Buss law chapter 9,8,10

Refrains (from an act) or promises to refrain from doing something she or he has a legal right to do. This refraining is called forbearance. tiene el derecho

A famous entertainer with a gross annual income of over $5 million promised his young friend full support for life, a $10,000 monthly salary, and a one-half interest in all the entertainer's real estate if the friend would refrain from pursuing his planned career in education and become the entertainer's bodyguard, chauffeur, and secretary for life. The friend had a legal right to pursue a career in education; therefore, refraining from this act was consideration for the entertainer's promise to do the things he promised for his young friend.

Promisee

A person to whom a promise is made.

minor

A person under the age of majority

Promisor

A person who makes a promise.

Covenant

A promise not to complete

Composition of creditor

Agreement among credits to accept a percentage of total awed by debtor in full settlement of debt

exculpatory clause

Contract clause excusing a party from liability for negligence

unconscionable agreements

Contract so unfair or one sided that is will not be enforced

guardian

Court appointed adult who has custody and care of an incompetent party

unliquidated debt

Debt, amount of which is subject to an honest dispute

legal detriment. Legal detriment is consideration when the offeree, at the request of the offeror: no tiene el derecho legal

Does something (an act) or promises to do something he or she is not legally bound to do. Wadsworth, a multimillionaire industrialist, told a group of sixth-grade students in a speech at their commencement exercises that if they stayed in school and graduated from high school, he would pay each successful high school graduate's tuition to any four-year college in the United States. Each current sixth-grade student's completion of high school (an act that the student was not legally bound to do) was consideration for Wadsworth's promise to pay his or her college tuition.

Nominal Consideration

Dollar or other small sum of money used to bing a contract

types of illegal contracts

Expressly and impliedly

A creditor's promise to accept less than the amount owed as full payment of a debt is legally binding. Answer T

False

A person not adjudged by a court as being incompetent and a person who has been adjudged by a court as being incompetent are both treated legally the same way.

False

interest

Fee paid by borrower to lender for the use of money

gambling

Illegal agreement in which one party wins and another loses outlay by chance

Monopoly

Is opposed to public policy and violated federal and state laws also called antitrust laws

Licensing Statutes

Law requiring persons to be licensed to practice their occupation

gaming

Legal form of playing for stakes, such as in a lottery

In parí delicto

Persons equally at fault or equally guilty

pledge

Promise to make a gift to a charitable, religious, educational, or scientific institution; bailen to created when personal property is deposited as security for repayment of a debt

forbearance

Refraining from doing something one has a legal right to do

Disaffirmance

Refusal of incompetent party to carry out the terms of an agreement

Some forms of mental illness are "on and off.

That is, sometimes the person is fine and sometimes not. Sometimes medication controls it, and sometimes it will not. Some examples are serious depression, multiple personality disorder, loss of a sense of reality brought on by a traumatic experience (e.g., a war experience), or brain damage.

A debtor who makes a part payment of the debt before the due date is no longer liable for the balance.

True

A minority of courts would take a different position and hold that a moral obligation is sufficient to enforce a promise even without return consideration, especially if the promise of the offeror involved a humanitarian gesture. In these few states, a promise such as the one Speedy made in the example might very well be enforceable.

True

A person legally declared incompetent by a court can be liable for necessaries. Answer

True

A person only slightly intoxicated is not considered to be an incompetent party

True

Courts in some states occasionally apply the equity doctrine of promissory estoppel to enforce a promise unsupported by consideration on the part of the offeree if it would be grossly unfair not to enforce the promise since the result could lead to a harsh result, causing an injustice to occur if relief is not allowed

True

If an intoxicated person understands the consequences of a contract she made, the agreement is enforceable despite the person's intoxication

True

Part payment of a debt can cancel a debt if there is an honest dispute over the correct amount of the debt—called an unliquidated claim

True

Part payment of a debt may cancel the entire debt if there is an honest dispute over the exact amount of the debt.

True

The contracts of mentally ill persons not adjudged incompetent by a court are voidable.

True

The offeree must give the consideration after the offeror makes the request. If before the exam you had promised your friend $25 to help you study for the final exam and your friend had agreed, the promise would be binding. In that case, your promise induced or motivated your friend to help you.

True

incapacity of the individual is not the only basis used by the courts to make a decision.

True

Lobbying

Trying to influence lawmakers to vote for or against legislation

Promissory Estoppel

an equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment

Another category of incompetency

applies to persons who are so intoxicated by alcohol or other drugs that they do not realize what they are doing when they enter into agreements.

An emancipated minor can avoid a contract to pay for: Answer

archery equipment used in sports tournaments.

The appointment of a guardian serves

as public notice that the person declared incompetent (called a ward) cannot make contracts.

Usury

charging higher rate of interest than law allows

Legal Detriment

consideration that is a sacrifice by the offeree

Contract of Adhesion

contract containing clauses with unfavorable terms supporting a party seen as holding a superior bargaining position

Liquidated claim

debt, amount of which is not in dispute

Sunday Laws ir blue laws

laws governing types of transactions that can be performed on Sunday

capacity to contract

legal and mental ability to understand the nature of an enforceable agreement

Two months before reaching the age of majority, Maracus bought a GPS. She paid cash. Nine months later, she sought to avoid the agreement. Marcus's delay in avoiding the agreement:

most likely constituted a ratification of the agreement

Past Consideration

promise made for an act that has already taken place

A minor's station in life

refers to the minor's social and economic status in the community

Mental incompetence in this case is being mentally ill

senile, insane, retarded, or suffering from some other debility that prevents someone from managing his or her own affairs, including the inability to comprehend the nature and consequences of a contract that may be under consideration

Consideration

something of value exchanged for something else of value

Necessaries

things needed to maintain life and lifestyle

Ratify

to approve something

Lewis, a minor, sold her indoor exercise equipment to Francis, an adult. Francis then resold the equipment to Beacon, a good-faith purchaser. Beacon's title is

valid

gift

voluntary transfer of ownership without consideration