Promisor Study guides, Revision notes & Summaries

Business Law questions n answers graded A+consideration - correct answer the inducement to enter into a contract- something of legal value must be exchanged 1. legal sufficiency 2. bargained for exchange legal sufficiency - correct answer promise must give up something of legal value or promisor must receive something of legal value 1. legal detriment 2. legal benefit legal detriment - correct answer doing that which the promise was under no prior legal obligation to do or refraining ...

Mortuary Jurisprudence exam 3 Question and answers rated A+ 2023/2024What are the 6 requirements of an enforceable contract? - correct answer 1. Agreement 2. Assent 3. Consideration 4. Competence 5. Lawful purpose 6. Form required by law Unilateral Contract - correct answer One party making a promise Bilateral Contract - correct answer Both individuals are promisors and promisees Promisor - correct answer A person who makes a promise. Promisee - correct answer A person to whom a...

Identify the three essential elements required to form a contract Offer Consideration Acceptance T/F The uniform commercial code applies to all contracts made by any two or more parties False T/F The statute of frauds is a law created yo prevent oral evidence from being considered by a court to determine the intent of the parties False In a unilateral contract, the offer is accepted when the offeree performs the requested act T/F If a party materially breach a c...

Contract Law Test Question With 100% Complete Solutions 2023 Updated Real Exam Hamer v. Sideway - ANSWER- Nephew was promised by his uncle that if he did refrain from drinking using tobacco, swearing, and playing cards or billboards until he became 21 years of age and then he would pay him $5,000. The nephew preformed the terms of the promise and he sent a letter to his uncle informing him of the performance. Uncle said he would give him the money just once he is a little older. The uncle die...

Express Actual Authority: - ️️Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: - ️️authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: - ️️someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: - ️️he FAR and states that each authority is delegable unless specifica...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

Assignments and Delegations: Bring 3ps into K as partiesDonne Bénéficiaire they are donating something of value (don't owe anything ahead of time) Creditor Beneficiare creditor beneficiary is a beneficiary between A and B, C is waiting. Usually when they bring in someone they owe money to, into the contract Intended Beneficiary has the power to sue for breach (Insurance contract) Unintended Beneficiary parties that benefit from the contract between A and B, but it wasn't f...

Is contract law statutory or common law? Usually common law Can vary state by state, but is becoming more uniform Can be supplemented by State statutes Two functions of contracts Dictate Performance Allocate Risk Contract law definition System of rules for enforcing promises and the breaking of promises Least cost avoider of risks Better at minimizing costs associated with risks Efficient legal rules are one that enforce contracts when the risk is borne by the ...