R6: BLAW 1

Question 1

What contracts are governed by common law? (R.I.S.E.)

Answer 1

Real Estate
Insurance
Services
Employment

Question 2

Elements of a legally enforceable contract

Answer 2

1- agreement made up of offer and acceptance
2- exchange of consideration (something of legal value)
3- lack of defenses

Question 3

Statute of Frauds - six contracts requiring a writing (MY LEGS)

Answer 3

M - contracts where marriage is the consideration
Y - contracts that cannot be completed w/in a year
L - contracts involving land
E - contracts by executors or similar representatives
G - contracts for sale of goods for $500 or more
S - contracts to act as a surety

Question 4

Novation, parol evidence rule and unconscionability definitions

Answer 4

Novation: new contract substitutes a new party for an old party in an existing contract and all of the parties agree that the old party is immediately released.
Parol evidence rule: prohibits the admission of prior oral or written evidence or contemporaneous oral statements to contradict the terms of a fully integrated written contract
Unconscionability - claim that a contract includes an extremely unfair term arising from circumstances surrounding the deal

Question 5

Exceptions to statute of frauds for sale of good for $500 or more. (no writing required) (SWAP)

Answer 5

Specially manufactured goods
Written bargain purchase option
A contracts Admitted in court
P substantial Performance

Question 6

Right of replevin or specific performance

Answer 6

Specific performance can be used in a sales contract if the good are unique or the buyer cannot reasonably recover. Replevin is used if the goods are identified to the buyer and the buyer cannot reasonably recover.

Question 7

Effect of the running of the statute of limitations on contracts.

Answer 7

Bars access of the parties to judicial remedies.