blaw test 3: contracts

novation

under which fo the following is a new party brought into an existing contract

a party taking advantage of a fiduciary or confidential relationship

undue influence is characterized by one party being put at a disadvantage in a contract due to:

revocation

what does the offeror use to terminate his offer that he has promised to hold open for a specified period of time (without receiving consideration):

neither party can rescind the contract or recover damages

what is the effect of one party being mistaken about the subject matter of a contract?

is immediately discharged from her own duties and may immediately sue.

when the other party commits an anticipatory breach, the nonbreaching party:

a mistake a value, but not a mistake of fact

where two parties contract for the purchase and sale of an ordinary item, such as a desk, that unknown to both parties is a rare and valuable item example of that item, this is:

contracts entered into by an insane persons adjudicated insane are void, and those entered by non adjudicated insane persons are voidable

which of the following is correct about contracts entered into by an insane person?

rescission and restitution are designed to give the non breaching party the benefit of the bargain

which of the following is true about rescission and restitution?

great drunk

which of the following levels of intoxication would most likely to permit the intoxicated person to rescind the contract upon regaining sobriety?

a present promise to pay a friend who helped you move last week is sufficient consideration form of a contract

which statement is false concerning contracts lacking consideration?

c and d

for statue of frauds purposes, which of the following does not fall under the statute of frauds?

changed economic circumstances

generally, which of the following will not automatically terminate an open offer?

the losing party cannot enforce an oral contract that should have been in writing

if a judge rules that a party has lost its case because of the statute of frauds, the judge has essentially stated that:

restoration

if a minor buys an item and then disaffirms the contract, and a court orders the minor to merely return the item in its present condition to get a refund, this minor has the duty of

the offeree has presently lost the ability to accept the original offer

if an offeree gives a rejection to the offeror, which of the following is true at that point?

compensatory damages

"benefit of the bargain" is another way to refer to which type of damages?

order the parties to change the terms of the contract such that it becomes legal

Where a contract calls for action that violates a statute, in a breach of contract case the court will:

A can revoke

A offers to install carpeting for B for $2500 and orally tells B that his offer is good for 10 days. after 5 days A tells B that he made a mistake and his revoking his offer. under these circumstances:

Alice is free to contract with another surgeon

Alice has a contract with a surgeon to have a medical procedure performed on July 17. The surgeon notifies Alice on July 5 that he is in the Bahamas and will be there until the end of August and will not be able to do the surgery. Which of the following is true at this point?

mutual mistake

Jill asks Jack to her an estimate of the price of building a fence around her orchard, Jack inspects and measures Jill's apple orchard and gives Jill an estimate of $1,000. Jill agrees to the price and they sign a contract. Jill, however, had wanted a fence around her peachorchard, which is much largerthan the apple orchard on which Jack based his estimate. Jack says he cannot build a fence around the peach orchard for $1,000, but Jill wants to hold Jack to the $1,000 for a fence around the peach orchard. If there is no way to determine which orchard was intended to be fenced, this is a likely case of:

this is a case of mutual mistake in value, the contract cannot be rescinded.

Joanne goes to a garage sale where she finds jewelry for sale. she buys costume jewelry for her daughter to play with. she pays $5 for it and later sees that one pieces consists of diamonds worth $2000. if the seller of the jewelry sought to rescind the contract, which of the following is true?

Ian's counteroffer of $4000 terminated Kristin's original offer

Kristin offers to sell land to Ian for $5000. Ian says that $5000 is too much but he will pay $4000 and Kristin says no. two days later, Ian says that Kristin's original offer is acceptable. which of the following best describes this situation at this precise time?

unless Robert can prove the there was no undue influence, the contract can be rescinded

Robert is a lawyer at the ruston law firm Dewey, Cheatham, and Howe. one of his clients, mrs. smith, is a very trusting soul. Robert convinces mrs. smith to sell him her farm for $5000. the actual value of the farm is $500,000. mrs. smith dies and her estate sues to get her farm back. which of the following best describes the situation?

the is an accord; if John fails to perform, Sarah can sue to enforce either the original $5000 or the $4000 and the diamond necklace

Sarah agrees to paint John's house for $5000. after Sarah finishes the job, John complains that it was not done correctly. after much discussion, that agree that the contract will be satisfied if John gives Sarah $4000 and a certain diamond necklace. which of the following statements is true concerning this situation?

not require ann to follow through on the promise because it was a gratuitous promise

Two friends, Ann and Mary, are having Margaritas at happy hour. There has been no discussion of who would pay for the drinks. After the third round of drinks, Ann said, "I will pay for everything tonight including your drinks." A couple of minutes later, Ann says, "I've changed my mind. I just remembered that they might be having layoffs at my job tomorrow." Mary wants to force Ann to perform on her promise and threatens to sue. In this circumstance a court would:

he would lose because the statement did not contain factual assertion

Villarreal goes to the cosmic runners supply store in funroe. the sales person shows him some funky shoes and says "dude, in a race these shoes pick up the cosmic energy from the runners around you and channel it into your own legs. this causes anyone wearing these to run twice as fast as in normal shoes and makes those around you run slower." in the next race, he finishes dead last. if he sues for FRAUD:

find you guilty of tampering with a faming device (assuming it is illegal to do so)

You and Gary enter a contract where you will receive $1,000 if you tamper with a slot machine in the el dorado casino in bossier city so that Gary can make it pay out a jackpot whenever he wants it to. You perform your part of the contract, but Gary doesn't pay. In your breach of contract suit against Gary, the court will:

excuses performance in the event of a natural disaster

a force majeure clause:

void

an interdict in Louisiana enters into a contract. the contract is

covenant

an unconditional promise to perform is known as:

sale of goods contracts

article 2 of the bcc applies to what subject

a threat to have someone arrested and prosecuted if they don't accept the offer

assuming that there are legitimate grounds for any of the following lawsuit/actions, the threat to bring which lawsuit(s)/action would constitute possible grounds for duress?

car wash wins; this is an implied in fact, unilateral contract that has been accepted

bonnette pulls her car into a line for a car wash. she says nothing and her car is washed by the employees there. she then refuses to pay for the car wash, stating that there is no contract. what results in a law suit over this situation?

consequential damages

damages that arise "outside of the contract" and that are foreseeable such as a lost of future profit are known as:

promises to pay the debt of another if that person does not pay

in a guaranty arrangement, the guarantor:

the offeror wants an act as acceptance of his offer

in a unilateral contract:

amount paid to the one who gives up the right to compete

in order to be enforceable, a covenant not to compete must be reasonable in each of the following aspects except:

bilateral, express, executed, valid

jana and Annie enter into a written agreement whereby jana promises to sell and Annie promises to buy a certain parcel of land for $5000. there is adequate consideration, the contract is legal and both parties have contractual capacity. the contract is fully performed by both parties on jan 1. which of the following best describes this contract?

certain or fixed because the parties agreed to them in advance

liquidated damages are those that is/are

mark can rescind the contract on the basis of the unilateral mistake made by the dealer if the court finds the mistake to be material.

mark was shopping for a car in February. he went to automegaworld in Miami and test drove a new 2018 tiger xl. mark, a resident of Miami, always wanted to have an a/c car. so he specifically asked for a/c with the salesperson and he contracted to buy the car. when mark was showing off his new car to his friends, one of them pointed out to him that there was no a/c. in this circumstance:

executory at one time and executed at another

over time, most contracts are:

where the contract involves the sale of any land

specific performance is generally awarded

none of the above

the Louisiana legal term "contra bonos mores" is the legal equivalent of what common law

the offeror or an agent of the offeror

the communication of an offer can be made by:

quasi contract

the doctrine that applies when one person confers a benefit on another who retains the benefit in a situation where it would be unjust to allow the recipient to retain the benefit without paying for it, is known as

whether the intent is present is based on how a reasonable person would view the parties' actions and is not based on the actual intentions fo the parties

the objective theory of contracts is based on the premise that:

a novation

the release of one party to a contract and the substitution of another party for the released party is called:

mirror image rule

the requirement that the terms of the acceptance be the exact same as those of the offer is there:

insanity

the term "lucid interval" applies to what area of contract law?

agreement, consideration, capacity, lawful purpose and observation of any formalities required by law

to create a valid enforceable contract which of the following are needed?