NAME: ________________________

Law Test 2 Test

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5 Written Questions

5 Matching Questions

  1. Legal insanity
  2. Covenant not to compete
  3. Mutual Mistake
  4. Exceptions
  5. Duress
  1. a both parties are mistaken regarding a material fact - important to the subject matter of the contract
  2. b one party threatens to do something wrongful unless the other party enters into a contract.
  3. c 1) innocent person - justifiably ignorant of the law - purchase life insurance from an unlicensed company can still recover benefits 2) persons induced by fraud, duress, or undue influence - purchase drugs for me or i will kill you.
  4. d enforceable is reasonable with respect to 1) the line of business 2) the geographic location protected - limited to immediate region 3) the duration - shorter the more reasonable
  5. e person must be incapable of understanding or comprehending the nature of the transaction.

5 Multiple Choice Questions

  1. 1) usury laws - lending money 2) unlicensed professionals - cant collect fees 3) contrary to public policy - any type that would create a poor public policy ( spouse kill spouse)
  2. 1) the parties have unequal bargaining power 2) the dominant party uses this power to enter into an unfair contract 3) the weaker party has no reasonable alternative
  3. Fraud ( you have forever to dispute this)
  4. must return the minor to the status quo - i.e., as if the contract never happened. thus, any money will be returned - called the duty of restitution
  5. may return the property in the condition it is in at the time of disaffirmance.

5 True/False Questions

  1. What is writingbasically any writing can be introduced. must be signed by the defendant.

          

  2. Qualified as writingdefendant needs to sign it the only one who needs to sign.

          

  3. Pre-existing duty rule - if sale of goodsno need for consideration if done in good faith

          

  4. Exculpatory clauses1) innocent person - justifiably ignorant of the law - purchase life insurance from an unlicensed company can still recover benefits 2) persons induced by fraud, duress, or undue influence - purchase drugs for me or i will kill you.

          

  5. The infancy contractminors can disaffirm contracts

          

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