LEGL 2700 ROESSING TEST 1 PRACTICE STUDY
GUIDE 2026 SOLVED QUESTIONS
◉ option. Answer: -such agreement to not revoke an offer
-has to be supported by consideration: common law
-"firm offer" -> UCC; can't back out
◉ promissory estoppel (detrimental reliance). Answer: -used to
prevent a party who has made a unilateral offer from withdrawing
the offer after the requested work has begun
-gratuitous promise
-reasonable reliance
-injustice result
◉ capacity. Answer: a person's ability to be bound by a contract
◉ 3 classes of persons to lack capacity to be bound by contractual
promises. Answer: -minors
-intoxicated persons
-mentally incompetent persons
,◉ covenants not to compete. Answer: protects employers from
having the employees they train leave them and compete against
them
◉ fraud. Answer: an intentional misstatement of fact that induces
another to enter into a contract to which they would not otherwise
agree
◉ misrepresentation. Answer: deliberately deceiving
◉ mutual mistake. Answer: both parties to a contract have an
incorrect belief about an important fact
◉ rescission. Answer: -A remedy whereby a contract is canceled and
the parties are returned to the positions they occupied before the
contract was made.
-let's undo the contract
-equitable remedy -> fairness
◉ unilateral mistake. Answer: -occurs when only one party enters a
contract under a mistaken assumption
-no remedy is generally available
◉ duress. Answer: force or threat of force
,◉ undue influence. Answer: occurs when one is taken advantage of
unfairly through a contract by a party who misuses a position of
relationship or legal confidence
◉ leading object rule. Answer: -an exception to the writing
requirement for collateral promises
-exist when the promisor's intention is to directly further his or her
own interests
◉ types of contracts that must be in writing. Answer: -contracts
involving an interest in land
-collateral contracts to pay the debt of another person
-contracts that can't be performed within one year from the date of
agreement
-contracts for the sale of goods totaling $500 or more
◉ oral contracts are enforceable. Answer: -part performance: land
title
-rules involving goods
-judicial admissions
◉ puffery. Answer: hyperbolic statement
, ◉ genuine assent. Answer: -both parties have to mean what they're
doing
-no fraud, duress, or mistakes
◉ unconscionable. Answer: -contracts that are technically legal, but
so unfair, they might as well be illegal
-equitable defense
-have to show both:
1. procedural: unfair surprise
2. substantive: unfair terms that favor the drafter
◉ contracts can be. Answer: -written
-oral
-implied through past actions or industry customs
◉ Leonard v. PepsiCo. Answer: -unilateral contract
-promise from PepsiCo -> jet
-act -> Leonard -> $7M
-jet wasn't in the catalog
-Leonard lost & got his money back
◉ Ryan Leslie laptop return. Answer: -promise -> $20k -> $1M
GUIDE 2026 SOLVED QUESTIONS
◉ option. Answer: -such agreement to not revoke an offer
-has to be supported by consideration: common law
-"firm offer" -> UCC; can't back out
◉ promissory estoppel (detrimental reliance). Answer: -used to
prevent a party who has made a unilateral offer from withdrawing
the offer after the requested work has begun
-gratuitous promise
-reasonable reliance
-injustice result
◉ capacity. Answer: a person's ability to be bound by a contract
◉ 3 classes of persons to lack capacity to be bound by contractual
promises. Answer: -minors
-intoxicated persons
-mentally incompetent persons
,◉ covenants not to compete. Answer: protects employers from
having the employees they train leave them and compete against
them
◉ fraud. Answer: an intentional misstatement of fact that induces
another to enter into a contract to which they would not otherwise
agree
◉ misrepresentation. Answer: deliberately deceiving
◉ mutual mistake. Answer: both parties to a contract have an
incorrect belief about an important fact
◉ rescission. Answer: -A remedy whereby a contract is canceled and
the parties are returned to the positions they occupied before the
contract was made.
-let's undo the contract
-equitable remedy -> fairness
◉ unilateral mistake. Answer: -occurs when only one party enters a
contract under a mistaken assumption
-no remedy is generally available
◉ duress. Answer: force or threat of force
,◉ undue influence. Answer: occurs when one is taken advantage of
unfairly through a contract by a party who misuses a position of
relationship or legal confidence
◉ leading object rule. Answer: -an exception to the writing
requirement for collateral promises
-exist when the promisor's intention is to directly further his or her
own interests
◉ types of contracts that must be in writing. Answer: -contracts
involving an interest in land
-collateral contracts to pay the debt of another person
-contracts that can't be performed within one year from the date of
agreement
-contracts for the sale of goods totaling $500 or more
◉ oral contracts are enforceable. Answer: -part performance: land
title
-rules involving goods
-judicial admissions
◉ puffery. Answer: hyperbolic statement
, ◉ genuine assent. Answer: -both parties have to mean what they're
doing
-no fraud, duress, or mistakes
◉ unconscionable. Answer: -contracts that are technically legal, but
so unfair, they might as well be illegal
-equitable defense
-have to show both:
1. procedural: unfair surprise
2. substantive: unfair terms that favor the drafter
◉ contracts can be. Answer: -written
-oral
-implied through past actions or industry customs
◉ Leonard v. PepsiCo. Answer: -unilateral contract
-promise from PepsiCo -> jet
-act -> Leonard -> $7M
-jet wasn't in the catalog
-Leonard lost & got his money back
◉ Ryan Leslie laptop return. Answer: -promise -> $20k -> $1M
