Blaw Final

Front 1

elements of an offer

Back 1

Serious intent to be legally bound, Terms must be reasonably certain, Communication to the offeree

Front 2

what is consideration

Back 2

"A typical definition is: the legal value given in return for a promise. Mutual consideration, each side having bargained for something of legal value, is what distinguishes an ordinary agreement from a legally enforceable one.

Front 3

what things can serve as consideration

Front 4

rules prohibiting pre-existing duty and past actions or events from serving as consideration.

Back 4

"A promise to do what one already has a legal duty to do does not constitute valid consideration. A promise to do something in exchange for acts or events that have already taken place is not enforceable, because it is not supported by valid consideration.

Front 5

minor has valid contract when

Back 5

• All contracts, if married, • All contracts, if emancipated

Front 6

elements of Frauds

Back 6

1. Defendant made a false statement of material fact to the plaintiff;

2. Defendant made the misstatement with an intent to deceive the plaintiff;

3. Plaintiff justifiably relied upon the misstatement in entering into the contract;

4. Plaintiff was harmed as a result of his/her reliance upon the misstatement.

Front 7

what is a contract

Back 7

a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty

Front 8

elements of a contract

Back 8

"Agreement, Offer, Acceptance, Consideration, Capacity to contract, Legality

Front 9

minors have a voidable contract when

Back 9

Most contracts, to avoid liability any goods received must be returned within reasonable time after reaching age of majority

Front 10

minors have a void agreement when

Back 10

attempt to designate an adult agent or an attempt to buy or sell real property

Front 11

contract with mentally incomepetent persons are valid when

Back 11

all contracts if person is merely neurotic, all contracts made during temporary lucid interval, including those indused by medication

Front 12

contract with mentally incomepetent persons are voidable when

Back 12

all attempts to contract made when person can't understand nature and consequences of contract, any goods received returned within reasonble time

Front 13

contract with mentally incompetent person are void when

Back 13

all attempts to contract if person has been institutionalized or had guardian conservator appointed due to mental/emotional problems

Front 14

contracts with intoxicated persons are valid if

Back 14

the person is sober enough to understand the nature and /or consequences of the contract

Front 15

contracts with intoxicated persons are voidable if

Back 15

all attempts to contract made when person is too intoxicated to understand nature and consequence of contract, any goods received must be reutned promptly

Front 16

contracts with an intoxicated person are void if

Back 16

all attempts to contract if person has been judicially declared a victim of habitual intoxication and a guardian has been appointed

Front 17

Elements of an offer to contract

Back 17

Serious intent to be legally bound, Terms must be reasonably certain, The proposed agreement is communicated to the purported offeree

Front 18

Elements of offer – Reasonable certainty

Back 18

Identity of the parties, Subject matter of the agreement, Consideration, Time of payment, delivery or performance

Front 19

offer= assesing serious intent to be bound

Back 19

circumstances, languages, industry custom, method of communication, missing terms

Front 20

According to the law concerning mistakes made by parties to contracts, a mistake of value a. has the same effect as a significant mistake of fact. b. has the same effect as a mistake of law. c. is material, since value is always part of the essence of the bargain. d. will usually, but not always, allow the aggrieved party to avoid the contract e. none of the above

Back 20

b. has the same effect as a mistake of law.

Front 21

A valid genuineness of assent defense undermines which element of contract a. Agreement b. Consideration c. Capacity d. Legality

Back 21

a. Agreement

Front 22

James holds 1,000 pounds of perishable food in storage for Artie. Artie fails to pay for the cost of storage. James sells the food to a local grocer. This action is a. a mitigation of damages. b. an attempt to punish Artie. c. an attempt to realize a profit on the transaction. d. theft.

Back 22

a mitigation of damages.

Front 23

Compensatory damages are typically assessed against the breaching party a. to penalize that party for failing to carry out its contractual obligations b. only in contracts for the sale of good valued in excess of $500 c. to make up for the non-breaching party’s loss of the bargain d. a and c e. none of the above

Back 23

c. to make up for the non-breaching party’s loss of the bargain

Front 24

Sophie needs a pump to continue her mining operations. She orders one priced at $1,500 from Pepper. Sophie tells Pepper that if the pump isn’t received by Tuesday she will lose $5,000. Pepper ships the pump too late to reach Sophie by Tuesday. Sophie sues Pepper and recovers $5,0000. The $5,000 represents a. Compensatory damages b. Consequential damages c. Punitive damages e. Nominal damages

Back 24

b. Consequential damages

Front 25

Morton Excavating, Inc. leases a warehouse with a small office area in which to store its digging equipment and run its operations. Colorman, Inc. enters into an agreement with Morton to paint the warehouse for $3,700.00. Which if the following statements is true? a. The painting contract must be in writing because excavating changes the land. b. The painting contract must be in writing because the amount is greater than $500. c. The painting contract must be in writing because the warehouse lease is an interest in land. d. all of the above e. none of the above

Back 25

e. none of the above

Front 26

Which of the following defenses will provide a basis for rescission of a contract by the innocent party? a. Fraud b. Undue influence c. Duress d. all of the above e. a and c

Back 26

d. all of the above

Front 27

Consideration is a bargained exchange of legal value, which may consist of a. a promise b. an act, including the payment of money c. a forbearance to act d. all of the above e. a and c f. none

Back 27

d. all of the above

Front 28

Which of the following must be in writing to be enforceable? a. contract for the purchase of a house b. lease of an apartment c. gas pipeline easement d. all of the above e. none of the above

Back 28

d. all of the above

Front 29

To reimburse a party for the harm caused by a breach whose consequences were difficult to estimate when the contract was formed

Back 29

liquidated damages

Front 30

To reimburse plaintiff for indirect costs of a breach, provided they were foreseeable at the time of contract formation

Back 30

consequential damages

Front 31

To make reasonable efforts to minimize damages resulting from the defendant’s wrongful conduct

Back 31

mitigation of damages

Front 32

To make plaintiff whole, reimburse non-breaching party for direct costs of a breach of contract

Back 32

compensatory damages

Front 33

To acknowledge the plaintiff’s legal rights have been violated even though he/she/it suffered little in the way of monetary harm

Back 33

nominal damages

Front 34

To deter the defendant and those in the defendant’s position from engaging in acts such as those that resulted in plaintiff’s harm

Back 34

punitive damages

Front 35

T/F Damages that are specified in advance of breach due to the difficulty of proving them when the breach occurs are referred to as mitigated damages.

Back 35

F

Front 36

T/F When a plaintiff takes reasonable steps to reduce the extent of his/her injuries it is referred to as liquidation of damages.

Back 36

F

Front 37

T/F There is generally a significant disparity of bargaining power between the parties to an adhesion contract.

Back 37

T

Front 38

T/F The purpose of compensatory damages is to punish the defendant for conduct which is wanton, willful or malicious.

Back 38

F

Front 39

T/F A mutual mistake of fact renders the contract unenforceable by either party and will bar performance of the agreement even if both parties are still willing to perform.

Back 39

F

Front 40

T/F In Kansas, a plaintiff can recover punitive damages in a tort lawsuit when the defendant’s conduct toward the plaintiff has been merely negligent

Back 40

F

Front 41

T/F Any contract involving an interest in land must be in writing to be enforceable.

Back 41

F

Front 42

T/F In order to have a valid case of fraud, the alleged victim must actually have been deceived by the defendant’s false statement.

Back 42

T

Front 43

T/F Contracts entered into as a result of duress or undue influence are usually voidable.

Back 43

T

Front 44

T/F In Kansas, a plaintiff can recover punitive damages when the defendant’s conduct toward the plaintiff has been merely negligent.

Back 44

F

Front 45

T/F Under certain circumstances, a contract can be rescinded on the grounds of unilateral mistake.

Back 45

T

Front 46

T/F Foreseeable damages indirectly caused by a breach are called consquential damages.

Back 46

T

Front 47

Identify the contracts that must be in writing under the Statute of Frauds in order to be enforceable

Back 47

Contracts conveying interest in land
Contracts that CANNOT be performed in one year
Contracts made in consideration of marriage
Contracts to answer for the debt of another
Contracts for sale of goods in excess of $500

Front 48

Consideration – how to analyze

Back 48

Test for the existence of mutual consideration as follows: Put yourself in the shoes of the offeror and ask: Am I receiving some benefit or is there some detriment to the offeree? If the answer to this question is “no,” there is no contract; if the answer is “yes”… Put yourself in the shoes of the offeree and ask: Am I receiving some benefit or is there some detriment to the offeror? If the answer to this question is “no,” there is no contract; if the answer is “yes,” the consideration element of contract is satisfied.

Front 49

Pre-existing duty / past consideration

Back 49

"A promise to do what one already has a legal duty to do does not constitute valid consideration. A promise to do something in exchange for acts or events that have already taken place is not enforceable, because it is not supported by valid consideration.

Front 50

which contracts must be in writing in order to be enforced (state precicely)

Back 50

Contracts conveying interest in land; Contracts that CANNOT be performed in one year; Contracts made in consideration of marriage; Contracts to answer for the debt of another; Contracts for sale of goods in excess of $500

Front 51

a good is

Back 51

The car is property. It is tangible, which is to say that it can be touched and seen. And it is moveable

Front 52

analysis on products liability

Back 52

defendant sold bottle in question, the product was defective, (design manufacturing) was it unreasonably dangerous, is it more dangerous than normal consumer expectations, is gladys the user, did it cause phusical harm, is Oh la la in the business of selling the product, was it substantially changed?

Front 53

punative damages

Back 53

punishing defendant and making examples of them

Front 54

compensetory

Back 54

compensate planitff for direct harm

Front 55

kansas requirements for punis

Back 55

willful (intentional) wanton (reckless) malicious, fraudulent

Front 56

consequential damages

Back 56

indirect harm caused by defendants breach of contract, must be forseeable by defendant at time of contract

Front 57

According to the law concerning mistakes made by parties to contracts, a mistake of value a. has the same effect as a significant mistake of fact. b. has the same effect as a mistake of law. c. is material, since value is always part of the essence of the bargain. d. will usually, but not always, allow the aggrieved party to avoid the contract e. none of the above

Back 57

b. has the same effect as a mistake of law.

Front 58

A valid genuineness of assent defense undermines which element of contract a. Agreement b. Consideration c. Capacity d. Legality

Back 58

a. Agreement

Front 59

James holds 1,000 pounds of perishable food in storage for Artie. Artie fails to pay for the cost of storage. James sells the food to a local grocer. This action is a. a mitigation of damages. b. an attempt to punish Artie. c. an attempt to realize a profit on the transaction. d. theft.

Back 59

a mitigation of damages.

Front 60

Compensatory damages are typically assessed against the breaching party a. to penalize that party for failing to carry out its contractual obligations b. only in contracts for the sale of good valued in excess of $500 c. to make up for the non-breaching party’s loss of the bargain d. a and c e. none of the above

Back 60

c. to make up for the non-breaching party’s loss of the bargain

Front 61

Sophie needs a pump to continue her mining operations. She orders one priced at $1,500 from Pepper. Sophie tells Pepper that if the pump isn’t received by Tuesday she will lose $5,000. Pepper ships the pump too late to reach Sophie by Tuesday. Sophie sues Pepper and recovers $5,0000. The $5,000 represents a. Compensatory damages b. Consequential damages c. Punitive damages e. Nominal damages

Back 61

b. Consequential damages

Front 62

Morton Excavating, Inc. leases a warehouse with a small office area in which to store its digging equipment and run its operations. Colorman, Inc. enters into an agreement with Morton to paint the warehouse for $3,700.00. Which if the following statements is true? a. The painting contract must be in writing because excavating changes the land. b. The painting contract must be in writing because the amount is greater than $500. c. The painting contract must be in writing because the warehouse lease is an interest in land. d. all of the above e. none of the above

Back 62

e. none of the above

Front 63

Which of the following must be in writing to be enforceable? a. contract for the purchase of a house b. lease of an apartment c. gas pipeline easement d. all of the above e. none of the above

Back 63

d. all of the above

Front 64

Which of the following defenses will provide a basis for rescission of a contract by the innocent party? a. Fraud b. Undue influence c. Duress d. all of the above e. a and c

Back 64

d. all of the above

Front 65

Consideration is

Back 65

a bargained exchange of legal value, which may consist of
a promise
an act, including the payment of money
a forbearance to act

Front 66

Consideration – how to analyze

Back 66

Test for the existence of mutual consideration as follows: Put yourself in the shoes of the offeror and ask: Am I receiving some benefit or is there some detriment to the offeree? If the answer to this question is “no,” there is no contract; if the answer is “yes”… Put yourself in the shoes of the offeree and ask: Am I receiving some benefit or is there some detriment to the offeror? If the answer to this question is “no,” there is no contract; if the answer is “yes,” the consideration element of contract is satisfied.

Front 67

Elements of Fraud

Back 67

1. Defendant made a false statement of material fact to the plaintiff;

2. Defendant made the misstatement with an intent to deceive the plaintiff;

3. Plaintiff justifiably relied upon the misstatement in entering into the contract;

4. Plaintiff was harmed as a result of his/her reliance upon the misstatement.

Front 68

The requirements of an offer are

Back 68

a) a serious intent to be legally bound by the agreement; b) reasonably certain terms; and c) communication to the offeree.

Front 69

theory of promissory estoppel, the elements of which are

Back 69

1. There must be a clear and definite promise.
2. The promisee must justifiably rely on the promise.
3. The reliance normally must be of a substantial and definite character.
4. Justice will be better served by enforcement of the promise.