contract law

Question 1

Contract offers and acceptance

Answer 1

can be written or oral
must be accepted my intended party
acceptance can only be made by a “meeting of the minds”

Question 2

If offeror becomes insane or dies before acceptance:

Answer 2

offer is VOID

Question 3

If offeror becomes insane or dies after acceptance:

Answer 3

contract is binding

Question 4

Offeror is NOT bound until:

Answer 4

they receive the accepance

Question 5

Fraud in the execution

Answer 5

person did not know they were signing a contract: VOID

Question 6

Fraud in the inducement

Answer 6

knew they were signing but mislead - VIODABLE

Question 7

Not competent to contract

Answer 7

unable to enter into contract due to competence - VIODABLE

Question 8

Extreme Duress contracts

Answer 8

gun to head, forced - VOID

Question 9

Simple Duress contracts

Answer 9

VOIDABLE

Question 10

Undue influence

Answer 10

parent uses relationship to get son to sign contract - VIODABLE

Question 11

Illegal in nature

Answer 11

VOID

Question 12

Error in contract

Answer 12

Unenforceable

Question 13

Contracts made under statute of frauds

Answer 13

MUST BE IN WRITING

• cannot be completed in 1 yr
• involves purchase of real estate
• $500+ sale of goods
• co-signing & guaranteeing the debt of another