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Questions
T/F: Each contract should cover a singular promise and if multiple promises are involved, multiple contracts should be created
T/F:
Boris sky dives out of a plane and gets hung up in a tree, hopelessly
suspended and swinging precariously in his parachute from the branches
of the tree. Natasha sees that be is in trouble and comes to his rescue.
Once Boris is safely on the ground, he gratefully promises to give
Natasha half of his life savings account. When he changes his mind,
Natasha will probably be unsuccessful in enforcing his promise
T/F: Most oral agreements will be enforceable as contracts by courts
T/F: An option contract has to do with a contract that gives one of the parties a choice of consideration to accept
T/F: Duress must be based on a physical threat and not an economic one
T/F: An option contract refers to the choices that one has when entering into a contract
T/F:
Larry has had a few beers and is starting to get a bit drunk. He isn’t
acting strange and he’s conducting conversations with others slurring
only an occasional word or two. Larry, should he enter into a contract
in this state would be considered mentally incompetent and his contract
would be void
T/F: Generally, mutual mistakes will often lead to the
court allowing an avoidance of a contract; however, a unilateral mistake
is not usually grounds to cancel a contract
T/F: Amanda, a recent
university graduate, needed a car to get to her new job. To help Amanda
secure a loan for the car, Ted, a friend, agreed to pay the loan should
Amanda default. Ted’s promise is enforceable as long as he goes to the
bank, declares his promise to guarantee Amanda’s loan in front of
witnesses and shakes hands on the deal giving his word
T/F:
Contractual consideration is defined as the thought process a party uses
to decide whether or not to accept the offer and enter into a contract
T/F: The legal detriments exchanged by the parties must be equal, or reasonably close to equal, for consideration to be valid
Helen’s
cat Fluffy has run away and she places reward posters throughout her
neighborhood. Mark sees the reward poster and spends the next six hours
searching for Fluffy. While Mark is searching the neighborhood, Fluffy
gets hungry and comes home, what type of contract is this and what is
Mark entitled to for his work?
Where a promise can only be accepted
by the performance of the person to whom it is offered is an example of
what type of contract?
If the offer specifies no time limit in which to accept how much time does the offeree have to accept?
Josh
is negotiating the sale of his car with Jonathan. Jonathan asks if the
car has ever been in an accident and Josh replies, “No, it has never
been in an accident.” In fact, the car was nearly totaled the year
before when Sheila, Josh’s girlfriend, driving Josh’s car, hit a wet
spot and skidded into a pole. She had it repaired without telling him
about the accident. Josh has committed what?
Brandi orally tells
landscaper Mike “If you trim my bush I’ll pay you $50.00.” Mike trims
her bush. What type of contract was this?
Bud calls Lou and says,
“I’ll sell you my car for a thousand bucks, interested?” Lou says, “I’ll
look it up on the Internet. If the Blue Book price is close, I’ll pay
you $1000 in the morning.” At sunrise Lou shows up with $1000.00; What
is Bud required to do according to the laws of contracts?
What type of contract is formed to remedy unjust enrichment?
Mike
is walking through a parking lot and finds Kathy lying unconscious. He
puts her in his car and takes her to the hospital. The hospital saves
her life and when she becomes conscious they present her with a bill,
Kathy will be required to pay based on what type of contract?
With regard to the court, adequacy of consideration means?
Dick has made a statement that the average person would realize is puffery. Dick is guilty of?
In Leonard v. Pepsico, the court ruled against Leonard and refused to enforce the purchase of a Harrier Jet because?
Abel
sends Baker a letter: “I offer to perform consulting services for six
months at $100/month.” Baker signs “I agree.” This contract fits into
which category?
A contract in which one party may either disaffirm or enforce a contract is?
Helsel
goes to see a physician concerning a particularly harsh flu. The doctor
examines him prescribes medication, and gives him a bill for medical
services. This agreement falls into which category of contracts?
The
owner of an office building hires an architect to produce renovation
plans for a $5,000 fee. The owner retains the plans once the fee is
paid. What source of law governs this contract?
Digital signatures are recognized under state statutes that have passed what act?
Hyde hires an arsonist to set a warehouse on fire for $1,000. This agreement is legally?
Holmes
Hats agrees to sell 100 top hats to a formal wear store and deliver
them no later than April. This agreement falls into what category of
contracts?
The owner of a warehouse contracts with Satellite Services
for the purchase and installation of satellite dishes at the warehouse.
the contract allocated $8,000 for the satellite and $2,000 for
installation. Which source of law governs this contract?
When two
parties agree to use an electronic-commerce method for a transaction,
what sets out procedural guidelines that recognize electronic records
and signatures under the law?
A contract that meets all of the
statutory requirements to form a contract but is subject to a legal
defense is what kind of an agreement?
Cardozo Candies agrees to sell
100 boxes of chocolate to a retail store and deliver them in one week.
This agreement falls into what category of contracts?
What actions by parties are events of termination of an offer?
What events of termination of an offer via operation of law?
T/F: When a party successfully sues for an equitable remedy for a breach of contract, they do not receive a monetary award
T/F: When an accord and satisfaction is agreed to, the original obligation subject to the accord is immediately discharged
T/F: Nominal damages are rarely awarded in contract cases
T/F:
Craig is a licensed plumber and has a contract to install a replacement
toilet for Mary. When Craig realizes that he has booked two
appointments simultaneously, he calls Brian, another licensed plumber
and asks him to install Mary’s toilet. Craig has assigned his duties to
Brian
T/F: A party to a contract may be discharged from performance
due to operation of law if the other party unilaterally alters the
contract
T/F: Restitution is classified as an equitable remedy
T/F:
When an assignment is made, the assignee has the right to reform the
contract and change the obligor’s rights and duties as they wish
T/F:
Impossibility of performance is subjective meaning that one of the
parties may unilaterally decide that performance is impossible, thus
discharging the contract
T/F: Specific performance is almost always available when a real estate contract is involved
T/F:
Beth has a contract with Annie in which Annie is to deliver 1000 hand
decorated beverage holders in 60 days. When Beth calls the Psychic
Hotline for her weekly reading, the psychic informs her that she has
entered into a contract and the other party will not perform all the
conditions and specifications as per the agreement. Beth may sue for an
anticipatory repudiation
T/F: Mel is under contract with a textbook
publisher to write a teachers manual to accompany a new textbook. The
contract states that the instructor’s manual is to be completed by
August 1. On July 1, the publisher calls Mel and asks for an update. Mel
states that he’s working hard and making progress. He then states that
the August 1 deadline is “doable but it’s going to be tough”. Based on
Mel’s statement the textbook publisher may claim an anticipatory
repudiation and find another author to complete the project
T/F: A rescission of a contract may occur when either party chooses to end the agreement
T/F:
Burt has contracted with Mel to put a concrete driveway on Mel’s
property. If Burt delegates the duty of laying the driveway to Chuck,
and Chuck does an unacceptable job, Mel may sue Burt for damages
T/F:
Lance is an avid bicyclist and sends in a $150 fee to participate in an
across the state ride in the Midwest. A week before the ride, he breaks
his leg. Unless the contract specifically provides for no refunds under
any conditions, he will be able to receive a refund based on
impossibility
T/F: Generally, courts do enforce a strict compliance standard for contact conditions
T/F:
Anticipatory repudiation may be used when a party has knowledge that
either a complete or a partial breach will occur by the other party
T/F: Incidental beneficiaries are known about when the contract is entered into
List three ways of discharge by mutual consent
You
have booked a hotel room for conference at a rate of $100 per day for
five days. When you arrive to check in you are told that the hotel is
full and that they overbooked and cannot supply you with a room. You are
forced to go to the only hotel in town with available rooms and pay
$150 per night. If you sue for damages you entitled to what amount?
Max
has contracted with Lew to have his house painted. The contract
specifically stated that the job was to be completed by 8/25. Lew
completes the job on 8/26. Max has suffered no loss due to the delay.
The job was otherwise done exactly to all contract requirements and
specifications. If Max sues Lew for breach of contract due to the missed
completion date, were the courts to award damages, what type of damages
would most likely be awarded?
In a delegation situation, the nondelegating party is called the?
Lon
has just come home from serving in the Marines and contracts with a
local car dealership to purchase a car. The car must be ordered and
payment is to be made when the car arrives. The next day, Lon receives
orders to return to active duty. Realizing that he doesn’t need the car,
he brings Tony to the dealership and asks that Tony substitute for him.
Lon will take delivery and ownership of the car and Lon will pay the
dealership upon delivery. The dealership agrees to have Tony substitute
for Lon. What has occurred?
Punishment damages are called:
Fred’s
Flooring (FF) contracts with Harry homeowner to install wood flooring
throughout Harry’s home. Harry was to purchase the flooring and the
contract was solely for installation. Payment was to be 20% at the time
that the work commenced and 80% once the flooring was installed. Harry
purchased the flooring materials and paid the 20%, so FF began work.
When FF was half way completed, Harry realized that he didn’t have the
money to pay FF upon completion so he bolted the doors and refused
access. If FF wants to rescind the contract and be paid for work
completed, FF would sue for:
When one party fails to perform under an agreement, the failing party has what the contract?
Anticipatory repudiation can occur in which of the following ways?
Coopers
agrees to prepare and file an income tax return for young for $500.
Coopers fails to file the return on time. Which of the following types
of breaches describes this senario?
Which remedy covers foreseeable indirect losses suffered by the nonbreaching party?
Rockefeller
hires Pablo to paint his portrait due to Pablo’s reputation as an
excellent painter. Pablo breaches the agreement. Which of the following
is Rockefeller’s probable remedy?
What are two forms of equitable relief
Which remedy covers losses of actual damages suffered by the nonbreaching party?
Louis
agrees to sell Stevens a rare coin collection for $10,000. When Stevens
shows up with the money, Louis changes his mind and refuses to sell it
to him. Which of the following is Stevens’ probable remedy?
When the
parties in a contract perform the obligations in good faith and complete
the contract, the parties are said to have what the contract?
In
cases where the parties agree to a contract and pursue good faith
performance but one party cannot give perfect performance, the law still
recognizes the party’s right to discharge the contract through?
Name three ways a party may discharge their obligation for a contract?
Kitchen
Clean contracts to provide services for Chef Rave’s restaurants at a
rate of $1,000 per month to begin on January 2. On February 2, Chef Rave
is unhappy with the work. He sends a check for $500 along with a letter
notifying Kitchen Clean that he is unhappy, canceling the contract and
only willing to pay half-price. Kitchen Clean receives the letter,
deposits the check, and sues Chef Rave for the balance owed. What event
of discharge occurred in the Chef Rave v Kitchen Clean case?
Name three methods of discharging a contract through operation of law?
The doctrine of what allows one party to discharge the contract through less-than-perfect performance
Name three ways you can discharge a contract
Kitchen
Clean contracts to provide services for Chef Rave’s restaurants at a
rate of $1,000 per month to begin next month. In the interim, Chef Rave
hears of a cheaper cleaning service, and Kitchen Clean hears to Chef
Rave’s bad temper and slow payment habits. The parties mutually agree to
cancel the contract before it begins. The parties have discharged their
contract via what method?
Name three methods of discharging a contract through operation of law
Pilgrim
Industries scheduled its annual sales meeting at Celestial City Resort
from Jan. 5 to 10. In addition to meeting and hotel rooms, the resort
was to provide an ice-skating pond for Pilgrim’s annual employee hockey
game. Two months before the meeting, the resort is hit with a
devastating fire, and no hotel or meeting rooms are available. the
Pilgrim-Celestial contract is discharged via the doctrine of:
In
cases where the parties have agreed to a certain service at a certain
price, but one party finds that he or she cannot provide perfect
performance, the law recognizes what as an event of discharge, so long
as the party acted in good faith and that any deviation from the
contract did not materially alter the contract
What is the most common way in which parties discharge a contract?
Kitchen
Clean contracts to provide services for Chef Rave’s restaurants at a
rate of $1,000 per month to begin next month. After the first cleaning,
Kitchen Clean complains that the conditions of the exhaust hoods were
worse than either party knew. The parties agree to a new agreement for
$1,500 per month during months when the hoods required cleaning and
$1,000 for all other months. The parties have discharged their original
contract via what method?
Pilgrim Industries scheduled its annual
sales meeting at Celestial City Resort from Jan. 5 to 10. In addition to
meeting and hotel rooms, the resort was to provide an ice-skating pond
for the Pilgrim’s annual employee hockey game. In the weeks before the
meeting, the resort is hit with its worst heat wave on record. Although
hotel and meeting rooms are available, there is not possibility of ice
skating at the site. If a court finds that one of Pilgrim’s principal
purposes in the agreement was the inclusion of an ice-skating pond, the
Pilgrim-Celestial contract could be discharged via the doctrine of?
T/F:
Shovels R Us sends a purchase order to Acme Snow Shovel, Inc. for 500
shovels to be delivered by September 30, 2010, in time for the winter
season. Acme returns an acknowledgment form indicating that the shovels
would be delivered on March 1, 2011. The acknowledgement letter forms a
valid contract
T/F: Just as in the common law, the UCC recognizes the
concept of anticipatory repudiation allowing a breach to be declared
prior to performance being due
T/F: UCC risk of loss provisions will
govern the terms of a contract even if the parties have specified risk
allocation in the contract
T/F: The 2003 revisions to the UCC have only been adopted by about half of the states
T/F: If the seller ships conforming goods, the buyer has a duty to accept them and may not reject the goods
T/F: Wrongfully revoking an acceptance will constitute a breach of contract by the buyer
T/F:
If a party has been delivered nonconforming goods and has rejected
them, if they are forced to cover in order to maintain business
operations, they may sue the seller for the difference in price plus
consequential damages
T/F: If a buyer knowingly accepts nonconforming
goods, they may still sue the seller for monetary damages based on the
nonconformity
T/F: The United Nations Convention on Contracts for the
International Sale of Goods does not recognize a formal writing
requirement similar to the UCC statute of frauds requirement
T/F: The
UCC permits a contract to be considered formed entirely by the parties’
conduct even if no definite time of formation can be determined
T/F: The mirror image rule is not enforced under UCC standards
T/F:
On February 1st, Frank’s Fedora Manufacturers sends an offer to
Metropolitan Outfitters by letter with all price, quality, quantity and
delivery terms clearly stated, indicating that the offer will remain
open until October 1st. On September 1st Metropolitan sends an
acceptance of the offer to Frank’s with no material alterations to any
of the stated terms in the offer. The acceptance makes the contract
valid and enforceable
In a shipping contract, the risk of loss passes to the buyer when what happens?
In the absence of a specific contract provision regarding the details of payment the UCC provides that:
In
Merchants Acceptance, Inc. v. Jamison, Jamison ordered encyclopedias
and the contract specified that delivery was to be made to Jamison’s
home. Instead the encyclopedias were delivered to her post office box
and she never received them. She refuses to pay for them and is sued
In a destination contract, risk of loss passes to the buyer when?
Contracts for the sale of goods are governed by Article what of the Uniform Commerce Code
The underlying policy of the Uniform Commerce Code is to promote the what of a business transaction?
What is an irrevocable offer under the Uniform Commerce Code?
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