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