LAW 3220 FINAL EXAM Toussaint (Ch 2,7,10,14) Questions With Well Elaborated Solutions| Graded A+|

LAW 3220 FINAL EXAM Toussaint (Ch 2,7,10,14) Questions With Well Elaborated Solutions| Graded A+| 7 Conditions of Fraud - ANSWER -1. Misstatement of important material or fact 2. Scienter or intent to defraud 3. Person knows or has reason to to know statement being made is false 4. Recipient of false info justifiability relies on the info and makes a decision to enter into the deal 5. Privity between the parties 6. Proximate Cause 7. Damages Interference with Contractual Relations - ANSWER -Breaking the contract benefits a 3rd party 5 conditions of contractual interference (3rd party) - ANSWER -1. Existence of a contractual relationship 2. 3rd party knows about the contract 3. 3rd party intentionally interferes with the contractual relationship 4. Absence of justification for the interference 5. Damages because of the interference Interference with Prospect Advantage - ANSWER -one party makes it difficult/impossible for another party to continue in some/all business dealings (predatory behavior not merely competitive) Product liability involves what two types of law - ANSWER -contract and statutory Privity of Contract Requirement - ANSWER -a contractual relationship with the manufacturer was needed Strict Liability Under Contract - ANSWER -- Implied Warranty of safety and of merchantability - Express Warranty at law (whether the manufacturer wants warranty or not) 3 elements to product liability - ANSWER -1) product departing from intended design 2) foreseeable risk of harm could be reduced or avoided by alternative design 3) harm could have been reduced by reasonable instructions or warnings Failure to warn - ANSWER -failure by manufacturers to warn of dangers in using a product Unknown Hazards & Examples - ANSWER -dangers not known at the time of products manufacture (not learned for many years / testing) examples: asbestos, IUD's Joint and Several Liability - ANSWER -any of the defendant (manufactures) may be held responsible for a certain amount or all of the damages Defenses in Product Liability - ANSWER -- product misuse or abuse - assumption of risk (alc, tobacco) - sophisticated user defense / bulk supplier doctrine ultrahazardous activity - ANSWER -abnormally dangerous activity, common law rules developed about uncommon activities where utmost care is needed Contract Law - ANSWER -provides mechanism to deal with others Freedom of Contract - ANSWER -there are responsibilities to those who create binding relationships Common Law - ANSWER -judge-made law, each state differs, there is uniformity about general contract principles that run throughout most state's laws Lex Mercatoria - ANSWER -The Law Merchant T/F: many countries rely on code law only for their basic legal framework - ANSWER -T what does the promise itself create - ANSWER -manifestation of intent Express Agreement - ANSWER -direct statement by parties of the promises made (written or oral) Implied Agreement - ANSWER -actions/circumstances infer and determine the terms of the contract 6 Elements of a contract - ANSWER -1. an agreement (through offer or acceptance 2. Consideration 3. Contractual Capacity 4. Legality 5. Genuine Consent 6. Writing (if neccessary under the statute of frauds) 3 Elements of the Offer - ANSWER -1. Manifestation of intent 2. Definite terms & conditions 3. Communication Revocation - ANSWER -Withdrawing of offer by the offeror Rejection - ANSWER -by offeree through a lapse of time Operation of Law - ANSWER -intervening illegality, destruction of subject matter, death or insanity of offeror or offeree acceptance - ANSWER -expression of assent 3 elements of acceptance - ANSWER -1. unconditional 2. unequivocal