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Kk > Nj > Flashcards

Nj Flashcards

1
Q

Why are contracts important in business?

A

The law provides a remedy to a party if the other fails to perform.

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2
Q

Who has made a promise in the case of a $5,000 reward for information about a robbery?

A

Only Adams has made a promise.

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3
Q

What does unjust enrichment offend?

A

It offends our ethical principles.

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4
Q

What must a valid offer appear to be?

A

Must appear to be seriously intended.

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5
Q

What is required for a valid contract?

A

An offer and an acceptance.

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6
Q

What must happen for an offer to be accepted?

A

The acceptance must be communicated to the person making the offer.

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7
Q

When does a revocation of an offer occur?

A

The revocation is communicated to the offeree prior to acceptance.

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8
Q

What varies with each case when no time is specified in the offer?

A

The reasonable time an offer is open.

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9
Q

When is a sales letter considered an offer?

A

It is a personal sales letter containing an offer.

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10
Q

How can an offer be accepted?

A

By putting a properly mailed acceptance in a mailbox.

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11
Q

What happens if an intended acceptance varies the offer?

A

It is a rejection of the original offer.

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12
Q

When does a promise to pay part of a debt constitute consideration for cancellation of the entire debt?

A

If the amount of the debt is in dispute.

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13
Q

When is a new contract replacing an old one enforceable?

A

If features are added that benefit both parties.

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14
Q

When is refraining from doing something valid consideration?

A

When the act refrained from is something the promisor has a right to do.

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15
Q

Is partial payment of a past-due debt consideration for the cancellation of the balance of the debt?

A

No, it is not consideration.

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16
Q

Is the agreement of Agnes to give $1,000 to her college enforceable?

A

Yes, it is enforceable without consideration.

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17
Q

What does the doctrine of promissory estoppel require?

A

It requires the promisor to reasonably expect the promise to induce action by the promisee.

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18
Q

What does a mutual mistake concerning a material fact do to a contract?

A

Makes the contract unenforceable.

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19
Q

What applies when the contract specifies what is to happen in the case of a mistake?

A

The contract provision applies even if the law would be otherwise.

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20
Q

When does a mutual mistake make a contract defective?

A

When enforcing the contract would cause a harsh result.

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21
Q

What is required to establish fraud to invalidate a contract?

A

A false statement could be made recklessly rather than intentionally.

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22
Q

When would a contract be invalid as a result of duress?

A

If one party to a contract threatened to harm the other party’s child.

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23
Q

Does a mutual mistake as to value, quality, or price affect the validity of a contract?

A

No, it does not affect the validity.

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24
Q

What can the injured party do when a contract is voidable?

A

The injured party may sue to have it declared void.

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25
Q

What can the innocent party do if a contract is entered into as a result of fraud, duress, or undue influence?

A

May ratify the contract by some act or word indicating an intention to be bound.

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26
Q

What is the status of a contract that is not for a lawful purpose?

A

It is normally void.

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27
Q

What will the courts generally do with private gambling contracts?

A

Generally leave the parties where it finds them.

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28
Q

What happens if a person operates a business without the required license?

A

May not be competent to operate the business or profession.

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29
Q

What is considered an unreasonable restraint of trade?

A

To contract to limit production to reduce supply.

30
Q

What is contrary to public policy in terms of marriage?

A

A contract that limits the freedom of marriage.

31
Q

What is NOT considered injuring the public service?

A

To agree to appear before a public authority to oppose passage of a bill.

32
Q

What is an example of a warranty?

A

The ‘Cheesier’ pizza has a pound of cheese.

33
Q

What warranty do all sellers make?

A

Warranty of title.

34
Q

What do full warranties permit?

A

Permit a refund or replacement if the product contains a defect after reasonable attempts to remedy it.

35
Q

What can parties to a sales contract do regarding warranties?

A

They can orally agree to exclude warranties if the provision is not unconscionable.

36
Q

Who makes the warranty against encumbrances?

A

All sellers.

37
Q

What power does the Consumer Product Safety Commission have?

A

Has broad power to promulgate safety standards for many products.

38
Q

How long does a valid stop payment order on a check bind a bank if the order is oral?

A

Binds a bank for six months.

39
Q

What must a draft be payable in?

A

Must be payable in the United States.

40
Q

What is a check?

A

A special type of draft which is drawn on a bank and payable on demand.

41
Q

What may happen with a postdated check?

A

May be paid by the bank before its date.

42
Q

What are among the duties a bank owes its customer?

A

To maintain secrecy regarding information acquired by it in connection with the depositor-bank relationship.

43
Q

Does the law presume that all parties have the legal competence to contract?

A

Yes.

44
Q

Must a minor always disaffirm a voidable contract during minority or within a reasonable time after becoming of age?

A

No.

45
Q

Is the age in which a person is considered a minor the same in all states?

A

No.

46
Q

May a minor ratify a contract at any time?

A

No.

47
Q

If a person on drugs cannot understand the meaning of the contract, what does that make the contract?

A

It makes the contract voidable.

48
Q

According to most courts, is a loan to enable a person to gamble a gambling debt?

A

No.

49
Q

Are most violators of Sunday acts rarely prosecuted?

A

Yes.

50
Q

Is an agreement not to prosecute a thief if stolen goods are returned void?

A

Yes.

51
Q

What is one of the advantages of a written contract?

A

Its existence cannot be denied.

52
Q

Is an oral contract to sell mineral rights enforceable?

A

No.

53
Q

Must the note or memorandum required by the Statute of Frauds always set forth all the material terms of the transaction?

A

No.

54
Q

Is a note actually a type of draft?

A

No.

55
Q

Is order paper negotiated merely by handing the paper to another person?

A

No.

56
Q

Does the law require a person to accept a negotiable instrument in payment of a debt?

A

No.

57
Q

Are banks required to supply legible copies of checks at a customer’s request for seven years?

A

Yes.

58
Q

Can an unsigned instrument be negotiable?

A

No.

59
Q

May a note still be negotiable when the amount in words on the instrument calls for a different amount than the figures?

A

No.

60
Q

Is an instrument payable in gold bullion negotiable?

A

No.

61
Q

Can a check that reads, ‘Pay to Jones’ be negotiable?

A

Yes.

62
Q

If no time is specified, is commercial paper payable on demand?

A

Yes.

63
Q

Is order paper negotiated as soon as it is indorsed by the person to whom it is then payable?

A

No.

64
Q

May an instrument be signed by an agent?

A

Yes.

65
Q

Does a restrictive indorsement prohibit further negotiation of an instrument?

A

No.

66
Q

If an instrument is payable to ‘Betty or Bob Jones’, must both Betty and Bob indorse it to negotiate it?

A

No.

67
Q

Whenever a negotiable instrument has multiple payees, must all of them indorse it if the word ‘and’ is not between them?

A

No.

68
Q

Does the law require that an indorsement on a check be on the back and within one and a half inches of the trailing edge?

A

No.

69
Q

Does return of a check lacking a proper indorsement constitute dishonor?

A

No.

70
Q

May notice of dishonor be given by any commercially reasonable means?

A

Yes.

Kk (3 decks)

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