ACC 480 Final Exam Questions And Answers 100% Verified

ACC 480 Final Exam Questions And Answers 100% Verified What are the elements of a contract? - answerAgreement, Consideration, Contractual Capacity, and Legality What is the objective theory of contracts? - answerA court looks at the objective beliefs of the parties at the time of signing. AKA What would a reasonable person think? What is a Quasi Contract? - answerAn unofficial contract to AVOID UNJUST ENRICHMENT. Ex. Guy in a coma. When is it too late for an offer to be revoked? - answerAfter acceptance. What is consideration? - answerAn act or forbearance from an act. Can minors enter into a contract? - answerYes, as long as it is lawful. What is a minor's right to disaffirm? - answerThey can 'call-off' the contract at any point, but they must either give the merchandise back, or pay their value. What qualifies as an incompetent person? - answerIntoxication or mental incompetence If grandma is able to prove she was mentally unstable at the time she signed a contract, would it be a VOID or VOIDABLE contract? - answerVoidable What are the limits in a covenant not to compete? - answerMust be reasonable time and geographic location. What is the Statute of Frauds? - answerCertain contracts must be in writing to be enforceable. Ex. Sale of Land What is Promissory Estoppel? - answerIf someone "Justifiably Relied to their Detriment" on someone else's promise to them, and the other party backs out, Promissory Estoppel can be claimed to ensure the contract is enforced. What is Parole Evidence? - answerAny evidence you would provide to a judge in addition to the contract. Is Parole Evidence admissible in court? - answerNo, unless it (1) Proves Fraud, (2) Proves Misrepresentation, (3) Proves a mutual mistake of material fact, or (4) Explains any ambiguities in the contract.