Contract Law Final

Question 1

contracts for services are governed by

Answer 1

law of the state you reside

Question 2

contracts for goods are governed by

Answer 2

Uniform Commercial Code

Question 3

all things moveable

Answer 3

a good

Question 4

“goods” do not appl to land sale contracts because

Answer 4

land cannot move

Question 5

do all contracts have to be written?

Answer 5

nope, can be oral

Question 6

requirement that a contract be in writing

Answer 6

statute of frauds

Question 7

how to enforce an oral contract

Answer 7

prove that a contract existed in the first place

prove what the terms were

Question 8

3 elements of a contract

Answer 8

offer
acceptance
consideration

Question 9

demonstration of the willingness of a party to enter into a bargain

Answer 9

an offer

Question 10

express act or implication by conduct that manifests assent to the terms of an offer in a manner invited or required by the offer so that a binding contract is formed

Answer 10

acceptance

Question 11

exists when the parties exchange a promise for a promise

Answer 11

bilateral contract

Question 12

exists when the parties exchange a promise for performance

Answer 12

unilateral contract

Question 13

method of analyzing whether a contract exists is to

Answer 13

ask if the parties have bargained for a legal detriment

Question 14

consist of undertaking something a party was not previously bound to do

Answer 14

legal detriment

Question 15

what is legal capacity to contract absent

Answer 15

infancy
infirmity
intoxication
illegality

Question 16

whatre the exceptions for minors in contract

Answer 16

necessities
reaching the age of majority without attempting to void
using a sword rather than a shield

Question 17

does the party understand the meaning and effect of the words in the contract?

Answer 17

cognitive

Question 18

is the party able to behave in a reasonable manner and did the other party have reason to know of the condition?

Answer 18

affective

Question 19

is the party capable of deciding whether or not to enter the contract?

Answer 19

motivational

Question 20

three tests for mental incapacity

Answer 20

cognitive
affective
motivational

Question 21

do people who are voluntarily intoxicated have the capacity to enter into contracts

Answer 21

yesq

Question 22

sale of expired goods

Answer 22

res exincta

Question 23

purchase of goods that are already possessed

Answer 23

res sua

Question 24

material characteristic

Answer 24

quality

Question 25

mutual mistake

Answer 25

both parties are mistaken as to the contracts purpose

Question 26

one party is materially mistaken in terms or identity

Answer 26

unilateral mistake

Question 27

a contract is not made in person and one is mistaken as to the identity of the other and the other party knows this, the contract is void

Answer 27

inter absentes

Question 28

a contract IS made in person, there is a presumption that the mistaken party intends to deal with the person present. In order to void the agreement, the mistaken party must prove:

Answer 28

inter praesentes

Question 29

occurs when unlawful pressure is exerted upon a person in order to coerce him or her into entering a contract he or she would otherwise not sign

Answer 29

duress

Question 30

exerted by a fiduciary

Answer 30

undue influence

Question 31

fiduciary

Answer 31

one who occupies a position of trust or confidence in regard to the influenced party

Question 32

When a contract is found to be so oppressive to the party of inferior bargaining power that it “shocks the conscience,” the court may find it unconscionable and refuse to enforce.

Answer 32

unconsciounability

Question 33

elements of unconcionability

Answer 33

uneven bargaining power
unfair substantive terms
absence of meaningful choice for the disadvantaged party

Question 34

occurs when unexpected events arise which make the contract impossible to perform

Answer 34

commercial frustration aka frustration of purpose

Question 35

excuses performance where it cannot physically be performed

Answer 35

impossibility(objective)

Question 36

impractibility excuses performance when it becomes unduly and unfeasibly burdensome

Answer 36

subjective test

Question 37

always decided against the drafter or the party with superior power

Answer 37

ambiguities

Question 38

one method of analyzing whether a contract exists to ask if the parties have bargained for a legal detriment

Answer 38

bargained for legal exchange