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Law Flashcards

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0
Q

Do minors have the right to contract

A

No. Only adults can ratify contracts

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1
Q

Latches

A

When you wait too long to do an injunction. You can’t sit on your rights too long, you have to act quickly

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2
Q

What happens if a minor states something that is fraudulent

A

In most states he does not have the right to disaffirm

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3
Q

Does a minor have to answer to torts?

A

Yes

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4
Q

Voiding

A

Even if contract with minor becomes void, he still has to make sure the end result is fine from whoever he sold from

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5
Q

Quantum merriment

A

Payment for whatever work was done

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6
Q

If you sue someone does that mean your agreement was ratified?

A

Yes. Ratification can occur by agreement or action

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7
Q

Ucc 2403

A

If a person acquires a voidablentitle (purchases goods from a minor) sells to an innocent third party the third party acquires a good title

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8
Q

Necessaries

A

If your giving a minor food shelter medicine and clothing he is obligated to pay for it. For basics he is responsible

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9
Q

Are contracts void for incompetent persons?

A

Yes for all incompetent persons all contracts are void

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10
Q

What must you have for a contract

A

A capacity and an intent

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11
Q

Can an intoxicated person sign a contract

A

Yes but the contract may be voidable if the intoxicated party can prove the other party has reason to know the intoxicated party is unable to either understand the nature of his consequences or to act in a reasonable manner

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12
Q

Bilateral

A

bilateral - promise for a promise. in bilateral, there are two promisors and two promisees

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13
Q

Promisor and promisee

A

promisor promises to get something promisee promises to give something (give up something) whatever the getting or the giving is has to be induced in order to have consideration

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14
Q

Inducement

A

inducement is usually judged. you have to know what the consideration is in order to be induced to do something.

inducement means new value to do something. if there’s no inducement there’s no consideration if there’s no consideration there’s no contract if there’s no contract there’s no breach etc.

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15
Q

Does pre existing duty have consideration?

A

pre-existing duty has no consideration. how can you be induced to do something if you’ve already agreed to do it?

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16
Q

Liquidated debt vs unliquidated debt

A

if there’s no confusion about the debt thats owed, a firm clear amount, its a liquidated debt. if there is some confusion or dispute about the debt owed, it is an unliquidated debt.

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17
Q

How do we settle a debt

A

settling of liquidated debt - new consideration of something else must be made

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18
Q

What is the value of writing down contracts?

A

f some kind of offer or change to a contract isn’t in writing, there is no new value created or given.

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19
Q

Under protest

A

f debt is unliquidated and debtor sends a check of less than the disputed amount and the creditor accepts it, the implied promise to take less in full satisfaction is there. by keeping the check he is accepting it on terms offered - unless he cashes the check ‘under protest’. since debt is unliquidated there is consideration.
*only exists in unliquidated debt
*under protest statute is in 1-207
‘under protest’ ‘without prepuce’ ‘with full reservation’

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20
Q

Key notion on damages

A

WHENEVER YOU WANT DAMAGES, YOU HAVE TO PROVE YOUR LIABILITY FIRST.

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21
Q

Nominal damages

A

liability and damages - nominal damages are damages but you don’t get money.

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22
Q

Three types of damages

A

compensatory, consequential and nominal are the three types

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23
Q

How are claims settled?

A

Through accord and satisfaction in which a debtor offers to pay a lesser amount than the creditor says is owed

OR
The signing of a release or a covenant not to sue

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24
Q

What must happen in order for accord and satisfaction to occur?

A

A dispute

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25
Q

What is ‘accord’?

A

The agreement under which one of the parties promises to give or perform and the other to accept something other than that which the parties originally agreed

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26
Q

What is satisfaction?

A

The performance (usually payment) which takes place after the accord is executed

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27
Q

In the majority of states- if you pay less than the entire amount of a liquidated debt, is there accord?

A

No

28
Q

In an unliquidated debt, if you pay less than the amount owed, is there satisfaction?

A

Yes

29
Q

What is a release?

A

An agreement in which one party gives up the right to pursue a legal claim against another party

30
Q

When are releases binding?

A

When they are 1) given in good faith 2) stated in signed writing 3) accompanied by consideration

31
Q

What happens when you give someone a signed written release but the damages end up being higher than the consideration given?

A

You can’t ask for more money to fulfill the true actual consideration if you’ve already given signed consideration for a different amount. The other party is discharged from any further liability for a breach once they sign the contract and give up the said money

32
Q

Does a release prevent further recovery?

A

Yes

33
Q

Does a covenant not to sue prevent further recovery?

A

No

34
Q

Covenant not to sue

A

An agrewmt to substitute a contractual obligation for some other type of legal action based on a valid claim

35
Q

What is promissory estoppel?

A

A doctrine that can be used to enforce a promise when the promises has justifiably relied on it and when justice will be better served by enforcing that promise

36
Q

What are the requirements for promissory estoppel to work?

A
  1. Must be clear and definite promise
  2. Promisor should have expected that the promisee would rely on the promise
  3. Promisee reasonably relied on the promise by acting or refraing from some act
  4. Promisee’ reliance was definite and resulted in substantial detriment
  5. Enforcement of the promise is necessary to avoid injustice
37
Q

If the 5 requirements for promissory estoppel are met, is the Promisor able to assert lack of consideration as a defense?

A

No. The promisor is estopped or barred from claiming that

38
Q

What was promissory estoppel originally applied to?

A

Gifts and situations involving donations

39
Q

What is contractual capacity?

A

The legal ability to enter a contract

40
Q

How is minority status terminated?

A

Through emancipation.

41
Q

Can a minor petition a court to be treated as an adult?

A

Yes

42
Q

What is disaffirmance

A

The legal avoidance of a contractual obligation

43
Q

Can a minor disaffirm a portion of a contract?

A

No. A minor can only disaffirm the entirety of a contract, not a portion of it

44
Q

How long can a minor wait until a contract is considered ratified?

A

For a reasonable time after reaching the age of majority

45
Q

Can an adult avoid contractual duties with a minor

A

No. Unless a minor disaffirms the contract, the adult party is bound by it

46
Q

Does a minor have to return goods when disaffirming a contract?

A

Yes provided they are in the minors possession or control

47
Q

If the minor returns damaged good after disaffirminf a contract does the minor obtain a return of the purchase price?

A

Yes

48
Q

What are the exceptions to a minors right to dis affirm?

A

Marriage contracts, contracts to enlist in the armed forces, necessaries, and others.

49
Q

What are the two ways that a minor who has reached the age of majority can ratify a contract?

A

Expressly- stating orally that he she intends to be bound by the contract
Implied- on reaching the age of majority behaves in a manner inconsistent with disaffirmance

50
Q

Is a contract that is done by a minor and still executory at the age of majority able to be disaffirmed?

A

Yes

51
Q

Are parents liable for contracts made by minors?

A

No except in contracts with necessaries which the parents are legally required to provide

52
Q

Is a contract entered in with an intoxicated person voidable or valid?

A

It is either voidable or valid- if valid then enforceable

53
Q

When is a contract with an intoxicated person considered void?

A

If the person was sufficiently intoxicated to lack mental capacity in which they could not comprehend the legal consequences of entering the contract.

They are required to return all consideration received

54
Q

When is a contract with a mentally incompetent person considered void?

A

When a person previously determined to be mentally incompetent and has an appointed guardian to represent the person- any contract entered in by them is void

55
Q

When is a contract with a mentally incompetent person considered voidable?

A

When the person was not previously considered mentally incompetent but did lack the mental capacity to comprehend the nature purpose and consequences of the contract. In this case the contract is voidable only by the mentally incompetent person not by the option of the other party

56
Q

When is a contract with a mentally incompetent person considered valid?

A

When a mentally incompetent person not previously considered so entered the contract and had a lucid interval and was able to comprehend the contract at the time of signing. Ex. Old people who have periods of lapse. They are considered to have legal capacity to enter into contracts

57
Q

What are the four requirements for a valid contract to exist?

A

Consideration, capacity, legality, agreement

58
Q

When is a contract unenforcabls and thus void?

A

When it is doing something that is prohibited by federal or state statutory law or that is tortious

59
Q

Is a contract valid if the performance of the contract is rendered illegal after the contract has been formed?

A

No. It is rendered discharged by law.

60
Q

What is usury?

A

An illegal activity in which a lender makes a loan with an interest rate higher than the maximum rate of interest

61
Q

are contracts created by gambling void?

A

In most states gambling contracts are illegal and thus void

62
Q

Are contracts with unlicensed practitioners void?

A

If the licensing statue’s purpose is to protect the public from unauthorized practitioners then yes. If the purpose is merely to raise government revenues then no

63
Q

If a contract is contrary to public policy, eg contracting to sell a child or not rent to Latinos, is it void?

A

Yes

64
Q

Is a covenant not to compete in the sale of an ongoing business enforceable?

A

Yes, provided it is reasonable

65
Q

Is a covenant not to compete in employment contracts enforceable?

A

Yes so long as the specified period of time is not excessive in duration and the geographic restriction is reasonable

66
Q

When is a covenant not to compete restriction reasonable?

A

When it must protect a legitimate business interest and must not be greater than necessary to protect that interest

67
Q

When do courts resort to contract reformation?

A

when it is necessary to prevent undue burdens or hardships

68
Q

When is a contract unconscionable?

A

When one party is forced to accept terms that are unfairly burdensome and that unfairly benefit the stronger party

Law midterm (2 decks)

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