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5 Written questions

5 Matching questions

  1. Statute of Frauds
  2. Implied Warranties
  3. Incidental Beneficiary
  4. Pre-existing Duty Rule
  5. Assignments
  1. a Where there is pre-existing duty, there is no consideration - Gives rise to a situation where one is already under a prior obligation to act, before the contract was made
  2. b One may freely assign any known right that he/she is entitled to
  3. c Unintended beneficiaries, who do not have vesting rights
  4. d 1. Fitness for a Particular Purpose (FFPP)
    2. Merchantability
  5. e Certain contracts (MRDOG) need to be in writing in order to be deemed valid - they are invalid if done in the verbal mode

5 Multiple choice questions

    Rebuttal only stands if brought up after the fact that performance was fully finished
  2. Nullify the contract
  3. QTIPS
  4. Once the specified time has passed, the offer is no longer avaliable
  5. I: Was the contract still deemed valid and/or voidable?
    R: Performance: Impossibility: The initial contract was created when it was lawful material issue, but now it is unlawful & Void Contract: A contract that by its very terms is illegal, depending on the laws of the moment
    A: Mr. Luu could not possibly do what he had desired
    C: The contract is deemed void, due to legality

5 True/False questions

  1. ImpossibilityInappropriate mental state of the offeror or offeree at the time which the offer was made


  2. Rebuttal Against the Statute of FraudsQTIPS


  3. Unconscionable ContractsContracts where there is a promise in exchange for an act


  4. AcceptanceThe unqualified, unequivocal assent (agreement) to the terms of the offer


  5. Auction Without ReserveThe auctioneer must accept any offer they receive


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