5 Written questions
5 Matching questions
- Covenant not to compete
- Statute of Frauds
- The adult - responsibility party
- Court may... (Uncon. Con.)
- Pre-existing duty rule
- a 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
- b reshape the contract to eliminate the unreasonable portion or refuse to enforce the contract
- c Certain contracts must be in writing to be enforceable
- d contract will fail for lack of consideration when one party promises to perform an act they are already bound to perform
- e 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 Multiple choice questions
- one party threatens to do something wrongful unless the other party enters into a contract.
- 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)
- person must be incapable of understanding or comprehending the nature of the transaction.
- may return the property in the condition it is in at the time of disaffirmance.
- Promisor receives a legal benefit or the promisee suffers a legal detriment
5 True/False questions
The infancy contract → minors can disaffirm contracts
Pre-existing duty rule - if sale of goods → contract will fail for lack of consideration when one party promises to perform an act they are already bound to perform
In order to have a valid contract the consideration must meet two elements → 1) both sides must give something of value 2) there must be a bargained for exchange
Unconscionable Contracts → Contract is so oppressive or unfair that the courts will not enforce them.
Misrepresentation → rendered before the promisor's promise was made - not valid consideration - not bargained for