Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
1) List the elements of a contract.
|
1)-Agreement
-Capacity to contract -Consideration -Legal purpose |
|
|
2) Can a party that is not in privity of contract ever sue for breach of the contract?
|
2)Ordinarily, a party cannot sue for breach of contract without being in privity of contract (unless that person is a third-party beneficiary of the contract)
|
|
|
3) Are implied contracts actual agreements between the parties?
|
3)Yes, implied contracts are agreements that are intended by parties, either by assumption or tacitly, even though the parties might not have expressed their agreements explicitly.
|
|
|
4) List the elements of an offer.
|
4)-Intent to contract
-Definite terms -Communication to offeree |
|
|
5) Are advertisements offers? Explain.
|
5)Advertisements are not offers; they are invitations to negotiate or to make offers, expressing no present intent to contract.
|
|
|
6) How does a court determine reasonable certainty to determine whether an offer exists?
|
To determine reasonable certainty, a court may ask whether an offer's terms are clear enough to provide a basis for a remedy if default occurs
|
|
|
7) List five factors regarding duration and termination that are key to determining whether an offer is binding.
|
1) Lapse of time
2) Operation of law 3) Offeree's rejection 4) Counteroffers 5) Offeror's revocation |
|
|
8) List the elements of acceptance.
|
8) -The acceptance must be made by the offeree.
-The acceptance must be unconditional and unequivocal -The offeree must communicate the acceptance to the offeror by appropriate work or act. |
|
|
9) Can silence ever be acceptance?
|
9) No, and offeree's silence cannot be acceptance.
|
|
|
10) Identify parties that might be incompetant to a contract.
|
10) -Minors
-Insane persons -Intoxicated persons -Artificial entities |
|
|
11) What are minors' rights and duties under their contracts?
|
11) The law protects monors from disposing of their property while underage. Generally, a minor can assert minority as a defense against liability in contracts, except those involving the purchase of necessaries.
|
|
|
12) What are the rights and duties of parents under minors' contracts
|
12)Parents are generally not liable for minor children's contracts unless a parent cosigns, the child has acted on the parent's behalf or at the parent's direction, or a parent has neglected or refused to pay for necessaries for the minor.
|
|
|
13) What are insane persons' rights and duties under contracts?
|
13) Any agreement entered by a person adjudged by a court to be insane if void, except for a contract for necessaries. A contract by a person who claims to be insane, but has not been judged so by a court is voidable under certain conditions.
|
|
|
14) Under what circumstances will intoxication allow a party to avoid a contract?
|
14) an intoxicated person can avoid a contract if the person did not know a contract was forming or did not understand the legal consequences of acts purporting to form the contract.
|
|
|
15) Can an insurer avoid a contract entered into in a state in which the insurer is unlicensed?
|
15) Policies sold by insurers not licensed to do business in a state are enforceable against them.
|
