Test #2 Study Guide

Created by lmgibbs 

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Chapters 10-18

False

When Olga asks Sven if he wishes to sell his Harley motorcycle, he replies "that he would not sell it "for less than $2000." Olga replies, "I accept," and hands him $2000. A contract exists.

True

Revocation is the withdrawal of an offer by the offeror

False

April put an advertisement in the newspaper advertising the sale of her computer for $500. Simultaneoulsy, six people responded to the ad by mail with formal written acceptances. April is bound on all six contracts to sell her computer for $500

False

You have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale. You can withdraw the sofa at any time before the auctioneer closes the sale by announcement or by the fall of the hammer

True

In seeking to determine whether there is a meeting of the minds, the courts look to how a reasonable person would objectively view the language or actions of the parties.

True

The legal right to sue for a breach of contract is subject to a statute of limitations

True

A court may, at times, discharge a party who has not performed

False

Concurrent conditions arise when there is both a condition precedent and a condition subsequent

True

The UCC recognizes commercial impracticability as a ground for discharge of a contract

True

Damages must be estimated with reasonable certainty

False

Injunctions are frequently used by courts to force employees to complete their contractual obligations with their employers

True

Most courts hold that a seller of goods is not entitled to consequential damages

True

The Milicic v. Basketball Marketing Company, Inc. case illustrated the proper use of preliminary injunction

True

Nominal damgaes are awarded in contract cases in which a damage amount was named in the contract

True

Liquidated damages are awarded to parties who have experienced an injury to their legal rights but have no actual loss

False

Generally, neither a "time is of the essence" clause nor a "force majeure" clause will be recognized by the courts because these types of clauses are seen as a violation of public policy

the words and conduct of the offeror

The intent of the offeror to extend an offer to the offeree is generally determined by reference to

Offeror

Jamie offered to buy Kevin's bike. Jamie is the

In a face-to-face transaction, Pat offers to sell Mike his stereo and Mike accepts

In which case is the offer still valid at the time the acceptance is made?

enforceable, as there is consideration

An agreement to pay a lesser amount to settle an unliquidated debt is

won, as there was consideration

In the historic case of Hamer v. Sidway, the nephew

the trial court correctly determined that there was no consideration to support Tallas's promise

The Utah Court of Appeals in the Dementas v. Estate of Tallas case found

a debt in which the existence or amount is in dispute

An unliquidated debt can be described as

are somewhat more likely to be enforced than in other types of cases

In bailment cases, exculpatory clauses

it involves public transportation

An exculpatory clause is generally unenforceable when

Courts that decide what would have a negative impact on society

Public Policy means the law that comes from the

Financial distress

When courts consider economic duress, they consider all the following factors except

Silence as to a toxic waste problem on real property that the buyer would not reasonably find

Which of the following is most likely to constitute fraud?

A doctor-patient relationship

An example of the type of relationship required to find unique influence would be

A house, a real estate mortgage, an easement

For the purpose of the statute of frauds, an interest in land includes

limit the time in which an injured party may sue

Statute of limitations

is an event that must occur before a party becomes obligated under a contract

A condition

requires strict performance if a clause of the contract expressly demands it

a court

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