Les 305 Clark asu exam 2 Questions And Answers Verified 100% Correct

Les 305 Clark asu exam 2 Questions And Answers Verified 100% Correct Valid contract 4 elements - ANSWER -l assent 2. Consideration 3. Capacity 4. Legality Mutual assent - ANSWER -meeting of the minds Rose of aberlone case-barren cow Seller had to rescind (cancel) Cow was barren offer - ANSWER -Power of acceptance Acceptance - ANSWER -Typically in writing Performance is the only way to accept Mailbox Rule - ANSWER -Governs common law contracts and determines when offer is accepted Terminating an Offer - ANSWER -Revocation, rejection, counteroffer, operation of law operation of law - ANSWER -lapse of time, destruction, death or incompetence, supervening illegality essential terms of a contract - ANSWER -Partner, subject matter, time frame, price Contract may be cancelled if - ANSWER -Mutual mistake or unilateral mistake happens Marital mistake - ANSWER -Both parties wrong about basic assumption Unilateral Mistake - ANSWER -A mistake that occurs when one party to a contract is mistaken as to a material fact. No grounds to avoid contract Preexisting duty rule - ANSWER -applies in circumstances where one party claims he wishes to modify an existing contract because of unforeseen difficulties in performing his obligations. Illusory Promise - ANSWER -Gifts. Vague promises Promissionary Estoppel- party recovers damages - ANSWER -1. Promiser makes reasonable promise 2. Promisee relied on promise and suffered injury 3. Promisee reliance was reasonable and foreseeable 4. Principles of equity+justice are served by providing compensation enforceable contract - ANSWER -Genuine assent Misrepresentation - ANSWER -Must be proven by 1- misrepresented fact was material 2- justifiably relying on misstatement 3- was factual Fraudulent Misrepresentation - ANSWER -Party to a contract deliberately makes an untrue statement of fact Duress - ANSWER -(n.) compulsion by threat; forcible confinement Categories of Duress - ANSWER -Violence. Economic threats. Extortion Statute of Frauds - ANSWER -the law governing which contracts must be in writing in order to be enforceable Contracts that must be in writing - ANSWER -interest in land, cannot be performed in one year, pay the debt of another, made by an executor of an estate, made in consideration of marriage, sale of goods worth more than $500 breach of contract - ANSWER -The failure, without legal excuse, of a promisor to perform the obligations of a contract. remedies at law - ANSWER -Liquidated damages. Restitution. Compensatory damages. Consequential damages clean hands - ANSWER -Party must prove he had no fault in breaching UCC Article 2 - ANSWER -Commercial code. Sale of GOODS STATUTORY LAW Not Louisianna Merchant transactions Ucc fills gaps - ANSWER -Offers w open terms The common law governs contracts for: - ANSWER -Services, real estate International contract law for sale of goods - ANSWER -UNCISG governs dale of goods you Under the ucc... - ANSWER -Sale contracts for goods over $500 must be written Writing for good sales must include - ANSWER -Quantity, signature, understandable language Firm offer - ANSWER -In writing, no consideration, ucc provides offer in 3months or less output contract - ANSWER -agreement to purchase all of a particular producer's production Requirement contract - ANSWER -Buyer agrees to purchase all goods needed/required from designated seller for given period title - ANSWER -ownership Risk of loss depends on - ANSWER -Shipping or destination contract? Shipping Contract - ANSWER -A contract under which a seller turns goods over to a carrier for delivery to a buyer. Both the title and risk of loss pass to the buyer when the goods are given to the carrier. Destination Contract - ANSWER -A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they are tendered at the destination specified in the contract. 3 torts - ANSWER -1.) intentional -purpose