Legal studies exam 1 questions

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  1. What are the 6 requisites of a contract?
    • Agreement
    • Consideration
    • Contractual Capacity
    • Genuineness of assent
    • Voluntary consent
    • Form of the contract
  2. Agreement
    • Offeror must offer to enter into
    • an agreement, and the offeree must accept the
    • terms of the offeror’s offer.
  3. Consideration
    • Something of value given or promised to convince a party to agree
    • to the deal.
  4. Contractual capacity
    Both parties must be legally competent to enter into the agreement.
  5. Genuineness of assent
    The apparent consent of both parties must be genuine
  6. Voluntary consent
    Each party must give its consent voluntarily
  7. Form of the contract
    Agreement must be in whatever form (written, under seal) the law requires.
  8. What are the basic elements of a contract?
  9. What is the function of contract law?
  10. What is an offer?  What are the elements necessary for an effective offer?
  11. Are shrink-wrap and click-on agreements enforceable?
  12. When is consideration legally sufficient?
  13. What are the circumstances in which a court will question whether consideration is ade­quate?
  14. The common law governs all contracts except:
    When it has been modified or replaced by statutory law, such as the uniform commercial code (UCC), or by administrative agency negotiations.
  15. Contracts for the sale and lease of goods are governed by:
    The UCC
  16. Contract law is necessary to:
    Ensure compliance with a promise or to entitle the innocent party to some form of relief.
  17. Objective facts include:
    • 1. What the party said when entering into the contract
    • 2. how the party acted or appeared
    • 3. The circumstances surrounding the transaction.
  18. What are the four requirements of a valid contract?
    • 1.Agreement
    • 2. Consideration
    • 3. Contractual capacity
    • 4. Legality
  19. What are the two parts of an agreement?
    offer and acceptance
  20. What are two defenses to the enforceability of an otherwise valid contract?
    Voluntary consent and formation of the contract.
  21. What are the 6 types of contract formations?
    • Bilateral
    • unilateral
    • formal
    • informal
    • express
    • implied
  22. Can unilateral contracts be modified after the offeree has begun to perform?
    No, not in most cases.
  23. What are some examples of formal contracts?
    • negotiable instruments 
    • letters of credit
    • bills of lading
  24. What are some examples of negotiable instruments?
    Checks,drafts, promissory notes, and certificates of deposit.
  25. Letters of credit
    agreements to pay contingent on the purchaser's receipt of invoices
  26. bills of lading
    documents evidencing the receipt of, and title to goods shipped.
  27. 3 requirements of implied contracts
    • 1.the plaintiff furnished some service or property
    • 2. the plaintiff expected to be paid for that service
    • 3. the defendant had the chance to reject the services or property and did not.
  28. unjust enrichment
    The idea that people should not be allowed to enrich themselves inequitable at the expense of others.
  29. quantum meruit
    "as much as he or she deserves"
  30. Quasi contracts cannot be used when:
    There is an actual contract that covers the matter in the controversy
  31. The plain meaning rule
    When a contracts terms are clear and unequivocal the court will enforce it according to its obvious terms.
  32. extrinsic evidence may be admissible to clarify the meaning of a contract if:
    a contracts terms are clear or ambiguous
  33. What are the three elements necessary for an offer to be effective.
    • 1. The offeror must have a serious intention to become bound by the offer.
    • 2.The terms of the offer must be reasonably certain,or definite so that the parties and the court can ascertain the terms of the contract.
    • 3. The offer must be communicated by the offeree.
  34. Serious intent
    Determined by what a reasonable person in the offeree's position would conclude that the offeror's words and actions meant.
  35. what are some types of expressions that are not offers?
    expressions of opinion, statements of future intent, preliminary negotiations, advertisements, auctions, and agreements to agree.
  36. Generally, a contract must include the following terms(4):
    • 1. the identification of the parties
    • 2. The identification of the object or subject matter of the contract including the work to be performed, with specific identification of such items as goods, services and land.
    • 3. The consideration to be paid
    • 4. The time of payment, delivery or performance.
  37. An offer can be terminated in what three ways?
    • 1.revocation
    • 2.rejection
    • 3. counteroffer
  38. to revoke an offer it must be communicated before?
    the offeree accepts
  39. A revocation becomes effective when:
    The offeree receives it
  40. What are the four instances of termination by operation of law?
    • 1.Lapse of time
    • 2.Destruction of the specific subject matter of the offer.
    • 3. Death or incompetence of the offeror or offeree
    • 4.Supervening illegality of the proposed contract.
  41. At minimum an online offer should include the following provisions(7):
    • 1.acceptance of terms
    • 2.payment
    • 3. return policy
    • 4.disclaimer
    • 5. limitation on remedies
    • 6. privacy policy
    • 7. dispute resolution
  42. limitation of remedies
    a provision specifying remedies available to the buyer if the product is defective
  43. privacy policy
    a statement indicating how the seller will use the info gathered about the buyer.
  44. dispute resolution
    provisions related to dispute settlement in an online contract.
  45. choice of law clause
    parties specify that any dispute arising out of the contract will be settled in accordance with the law of a particular jurisdiction, such as a state or county.
    one of the first comprehensive efforts to create uniform laws pertaining to commerce. enacted in 1999
  47. What are the two parts of consideration?
    • 1.something of legally sufficient value must be given in exchange for the promise 
    • 2.ususally there must be a bargained for exchange
  48. legally sufficient value may consist of
    • 1. a promise to do something that one has no prior legal duty to do
    • 2. the performance of an action that one is otherwise not obligated to take.
    • 3. The refraining from an action that one has legal right to undertake.
  49. what is the second element of consideration
    it must provide the basis for the bargain struck between the contracting parties.
  50. legal sufficiency of consideration
    requirement that consideration be something of legally sufficient value.
  51. is past consideration enforceable?
  52. illusory promise
    when the nature or extent of performance is too uncertain. itis unenforceable
  53. pre existing duty
    not enforcable (sheriff example)
  54. unliquidated debt
    debt is not settled, fixed or agreed on.acceptance of payment of a lesser sum operates as satisfaction.
  55. releases are generally binding if they are
    • 1.given in good faith
    • 2.stated in a signed writing
    • 3.accomplished by consideration
  56. requirements to state a claim:
    • 1 must be a clear and definite promise
    • 2. promisor should have expected that the promisee would rely on the promise
    • 3. the promisee reasonably relied on the promise by acting or refraining from some act.
    • 4. The promisee's reliance was definite and resulted in substantial detriment.
    • 5.enforcement of the promise is necessary to avoid injustice.
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Legal studies exam 1 questions
Legal studies exam 1
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