rule that states that oral evidence of an agreement
made prior to a written agreement is inadmissible when the parties intend the written
agreement to be the complete and final version of the agreement
Questions, all Solved 100% Correct _Verified
Answers
under what circumstances does someone have limited capacity to enter into a contract? -
✔✔-minor
-intoxication
-mental deficiency
restitution - ✔✔compensation for injury or loss
Disaffirmance - ✔✔The legal avoidance, or setting aside, of a contractual obligation.
to ratify a contract - ✔✔minor continues to pay on a contract after turning 18
covenant not to compete - ✔✔enforceable if it is reasonable in scope. They are judicially
disfavored because they restrict liability.
adhesion contract - ✔✔A take-it-or-leave-it offer made by a party who holds most of the
power in a bargaining session
exculpatory clause - ✔✔A clause that releases a contractual party from liability in the event
of monetary or physical injury, no matter who is at fault.
mutual mistake - ✔✔either party is in the wrong and can revoke
concealment - ✔✔Act of hiding facts
, non-disclosure - ✔✔Failure to disclose important information
duress - ✔✔any unlawful act or threat exercised on a person whereby the person is forced
to enter into an agreement or to perform some other act against his or her will.
Obstacles to genuine assent - ✔✔mistake, misrepresentation, undue influence, duress,
unconscionability
Unconscionability - ✔✔one party has more bargaining power than the other, dictating the
terms of the agreement and eliminating the other party's free will
contracts that must be in writing pursuant to statute of frauds - ✔✔1. contracts involving
real estate
2. contracts in contemplation of marriage
3. contracts that take more than one year to complete
4. contracts that involve co-signing
written contract with UCC - ✔✔$500 or more
exceptions to written contracts that satisfy the statute of frauds: - ✔✔1. admission
2. partial performance
3. promissory estoppel
parol evidence rule - ✔✔a common law rule that states that oral evidence of an agreement
made prior to a written agreement is inadmissible when the parties intend the written
agreement to be the complete and final version of the agreement
