5 Written questions
5 Matching questions
- Void if
- Contracts that lack consideration
- Unilateral Mistake
- The minor
- In order to have a valid contract the consideration must meet two elements
- a Virtually never used. 1) one party makes a promise and the other party knew or should have known the mistake. 2) The mistake was so clerical or math error that is not the result of gross negligence. 3) the mistake is so serious that enforcing the contract would be unconscionable.
- b may return the property in the condition it is in at the time of disaffirmance.
- c 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)
- d an illusory promise - I will perform only if i want to Moral obligations - love or affections
- e 1) both sides must give something of value 2) there must be a bargained for exchange
5 Multiple choice questions
- basically any writing can be introduced. must be signed by the defendant.
- is required to return the incompetent party to the status quo. incompetent party will be required to return the property in its current condition.
- 1) the defendant made a false representation of material fact. 2) defendant knew the representation was false and intended to deceive the plaintiff - scienter. 3) plaintiff justifiable relied on the misrepresentation. 4) the plaintiff was injured.
- 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
- Certain contracts must be in writing to be enforceable
5 True/False questions
Legal insanity → person must be incapable of understanding or comprehending the nature of the transaction.
Exceptions → 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.
Unconscionable Contracts → minors can disaffirm contracts
Statute of Frauds Enforceable : → Certain contracts must be in writing to be enforceable
The adult - responsibility party → is required to return the incompetent party to the status quo. incompetent party will be required to return the property in its current condition.