BUSFIN 3500 FINAL EXAM - 2025
IRVINE
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Undue Influence: - ANSWERS-Refers to those special relationships in which one
person takes advantage of a dominant position in a relationship to unfairly
persuade the other and interfere wit that person's ability to make his decision
QUESTION 2
Factors for Undue Influence: - ANSWERS--Dominant party rushing the other
party to consent?
-Dominant party gain undue enrichment from the agreement?
-Was the nondominant party isolated from other advisers?
-IS the contract unreasonable because overwhelmingly benefits the dominant
person?
QUESTION 3
Duress: - ANSWERS-When one party is forced into the agreement by the
wrongful act of another.
END OF
PAGE
1
, BUSFIN 3500 FINAL EXAM - 2025
IRVINE
-Threatening physical harm or extortion to gain consent
-Threat to file criminal suit unless consent is given
-Threat to economic interests
QUESTION 4
Unconscionability: - ANSWERS-One party has so much more bargaining power
than the other that he dictates the terms. Mockery of free will, necessary for legal
assent. Will create an adhesion contract
QUESTION 5
Statute of Frauds Main Purposes (3): - ANSWERS-1) Attempts to ease contractual
negotiations by requiring sufficiently reliable evidence to prove the existence and
terms of a contract
2) Prevent unreliable oral evidence from interfering with a contractual relationship
3) Prevent parties from entering into contract with which they dont agree
QUESTION 6
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2
, BUSFIN 3500 FINAL EXAM - 2025
IRVINE
Contracts whose terms prevent possible performance within one year: -
ANSWERS-One year period begins the day after the contract is created, if it can be
performed within a year, then the contract DOES NOT need a writing to be
enforceable
QUESTION 7
Promises made in consideration of marriage: - ANSWERS--When one party
promises something to the other as part of an offer of marriage, contract must be in
writing to be enforceable. Mutual promises to marry do not need writing
-Prenup agreement: need writing
QUESTION 8
Contracts for one party to pay the debt of another if the initial party fails to pay: -
ANSWERS-Will have to be in writing UNLESS main-purpose rule: if the main
purpose for incurring a secondary obligation is to obtain a personal benefit, the
promise does not fall within the statute (no writing)
QUESTION 9
Contracts related to an interest in land: - ANSWERS-Encompasses everything
attached to the land as well
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PAGE
3
, BUSFIN 3500 FINAL EXAM - 2025
IRVINE
QUESTION 10
Contracts for the sale of goods more than $500: - ANSWERS-Needs only to state
quantity sold
QUESTION 11
Equal Dignity Rule: - ANSWERS-contracts that would normally fall under the
statute and need a writing if negotiated by the principal must be in writing even if
negotiated by an agent
QUESTION 12
Requirements of the Writing: - ANSWERS--identification of the parties
-subject matter of agreement
-consideration (if any)
-any pertinent terms
END OF
PAGE
4
IRVINE
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Undue Influence: - ANSWERS-Refers to those special relationships in which one
person takes advantage of a dominant position in a relationship to unfairly
persuade the other and interfere wit that person's ability to make his decision
QUESTION 2
Factors for Undue Influence: - ANSWERS--Dominant party rushing the other
party to consent?
-Dominant party gain undue enrichment from the agreement?
-Was the nondominant party isolated from other advisers?
-IS the contract unreasonable because overwhelmingly benefits the dominant
person?
QUESTION 3
Duress: - ANSWERS-When one party is forced into the agreement by the
wrongful act of another.
END OF
PAGE
1
, BUSFIN 3500 FINAL EXAM - 2025
IRVINE
-Threatening physical harm or extortion to gain consent
-Threat to file criminal suit unless consent is given
-Threat to economic interests
QUESTION 4
Unconscionability: - ANSWERS-One party has so much more bargaining power
than the other that he dictates the terms. Mockery of free will, necessary for legal
assent. Will create an adhesion contract
QUESTION 5
Statute of Frauds Main Purposes (3): - ANSWERS-1) Attempts to ease contractual
negotiations by requiring sufficiently reliable evidence to prove the existence and
terms of a contract
2) Prevent unreliable oral evidence from interfering with a contractual relationship
3) Prevent parties from entering into contract with which they dont agree
QUESTION 6
END OF
PAGE
2
, BUSFIN 3500 FINAL EXAM - 2025
IRVINE
Contracts whose terms prevent possible performance within one year: -
ANSWERS-One year period begins the day after the contract is created, if it can be
performed within a year, then the contract DOES NOT need a writing to be
enforceable
QUESTION 7
Promises made in consideration of marriage: - ANSWERS--When one party
promises something to the other as part of an offer of marriage, contract must be in
writing to be enforceable. Mutual promises to marry do not need writing
-Prenup agreement: need writing
QUESTION 8
Contracts for one party to pay the debt of another if the initial party fails to pay: -
ANSWERS-Will have to be in writing UNLESS main-purpose rule: if the main
purpose for incurring a secondary obligation is to obtain a personal benefit, the
promise does not fall within the statute (no writing)
QUESTION 9
Contracts related to an interest in land: - ANSWERS-Encompasses everything
attached to the land as well
END OF
PAGE
3
, BUSFIN 3500 FINAL EXAM - 2025
IRVINE
QUESTION 10
Contracts for the sale of goods more than $500: - ANSWERS-Needs only to state
quantity sold
QUESTION 11
Equal Dignity Rule: - ANSWERS-contracts that would normally fall under the
statute and need a writing if negotiated by the principal must be in writing even if
negotiated by an agent
QUESTION 12
Requirements of the Writing: - ANSWERS--identification of the parties
-subject matter of agreement
-consideration (if any)
-any pertinent terms
END OF
PAGE
4
