5 Written questions
5 Matching questions
- Bargained for exchange
- Undue Influence
- The infancy contract
- If fraud, must have 4 things
- Pre-existing duty rule
- a 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.
- b when one party takes advantage of another person's mental, physical, or emotional weakness and unduly persuades that person into a contract. Need a fiduciary type relationship - attorney, CPA, doctor, etc. (Elderly People)
- c minors can disaffirm contracts
- d contract will fail for lack of consideration when one party promises to perform an act they are already bound to perform
- e courts really saying they will not enforce gift promises
5 Multiple choice questions
- person must be incapable of understanding or comprehending the nature of the transaction.
- 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
- 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) 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)
- 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 True/False questions
What is writing → defendant needs to sign it the only one who needs to sign.
Court can either → refuse to enforce it or alter to make reasonable
Consideration → "Quid pro quo" - something of legal value given for a promise
Contractual capacity → is required to return the incompetent party to the status quo. incompetent party will be required to return the property in its current condition.
Contracts that lack consideration → rendered before the promisor's promise was made - not valid consideration - not bargained for