BLAW 3391 Final- Pleasant Certification Review Exam Questions And Answers Graded A+.

contract - correct answer a promise/set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty covenant not to compete - correct answer restrict what an employee may do after leaving a company often dictate where, when, and with whom an employee may work(common in technology and sales) elements needed for a contract to exist - correct answer from book: agreement, consideration, contractual capacity, and legal object from notes: offer and acceptance w/mutual agreement, consideration, competent parties, legality of purpose, proper form two defenses to the enforcement of a contract - correct answer lack of genuine assent lack of proper form objective theory of contracts - correct answer we base the existence of a contract on the parties' outward manifestations of intent and we base its interpretation on how a reasonable person would interpret it sources of contract law - correct answer case law UCC CISG(Convention on Contracts for International Sales of Goods) Article 2 of UCC - correct answer governs contracts for the sale of goods(tangible, movable objects) bilateral contract - correct answer a promise in exchange for a promise unilateral contract - correct answer offeror wants the offer to DO something, not to promise to do something (reward) express contract - correct answer terms are all clearly set forth in either written or spoken works implied contracts - correct answer arise from not words, but from the conduct of the parties (Pache v. Aviation Volunteer Fire Co.) quasi-contracts - correct answer aka implied-in-law contracts not actually contracts in order to prevent one party from being unjustly enriched at the expense of another, courts impose contractual obligations on one of the parties executed contracts - correct answer when all the terms of the contracts have been fully performed executory contracts - correct answer all of the terms have not been fulfilled formal contracts - correct answer have a special form or must be created in a specified manner under seal, word seal, scroll, wafer, or an impression of the paper four types of formal contracts - correct answer contracts under seal recognizances(jail bond) letters of credit negotiable instruments(check) informal contract - correct answer aka simple contract any contract not formal plain-meaning rule - correct answer if a writing appears to be plain on its face we must determine the meaning from just "the four corners" of the document elements of a offer - correct answer serious intent by offeror to be bound by the agreement reasonably definite terms communication to the offeree auction with reserve - correct answer auctioneer may withdraw the item any time before the hammer falls presumed to be unless stated otherwise auction without reserve - correct answer seller is treated as making an offer to accept the highest bid not popular material terms - correct answer show a court to determine damages in the event that one of the parties breaches the contract subject matter, price, quantity, quality, and parties termination of an offer - correct answer revocation by the offeror rejection/counteroffer by offeree death/incapacity of the offeror destruction/subsequent illegality of the subject matter lapse of time/failure of other conditions stated in the offer option contract - correct answer offer give the offeror a piece of consideration in exchange for holding the offer open for specified time detrimental reliance - correct answer if offeree reasonably relied on the offeror's promise to hold the offer open and had taken action in reliance of the offer (example of girl buying jewelry) elements of a valid acceptance - correct answer manifestation of intent to be bound, agreement to the definite and certain terms, and communication to the offeror mirror-image rule - correct answer terms of the acceptance must mirror the terms of the offer mailbox rule - correct answer provides that an acceptance is valid when the offeree places it in the mailbox, revocation is effective only when the offeree receives it promissory estoppel - correct answer exception to consideration one party makes promise an knows other other party will rely on it other party reasonably relies of promise and only way to avoid injustice of to enforce 2 exceptions for not having consideration - correct answer promissory estoppel contracts under seal illusory promise - correct answer not consideration "let me look at them, and if I like them, I'll pay you" not a promise past consideration - correct answer not consideration some are enforceable "to the extent to avoid injustice" preexisting duty - correct answer performance of a duty you are obligated to do under law is not consideration(officer catching criminal) performance of an existing contractual duty is not consideration(paying extra to meet deadline) unliquidated debt - correct answer parties may enter into an accord and satisfaction (giving credit company car in exchange for debt) capacity - correct answer has mental ability to understand his or her rights and obligations under a contract minors - correct answer any contract entered into is voidable by minor until they reach age of majority/reasonable time thereafter express vs implied ratification - correct answer states orally vs takes some action after reaching age of majority (making payment) whole contract must be ratified mentally incapacitated - correct answer depends on extent can be void, valid, or voidable valid if made during lucid interval unless declared insane intoxicated persons - correct answer can be void, valid, or voidable legality - correct answer to commit crime acting without license(against public's health, safety, and welfare) regarding usurious loans(interest rate exceeding legal maximum) gambling violate Sabbath laws(blue laws) contracts in restraint of trade - correct answer aka anticompetitive agreements sale of business or employment unconscionable - correct answer so unfair it is void of conscience procedural unconscionability - correct answer conditions that impair one party's understanding of a contract, as well as the integration terms into a contract (adhesion contract) adhesion contract - correct answer agreement presented on a take-it-or-leave-it basis