Contracts

Question 1

A common law duty is delegable even though the

Answer 1

Duty delegated is the payment of money and the delegatee is not of as equal creditworthiness as the delegator.

Question 2

Duress

Answer 2

a contract entered into because of duress can be voided because of invalid consent

Question 3

Undue influence

Answer 3

the unfair persuasion of one person over another which prevents understanding or voluntary action

Question 4

In order to conform with the Statute of Frauds, and therefore be enforceable,

Answer 4

any contract for the sale of an interest in real property must be in writing and signed by the party to be charged

Question 5

Creditor beneficiary

Answer 5

a debtor contracts with a second party to pay the debt owed to creditor (third-party beneficiary)

Question 6

Donee beneficiary

Answer 6

almost the same as creditor beneficiary except promisee’s intent is to confer a gift upon third party through promisor’s performance

Question 7

Incidental beneficiary

Answer 7

third party who receives an unintended benefit from a contract. S/he obtains no rights under the contract

Question 8

Offers, revocations, rejections, and counteroffers are valid

Answer 8

when received (under both common law and UCC)

Question 9

Parol evidence rule

Answer 9

• Provides that any written agreement intended by parties to be final and complete contract (called an integration) may not be contradicted by previous or contemporaneous (written or oral) evidence

Question 10

Which of the following requires consideration in order to be binding on the parties?

Answer 10

aterial modification of a contract involving the sale of real estate