Chapters 7,8 &9

_____ consists of promising to refrain from suing the other party.

Forbearance

The _____ provides that when a contract for the sale of goods is modified by agreement of the parties, no consideration is necessary to make it enforceable.

Uniform Commercial Code

If a person is incompetent but has not been so declared by the court, then the person's contracts are:

Voidable

When the parties to a contract make a mutual mistake of law, the contract is:

binding

A promise that is conditional:

can be a consideration for a contract even if the condition is unlikely to occur.

A person who has not been declared by a court to be insane and has only intervals of insanity or delusions:

can make a contract fully as binding as that of a normal person if it is made during a sane or lucid interval.

As a general rule, a unilateral mistake made at the time of contracting

has no effect on the validity of a contract.

For a promise to constitute consideration, the promise must:

impose an obligation on the person making it.

If a consideration consists merely of a promise to do what one is already legally obligated to do, the contract is considered _____.

invalid

According to the _____ doctrine, if one person makes a promise to another and that other person acts in reliance on the promise, the promisor will not be permitted to claim lack of consideration

promissory estoppel

When a person has been judicially declared insane and sanity is later regained and a court officially declares the person to be competent, then:

the capacity to contract becomes same as that of any other sane person

Parties to a contract may at any time mutually agree to cancel an old contract and replace it with a new one. For this new contract to be enforceable:

there must be some added features that benefit both parties.

If a party in a confidential or fiduciary relationship to another induces the execution of a contract against the other person's free will, the agreement is voidable because of:

undue influence.

A mutual-mistake contract is classified as a(n) _____ contract by most courts.

unenforceable

A subscription to a charitable association is an offer of a(n) _____ contract.

unilateral

When can a minor ratify a voidable contract?

After reaching majority age

Which of the following is what a promisor requires as the price for a promise?

Consideration

Which of the following actions by a minor nullifies a contract when the contract is wholly executory?

Disaffirmance

Which of the following terms means the election to avoid or set aside a contract?

Disaffirmance

_____ is a means of destroying another's free will by one party obtaining consent to a contract as a result of a wrongful threat to do the other person or family members some harm.

Duress

Which of the following is true about part payment of a past-due debt?

It is not a consideration to support the creditor's promise to cancel the balance of the past-due debt.

When both parties to a contract make the same mistake, a(n) _____ mistake occurs.

Mutual

Which of the following means indicating one's willingness to be bound by promises made during minority?

Ratification

Which of the following is true about contracts of minors for necessaries?

The minor's liability in these contracts is quasi-contractual in nature.

If the parties to a contract make a mutual mistake in assuming the price of the subject matter of the contract, the contract is _____.

valid

A mistake that results from failure to read a written contract makes a contract:

valid.

When fraud in the execution occurs in a contract, the contract is:

void

Contracts made by people who have become so intoxicated that they cannot understand the meaning of their acts are considered as _____.

voidable

If a minor contracts for necessaries, the contract is:

voidable

When the party defrauded intended to make the contract, fraud in the inducement occurs. The contract so induced is _____.

voidable