Wrong answers Flashcards
I: the collector and buyer decided to keep offer open with consideration. the buyer sent the collector a mail acceptance one day before the deadline. the collector sold the painting without having heard from buyer. who is entitled to the painting?
the majority rule is that acceptance of an option contract is effective only upon when received by the offeror, so the usual mailbox rule does not apply to make the acceptance effective on dispatch. if the offer is not accepted within that time, the offer terminates due to lapse of time.
In my consideration of your emotional support for me during that trying time and your love and affection for me, I promise to divide my estate between you in equal shares. you know you can count on your mother. the daughter sues the executor when the mother dies for the promise she made prior to her death. will she prevail?
The daughter will lose because there is no consideration to support the promise. promises to make gifts in the future are unenforceable even if they are in writing and are intended by the promisor to be enforced;e/
What is promissory estoppel
where there is a substantial detrimental reliance by a party on the promise of the promisor, the promise will be enforceable even absent consideration.
A father offered his son 1,000 dollars if he quit playing video games for the rest of the school year. the son agreed to quit that very day. however, he doubted his fathers promise and his mother told him that if he doesn’t pay she will. the song quit playing video games and made the honor roll. both parents died. he know seeks to enforce the promise made. What is the best argument for the probable court in rejecting this claim?
Contracts in which one party promises to pay the debt of the another such as this contract must be in writing. the mother promised to pay her son the amount owed to him by his father if the father did not pay him. thus, there was a suretyship promise that had to be in writing under the SOF. and this was not. a surety such as the mother will be bound by her promise to pay another’s debt as long as she makes her promise before the creditor performs or promises to perform. surety need not receive any separate consideration.
What is the exception to the pre-existing duty rule?
promise to pay a debt after the SOL has run is binding.
Pre-existing rule when dealing with a unilateral contract?
The pre-existing duty rule means that if someone is already legally obligated to do something, promising to do that same thing again is not valid consideration. However, in this scenario, the son’s original promise to his father wasn’t binding because it was a unilateral contract (accepted only by actually quitting video games). Since the son hadn’t yet stopped playing video games when his mother made her promise, he wasn’t legally bound by his promise to his father. Thus, when he quit gaming based on his mother’s promise, it was new consideration, making the mother’s promise enforceable.
How much will you charge to supply my needs for flour for the next year? I can supply you with ALL the flour it would need next year at a specified price per pound. your offer is accepted, provided that you agree to a 10% discount if payment is made within 10 days from date of biling. What should the producer’s reply concerning a 10% discount be characterized as?
The producer’s reply is a conditional acceptance which is a rejection of the offer. Under section 2-207 of the UCC, an acceptance containing additional or different terms is effective unless the offer expressly makes his acceptance conditional on assent by the offeror to the additional terms. the conditional acceptance is essentially a new offer and the original offeror may form a contract by expressly assenting to the new terms.
The wholesaler discovered that he had made a mistake in his price quote. he told the proprietor that unless the proprietor paid him he would not be able to deliver the shirts. the proprietor refused to pay. the wholesaler failed to deliver on due date. the proprietor than had to purchase comparable shirts and brought suit against the wholesaler. what is the result of the lawsuit?
the wholesaler will prevail if the proprietor had reason to know of the mistake. where one party makes a unilateral mistake about a basic assumption on which the contract is based and the other party knew or had reason to know of the mistake, the mistaken party will be allowed to rescind the contract. if the proprietor knew or should have been aware of mistake, wholesaler may rescind contract.
F enters into contract with A. F insisted as terms of the contract that the airline agree to purchase from S. F and A contract clause authorized oral modifications by the contracting parties. A told F that they wouldn’t buy from S after the contract had already been signed. F and A modify the contract to eliminate the S. I fS sues for the enforcement of the contract, what will be the most likely result.
The airline will prevail because the supplier’s rights had not vested at the time of modification. the rights of a third party beneficiary do not vest until (1) it manifest assent in a manner invited or requested by the parties (2) it learns of the contract and detrimentally relies on it; or (3) it brings a lawsuit to enforce its rights. until a third party’s rights have vested, a modification of the contract can take place without the consent of the third party. (1) S had not assented to the contract, had not detrimentally relied, and had not brought suit on the contract before it was modified.
G entered into a K with C. K specified that the G would run the pro shop and provide private instruction to members from April through septemeber of each year for the next five years. during these months the other instructor was playing on the professional tour and was unavailable. the instructor said he would be delayed in coming.
the best advice is not to file suit because the G’s email does not constitute anticipartory repdiudation. language many constitute an expression of doubt as to one’s ability to perform under the contract without being an outright refusal. this will not be anticipatory reputation, but a prospective inability to perform. if there is AR then the non breaching party can sue, contract with third party, or do nothing. may suspend performance until given adequate assurances that performance will be forthcoming.
A ask debtor to pay B instead of her.
A creditors right to receive money due from a debtor is a right that can be assigned. regardless of whether the debt is evidenced in writing. neither writing or consideration was required for this assignment to be valid. tis assignment was not given for value. such a gratuitous assignment is generally revocable. an exception to this rule arises when the assignor is estopped from revoking because he should reasonably foresee that the assignee will change his position in reliance on the assignment and such detrimental reliance occurs.
L enters into K with D to landscape a 30 house subdivision at a price of 4,000 for each house. the contract provided for payment of 120,000 only on completion of the landscaping for all the houses. after completing 20 houses, L demanded payment of 80,000. D refused. L walked off the job. D refuses to pay L.
The landscaper may recover 80,000 dollars less the D damages resulting from breach. a contract is divisible if it is possible to apportion the parties performances into correpsponding pairs. if a party performs some of the units of a divisible contract, he is entitled to the agreed on price for those unites even if he fails to perform the other units.
For a real estate contract, a price is _____ and for a valid offer for a contract for the sale of goods a _____ is necessary.
A price is necessary for a valid real estate contract, and a quantity is necessary for a valid contract for the sale of goods.
Which of the following statements or actions cannot give rise to an express warranty?
” in my opinion, this is the best car with the most fuel efficient engine available today” cannot give rise to an express warranty. any affirmation of fact or promise made by the seller, any description of the goods, and any sample or model creates an express warranty if it is part of the basis of the margin. a statement purporting to be only the sellers opinion or commendation of the goods is not a statement of fact and does not create an express warranty.
A buyer can accept goods how?
A buyer can accept by affirmatively accepting goods, failing to reject goods within reasonable time, or doing any act inconsistent with the seller’s ownership. A buyer’s failure to seasonably notify the seller of her rejection will also be deemed an acceptance.
Is the buyer obligated to return goods within a reasonable time?
No. She only needs to notify the seller of her rekjection. after rejecting the goods, the buyer has an obligation to hold them with reasonable care at the seller’s disposition for time sufficient to permit the seller to remove the.
Does the buyer have to follow the instructions of a seller’s when rejecting goods?
Yes. if the seller has no agent or place of business within the market area where the goods are rejected, a merchant buyer has an obligation to obey any reasonable instructions as to the rejected goods. if the seller gives no instructions within reasonable time after notification of rejection, the buyer may reship the goods to the seller, store them for the seller’s account or resell them for the seller’s account. they buyer has security interest in rejected goods in her possession for any part of the price already paid and expenses reasonably incurred in connection with handling them after rejection .
Does the UCC follow the substantial performance test?
No. it follows the perfect tender rule. if goods or their delivery fail to conform to the contract in any way, the buyer generally may reject all, accept all or accept any commercial units and reject the rest. thus, a buyer would not be wrongly rejecting goods simply because they are in substantial conformity with the contract. a rejection based on the perfect tender rule would be proper rejection and would not be deemed an acceptance.
A condition read into a contract by the court is also known as?
When it is implied that a duty to render performance under a contract is conditional upon the occurrence of some event or state of the world, a constructive condition will be read into a contract by the court.
What is a condition precedent?
is one that occurs before and absolute duty of immediate performance arises in the other party.
Will anticipatory reputation excuse a condition
Yes. it occurs when a promisor, prior to the time set for performance of his promise, indicates that he will not perform when the time comes.
Unconscionably
allows a court to refuse to enforce a provision of a contract to avoid unfair terms. there are two types of unconscionably: substantive unconscionably based on lopsided terms, and procedural unconscionably based on unfair surprise or unequal bargaining power.
A promise that contains a right to cancel or withdraw at any time may be valid consideration if.
Although reservation of an unqualified right to cancel or withdraw ay anytime may be an illusory promise the consideration is valid if this right is in any way restricted (e.g., must give 60 days notice) even a restriction such as the one requiring notice makes the promise is not illusory.
Promisor;s satisfaction?
a valid promise can be conditioned solely on the promisor’ssatsfaction, but the promisor is contrasted by good faith (personal taste) and reasonable person standard (for contracts involving mechanical fitness, utility or marketability).
