Ch.4 CONTRACTS AND AGENCY LAW Flashcards
if you agree to a contract and under the terms of the contract you must begin performance immediately and perform under the contract until a stated event in the contract occurs… what type of contract have you entered?
condition subsequent contract
a contract where tom and jerry entered into a contract and tom has fully performed all of the obligations of the contract but jerry has no completed the requirements of the contract is called what?
partially executed contract
a contract where one party has performed completely but the other party has not can best be described as what?
an executory contract
the most common type of damages in a contract case are:
compensatory
jack and jill enter a contract. if both perform all of the requirements of the contract satisfactorily, the contract is:
discharged by complete performance
Austin is following peters instruction in an agency relationship. peter has given Austin the specific instructions to drive the car the most direct route using interstate highways when possible. Austin is driving from Houston to Los Angeles. When Austin arrives in El Paso the interstate is closed due to bad weather so he takes an alternate route. Austin is using:
Implied power
Court order forcing someone to perform the obligation to a contract that the party had previously agreed to do and then refused to do, is called:
an equitable remedy called specific performance
if Mary is legally crazy but has not been so determined by the courts until after she enters the contract, the contract as to Mary is:
voidable
an illusory contract is:
no real commitment to contract
To be voidable, a mistake must be:
A mutual mistake of material fact
Junior enters a contract to buy a car with Sleezy Sams Used Cars when he is 16 years old. if he take the car back to Sleezy Sams which is ture?
Junior has disaffirmed the contract and Junior has to pay the restitution that he can pay, if any
which of the following is not a true contract? Implied by law contract or implied by fact contract?
implied by law contract
if you are dealing with a totally disclosed agency in a contractual transaction where the agency acted within his/her scope of the agency, who along with the third party is liable under the subsequent contract?
Principal
Assuming you live in a minority jurisdiction, if Mary offers you $100 to walk across a high wire from the Wehner Building to the Horticulture Building, when do you accept the unilateral offer?
when you complete a substantial amount of the trip across the high wire
What facts must be present to give rise to an Agency by Estoppel?
The Principals actions or inactions must lead a reasonable third party to believe that the Agency has the Principals authority
If you sell your heard of cows at a normal cattle auction and there are several bids on your cattle, you are:
an offeree and involved in a with reserve sale
what MUST be in writing?
A contract that cannot be performed in a year and an earnest money contract to sell your house
You get the chance to go to Italy for study abroad but you have a lease. You get one of your friends to take over your lease. If you get the landlord to release you from the lease and substitute your friend for you in the lease, the landlord has:
Discharged your contractual obligations and entered into a novation
An example of a situation where the law has determined that there is no legal offer is:
Normal advertisemnets
What is an element to an offer?
genuine and real intent on the part of the offeror, definite terms and conditions, and communication of the offer to the offeree
What is an expressed contract?
written or oral… states what needs to be done or what cant be done
