Sophia Business Law Exam 2 Contracts With Complete Solution

Duress - Answer Forcing a party into a contract through fear of threat makes rhe contract voidable (must be wrongful or illegal, incapable of excercising free will Fraud - Answer When a person intentionally makes an assertion that is not in accord with the facts. A contract is - Answer A promise or agreement that can be enforced in court undue influence - Answer Contract lacks voluntary consent and is voidable One of the main purposes of contract law is to - Answer Ensure that certain promises are legally binding Contracts are governed by - Answer The common law as modified by statutes The Latin phrase pacts ain't servanda means - Answer Agreements shall be kept A quasi contract can be defined as - Answer A fictional contract The requirements for a valid contract do not include - Answer A fair price Molecular Vision, Inc., and Nano Products Corporation enter into a contract to market jointly developed biotech products. The freedom to enter into contracts is - Answer a fundamental public policy in the United States Speedy Delivery, Inc. agrees to deliver paper to Thespian Script Company, which promises to pay for the service. Speedy delivers the paper. This contract is - Answer executory on Thespian's part Mariah enters into an implied-in-fact contract with Noel. The parties conduct - Answer defines the contracts terms Dan, a doctor, renders aid to Edwina, who is injured. Dan can recover the cost of from Edwina - Answer even if Edwine was not aware of Dan's help Fay claims that she and Gio entered into a contract. The intent to enter into a contract is determined with reference to - Answer the objective theory of contracts Rowan calls Shary on the phone and agrees to buy her laptop computer for $500. This is - Answer an express contract Ogden enters into a contract with Pam to review her financial status. They later dispute the meaning of their contract. If the terms are unclear, the rules of contract interpretation will give effect to - Answer the parties intent as expressed in their contract Laura enters into a contract with Midge for landscape design services. The contract's express terms have - Answer more priority than than the prior dealing, course of performance, and trade usage Bo's contract with Cris is voidable. If the contract is avoided - Answer both parties are realeased from it Marlon "declares that something will of will not happen in the future." This is - Answer a promise Elements of a contract - Answer Agreement (Offer and Acceptance). Consideration. Contractual Capacity. Legality. Defenses: Genuineness of assent. Form. What contracts must be in writing and signed? - Answer Concerning: Land, One year rule, collateral or secondary contract, promise made in consideration of marriage, goods over $500 collateral promise - Answer when one person agrees to pay the debt of another as a favor to that debtor. Needs 3 people. Has parents sign, if you don't pay they will An assignment must be in what form? - Answer Oral or written form The term "alienation" refers to - Answer Transferring the ownership of land The transfer of contractual duties to someone else is known as - Answer Delegation Which of the following duties cannot be delegated without consent? - Answer A duty to perform a brain surgery The Statute of Frauds refers to - Answer Contracts that must be in writing to be enforceable The statute of frauds covers all of the following except contracts for the sale of: - Answer A new college history textbook What act requires that a contract for the sale of goods priced at $500 or more must be in writing to be enforceable? - Answer UCC Under common law, a memorandum evidencing an oral contract must include: - Answer The essential terms Evidence of prior negotiations, prior agreements, or contemporaneous oral agreements that contradict or vary the terms of a written contract normally be introduced at a trial. This is known as the: - Answer Parol evidence rule All of the following contracts fall under exceptions to the parol evidence rule except: - Answer Contracts with clear terms When a contract is integrated, it is: - Answer The final embodiment of the terms of the agreement Under the parol evidence rule, when the terms of a written contract are ambiguous: - Answer Additional evidence is admissible to show the meaning of the terms England, the nation that created the original statute of frauds in 1677: - Answer Applies the statute to collateral promises and transfers to interests in land