Mod 26 Wrong Answers Flashcards
If offer is accepted prior to offeror’s death…
A valid contract is formed
An offer automatically terminates upon the occurrence of any of the following events 3
1 death or insanity of offeror or offeree
2 bankruptcy or insolvency of offeror or offeree
3 destruction of specific identified subject matter
It doesn’t matter if offeree hears about offeror’s death…
The offer would terminate
Unilateral offer exists when the offeror expects…
Acceptance of an offer by action of the oferee
A unilateral offer exists when the offeror expects acceptance of an offer by action of the offeree. A unilateral contract is then formed when the…
Offeree accepts the contract through performance of the offeror’s required action
A minor may disaffirm a contract at any time…
During minority and within a reasonable time after reaching age
Of majority
A minor can only ratify a contract after…
Reaching the age of majority
Ratification of a contract prior to reaching majority age is…
Not effective
Failure to disaffirm within a reasonable time after reaching majority age…
Does act as ratification
Ratification
To make contract official
The parol evidence rule provides that any written agreement intended by parties to be final and complete contract may…
May not be contradicted by previous or contemporaneous
Evidence, written or oral
Previous written agreements to a final contract are…
Prohibited by the parol evidence rule
Exceptions to the parol evidence rule include:
Proof to…
Invalidate the contract between the parties
Exceptions to the parol evidence rule include:
To show terms…
Terms not inconsistent with writing that parties would not be
Expected to have included
Exceptions to the parol evidence rule include:
To explain the…
Intended meaning of an ambiguity
Exceptions to the parol evidence rule include:
Or to show a…
Condition precedent
The parol evidence rule does not apply to…
Subsequent transactions such as oral promises made after the
original agreement
The parol evidence rule does not bat the admission of evidence which is…
Presented to establish fraud
Discharge of a contract an come about through agreement. 2
1 accord and satisfaction
2 Novation
Accord and satisfaction involves an…define accord define satisfaction
Agreed substitute for performance under contract (accord)
And the actual performance of that substitute (satisfaction)
Novation
Agreement entered into by 3 parties whereby previous agreement
Is discharged by creation of new agreement (Novation)
Discharge of a contract an come about through release of the…
Contract or parties from performance
Another method of discharging a contract is by…
Performance of specified action becoming impossible
Another method of discharging a contract is by performance of a specified action becoming impossible, such as…2
1 destruction of subject matter or
2 death of party where personal service is necessary
Breach of contract discharges the…
Injured party
