CH 11

Question 1

consideration

Answer 1

value given in return for a promise; legal detriment and bargaining for exchange required

Question 2

“something of legally sufficient value”:

Answer 2

a promise to do something that one has no prior legal duty to do, performance of an action, or refrain from an action that one has a legal right to undertake (forbearance)

Question 3

consideration ex

Answer 3

if u paint my garage i will pay u 800$

Question 4

bargained for exchange

Answer 4

items of value must be given in return for the promisees promise or performance i.e. ill give u 500 bc ur poor- not consideration bc nothing bargained for

Question 5

Hamer V Sidway

Answer 5

ruled in favor of hamer, who refuse to give sidway the 5,000 his uncle owed him after he died because of the lack of consideration of the nephews side

Question 6

adequacy of consideration

Answer 6

“how much consideration is given”

Question 7

agreements that lack consideration

Answer 7

preexisting duty past consideration illusory promise

Question 8

preexisting duty

Answer 8

a promise to do what one already has a legal duty to do i.e. demanding 75,000 more dollars after half way done with construction contract- can’t do because there is already a contract to finish the construction

Question 9

pre existing duty can be waived if…

Answer 9

unforeseen difficulties occur i.e. a large rock in the middle of a construction zone that makes construction more difficult and timley

Question 10

recission

Answer 10

recindment of contract and then a return to the state before the contract was made (in execratory stage)

Question 11

Past Consideration

Answer 11

act that takes place before the contract is made and then cannot be consideration for a later promise to pay the act i.e. telling someone they should be called the answer then him saying u can have 25% return but promise made in return for past consideration (earlier suggestion) so unenforceable

Question 12

Illusory Promise

Answer 12

express such uncertainty of performance that promisor has definitely not promised to do anything making this without consideration and unenforacble i.e. if profits remain high a 10 percent bonus will be given if management thinks it is ok to do so

Question 13

Accord and Satisfaction

Answer 13

debtor offers to pay lesser amount then what creditor originally claimed was owed

Question 14

liquidated debt

Answer 14

exact amount determined or fixed i.e. paying 5% over2 years to creditor

Question 15

unliquidated debt

Answer 15

debt that is not settled

Question 16

release

Answer 16

forfeiting the right to pursue a legal claim over the other party i.e. neighbor hits car and offers 3,000 to not press charges and she accepts and later finds out it costs her 4,000 to get car fixed but she can only accept his 3,000

Question 17

Convent not to sue

Answer 17

substitute legal obligation with some other legal obligation

Question 18

promissory estoppel

Answer 18

when a person relies on another persons promise for a reasonable and substantial claim can obtain some measures of recovery (even though made without consideration)

Question 19

requirements for promissory estoppel

Answer 19

clear promise, primsor should have expected promisee to rely on promise, relied on promise by acting on or refraining from an act, enforcement of promise is necessary to avoid injustice

Question 20

ex promissory estoppel

Answer 20

i.e. promising to pay 2,000 until u die then stopping after 2 years- can sue

Question 21

Harvey V Dow

Answer 21

Teresa Harvey relied on her parents promise to convey the land to her when she and her husband built a house on it. ruled in teresas favor

Question 22

contractual capacity

Answer 22

party who enters into contract to be bound by the contract

i.e. minors or infants are not legally bound

Question 23

emancipation

Answer 23

being freed from parental control

Question 24

disafirmence

Answer 24

legal avoidance of contractual obligation (not bounded) i.e. a minor i.e. marriage or enlistment can not be

Question 25

ratification

Answer 25

new found acceptance for an obligation that was not previously enforceable i.e. implied ratification- behaves in a minor inconsistence with dissafirmence

Question 26

intoxicated persons, mentally incompetent persons

Answer 26

no mental capacity, no contract

Question 27

legal

Answer 27

illegal makes contract void i.e. selling organs online

Question 28

illegal things:

Answer 28

gambling, licensing statues (protecting public and is fake-illegal)

Question 29

sturdy v united arab emirates

Answer 29

architect who is not licensed can not sue to enforce a contract so in favor or UAE

Question 30

Contracts contrary to public policy

Answer 30

negative impact on society, so unenforceable i.e. offers men 10000 to not marry his daughter, young man accepts and no contract is formed because it is contrary to public policy

Question 31

Convent not to compete

Answer 31

to not conduct similar business as of that was just conducted with another party a specific amount of time after

Question 32

Employment Contract

Answer 32

contract btw employer and employee where terms are stated

Question 33

Comedy Club V improv West Associations

Answer 33

Too broad to say that in the comedy club business for fourteen years in 48 states too broad to be enforced in favor of CCI

Question 34

reformation

Answer 34

correction of written contract to reflect true intentions of parties

Question 35

unconciscaible

Answer 35

void because one party was forced to accept terms

Question 36

adhesion contract

Answer 36

where stranger party dictates terms

Question 37

Exculpatory Clause

Answer 37

releases a party from liability in event of money issues or injury no matter who is at fault