Contract Law/Law Final

57 Questions | By Buslaw1 | Updated: Feb 15, 2016 | Attempts: 263

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Busines law 2010 final and contract law test

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Current Version
Feb 15, 2016

Quiz Edited by
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Dec 13, 2010

Quiz Created by
Buslaw1

Contract Law/Law Final

Is 1 to 2 months still considered a reasonable amount of time for a minor to dissafirm a contract?

Destruction of Subject matter

In the "minority rule" what exactly needs to happen

All are exceptions to dissafirming contracts except

Ratification of a contract occurs when

What are the elements of a valid contract

Elements of consideration, meaning must have all elements

Legal vaule can be

Objective theory of contracts states

Contract legality states

Discharge of a contract is when

When there is a intergrated contract it simply means that

Not a legal/equitable remedy fairness quantum meriut or reasonable value of services rendered not a legal contract is known as what kind of remedy

A contract will usually proved a specific amount to be paid in damages in the event that there is a future breach of contract or partial performance this is known as

Contracts contrary to public policy are always what

If a person is able to understand the nature and effects of entering into a contract yet lacks capicty to engage in acitivites in other words they're considered "slow" contracts are

If a person doesnt know he or she is entering into a contract or lacks mental capacity to comprehend nature of contract, its purpose and the consenquences than the contract is considered

Discharge of contract because of performance simply means

If before performance is due one party refuses to perform, his or her contractual obligations results in material breach non breaching party shouldn't be ready & willing to perform when other party has repudated contract also known as

If a certian time period has passed a offer can be terminated or if no time has been specefied the by a reasonable amount of time offer terminates, destruction of subject matter, incompetence or death is known as

Rights that cannot be assigned include

No writting is present but one party admits to the contract's existence

Transfer of contractual duties is known as

Duties that cannot be delegated

Certain types of contracts need to be in writing to be enforcable, these are known as

All are examples of statue of frauds except

Exceptions to statue of frauds include

Adhesion contracts are

Threat of physcial or economic harm if one does not enter into a contract represents what

Undue influence represents

When sombody shoul've known about somthing but carries through with the contract anyways they are participating in

When dealing with a matter of mental incomptence, void contracts usually mean that the person has been

Unenforcable contracts are known as

In unconscionable contracts the actual terms of contract are totallly unfair

The actual process of the contract's formation, the bargaining process was unfair "take it or leave it" contracts

Previous agreement parties want to amend contract

Oral rep or promise made prior to the contract's formation or contract's discovery may not be admitted at court

Duty to perform is not excused must resume peormance of contractual obligations

When there is non financial loss defendant is liable for only technical injury

Direct losses and the difference between countract and market price is what type of damages

The print size of contract can represent procedural unsconscionable contracts

Alteration of contract, statue of lmitations, bankruptsy, impossiblity/impractibility( deah, incompentence, war, weather, destruction of subject matter represents discharge of contract

An express contract is written but not oral, all terms and conditions are agreed on

Failure of consideration discharges, non breaching party from contract is a material breach

"implied in law" is talking about a voidable contract and not compensate for damages

When parties come up with amicable decescion and come up with new agreement it is called discharge by accord and satisfaction

Conditions are called possible future event s the occurence or non occurence of which will trigger the performance, a legal obligation or result in termination of contract

Consequential damages can also be called special damages in which party is aware or shouldve been aware and causes additional losses, an example would be covering the costs of cosmetic surgery

Transfer of contractual rights is known as assingment the assingee and the assingor

Judges order to conceal contract, this is called a recesscion