L201 Chapter 3

When parties have fully performed the contract is considered an executory contract?

True.

A grumbling acceptance is in fact an acceptance. True or false? Why?

True. A grumbling acceptance is a form of acceptance.

As a general rule, promises made to satisfy a preexisiting moral obligation are unenforceable for lack of consideration. True or false? Why?

True. If it was a preexisiting thing, there is no consideration making it unenforceable.

JT enters into a contract to buy all of Amy's production of handmade mosaic sundials. This kind of arrangement is called: A) an illusory contract B) a requirements contract C) an output contract D) an improper bargained for exchange E) none of the above

B) an output contract

Contracts induced by misrepresentation, fraud, mistake, duress or undue influence are generally considered to be: A) void B) voidable C) ratified D) all of the above E) none of the above

B) voidable

Choose the correct option that provides the exceptions to the general rule that offers are revocable: A) option contracts, unilateral contracts, promissory estoppel, firm offer B) option contract, promissory estoppel, bilateral contract, termination C) promissory estoppel, firm offer, revocation, bilateral contract D) promissory estoppel, firm offer, unilateral contract, executory contracts E) none of the above

A) option contracts, unilateral contracts, promissory estoppel, firm offer

An advertisement offering a reward for lost property (ex. a dog) to be considered a unilateral contract, can be accepted by a promise to find my big teethed, furry baby. (property) True or false? Why?

False.

Kayla buys a car from Lovelace's Ripuoff Motors. The saleswoman made a fraudulent statement to induce Kayla to buy the car. Long ago Kayla had planned a trip to Florida. She decides to take her new car to enjoy the sun. She also buys pink "Hello Kitty" seat covers and a pink plastic cat for the dashboard with a bobbing head. Kayla learned about the fraudulent statements and intends to return the car when she returns from Florida. A) Kayla's actions are considered ratification so she can return the car upon her return B) Ratification can occur as soon as she removes the pink seat covers and pink bobbing cat C) Kayla's actions are considered ratification so she cannot return the car. D) Kayla acted promptly and unequivocally in returning the car since she only went to Florida for a short time and then returned the car she bought based on fraudulent statements. E) Kayla's actions are irrelevant because the contract is void ab initio based on the fraudulent statements.

C) Kayla's actions are considered ratification so she cannot return the car.

To prove a unilateral mistake one must prove the three elements of mutual mistake and the following: A) The nonmistaken party caused or had reason to know of the mistake B) it would be unconceivable to enforce the contract C) all of the above D) none of the above

C) all of the above

Alondra's father is concerned about her study habits given that she spends most nights at KOK instead of the library. Her father promises his daughter that he will send her on a free trip to Europe after graduation if she spends at least five nights a week studying in Wells for the remainder of her senior year. After coming home from graduation, she asks her dad about the European trip. He answered, "Your education is your reward. I do not owe you a trip to Europe." Provide the best answer. Her father is: A) correct. she has already gained the benefit of the bargain B) correct. She did not give anything of legal value C) incorrect. her father owes her a trip to Europe if she fulfilled her end of the bargain D) incorrect but only if Alondra's acts are inadequate consideration only if a court deems the consideration to be adequate for such an expensive trip

C) incorrect. her father owes her a trip to Europe if she fulfilled her end of the bargain

Will went to the Tapp but only to study L201. He believes that fraud is the type of misrepresentation that is committed knowingly, with the intent to deceive. He learned that the legal term for knowledge of falsity, which distinguishes fraud from innocent misrepresentation is: A) voidable B) schizoid C) Sphincter D) Scienter

D) Scienter

A "firm offer" for the sale of goods like an option in the common law, is irrevocable for a period of time except: A) unlike an option, a firm offer does not require consideration to enforce the offeror's promise to keep the offer open B) a firm offer requires the offeror to be a "merchant" C) a firm offer must be contained in a signed writing and there must be additional verbal assurances that the offer will be kept open D) all of the above E) B&C

D) all of the above

Requirements for mutual mistake are the following: A) the mistake relies on the basic assumption on which the mistake was made B) the mistake has a material effect on the agreed-upon exchange C) the party adversely affected by the mistake does not bear the risk of the mistake D) all of the above E) none of the above

D) all of the above

An offer sent by mail would authorize an acceptance by mail: A) by the operation of the Mailbox Rule under the UCC B) except under the common law of contracts where nothing is implied C) except as authorized by the materiality rule of contracts. D) by the operation of the mailbox rule under the common law of contracts

D) by the operation of the mailbox rule under the common law of contracts

A mutual mistake exists when both parties to the contract have erroneous assumptions about the same fact. When both parties are mistake, the resulting contract can be avoid if three of the following elements are present: A) the mistake relates to the basic assumption on which the contract was made B) the mistake has a material effect on the agreed-upon exchange C) the mistake must show that the exchange is something different that was expected D) the party adversely affected by the mistake does not bear the risk of the mistake E) A&B&C F) A&B&D G) A&C&D

F) A&B&D -A) the mistake relates to the basic assumption on which the contract was made -B) the mistake has a material effect on the agreed-upon exchange -D) the party adversely affected by the mistake does not bear the risk of the mistake

Hallmarks of undue influence cases normally involve these two elements: A) the relationship between the parties is either one of trust and confidence which dominates the person being persuaded B) there is coercion C) the persuasion is unfair D) all of the above E) A&B F) A&C

F) A&C - A) the relationship between the parties is either one of trust and confidence which dominates the person being persuaded -C) the persuasion is unfair

Under the common law, parties to a contract must have intent to enter binding agreement, terms must be definite, and the offer must be communicated to the offeror by the offeree. True or false? Why?

False. *check it again*

A voidable contract can be cancelled by either party? True or false? Why?

False. *check why false*

Rewards are always treated as unilateral contracts meaning an acceptance of an offer is done through completing an action. True or false? Why?

False. *why false again*

Juliana thinks that a unilateral mistake occurs when both parties make a mistake about a basic assumption on which the contract is made. Juliana's belied is correct. True of false? Why?

False. A mutual mistake occurs when both parties make a mistake about a basic assumption on which the contract is made.

A unilateral contract is a promise for a promise. True or false? Why?

False. A unilateral contract involves only one promise.

The provision called "battle of the forms" refers to a situation arising under the common law and the sale of goods. True or false? Why?

False. Battle of the forms arises under the UCC

Duress includes unfair persuasion. True or false? Why?

False. Duress involves coercion.

The Uniform Commercial Code (UCC) Section 2 is statutory law in every state. True or false? Why?

False. Louisiana does not follow this law.

The "mirror image" rule is from the UCC requiring the acceptance must be the mirror image of the offer. True or false? Why?

False. Mirror image is under the common law.

All offers are revocable with no exceptions. True or false? Why?

False. Offers are revocable.

Fatima and William contracted for Fatima o mow William's lawn once a week for $20 per week. Later they agreed to terminate the first contract.. They then enter into a new contract as follows: Fatima will mow William's lawn in exactly the same way in exactly the same time period, in exchange for William's promise to pay Fatima $22 per week. There is no consideration for William's promise. True or false? Why?

False. Terminating and rewriting the contract shows consideration.

Very few undue influence cases arise after the death of the person who has been the subject of the undue influence. True or false? Why?

False. That is how most undue influences arise

Advertisements for sale of goods at specified prices are considered to be offers. True or false? Why?

False. This is an invitation to negotiate (?)

Wade was showing off in front of Aniketh and was telling him about the doctrine of undue influence. Wade said that undue influence involves wrongful pressure exerted on a person during the bargaining process. However in for undue influence the pressure is exerted through coercion rather than persuasion. Based on the amount he says he studies, Wade's statement is accurate. True or false? Why?

False. This would be undue influence using persuasion not coercion.

Fatima and William contracted for Fatima o mow William's lawn once a week for $20 per week. Later without terminating the first contract, the parties modify the contract as follows: Fatima will mow William's lawn in exactly the same way and the same time period, in exchange for William to pay Fatima $22 per week. There is no consideration for William's promise. True or false? Why?

True. In order for there to be consideration they would have needed Fatima to give something more to get paid more.

The general rule common law rule on revocations includes that offerors may lie about leaving the offer open for a stated period of time. True or false? Why?

True. Leaving the offer open for a certain period of time is under UCC. *I THINK*

UCC often creates contractual liability where no contract would result under common law. True or false? Why?

True. The sell of goods happens so fast that you do not always need a contact.

The fact that one of the parties has made an untrue assertion does not in itself make the contract voidable. True or false? Why?

True. The untrue assertion does not always make the contract voidable.

The purpose of the doctrine of mistake is to prevent unexpected and unbargained for losses that result when the parties are mistaken about a fact central to their contract. True or false? Why

True. This is deadass the definition. Idk how to explain that to you. Read the book if you missed that cause damn.

Under the UCC there can still be contract formation if the parties simply act as though they have a contract by delivering or receiving goods even if it is impossible to point to a particular time when the contract was created. True or false? Why?

True. UCC says a contract can be created by actions.

A contract can be valid, express, and bilateral at the same time. True or false? Why?

True. a contract can fall into multiple categories.