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5 Written questions

5 Matching questions

  1. Void if
  2. In order to have a valid contract the consideration must meet two elements
  3. Undue Influence
  4. Statute of Frauds Enforceable :
  5. Mental Incompetence
  1. a In order to prevent enforcement of the contract the person must be legally insane at time of entering into the contract
  2. b 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)
  3. c 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)
  4. d 1) both sides must give something of value 2) there must be a bargained for exchange
  5. e 1) sale of goods over $500 2) real estate contracts 3) contracts to pay the debt of another.

5 Multiple choice questions

  1. 1) sale 2) lease/rent 3) mortgage
  2. contract will fail for lack of consideration when one party promises to perform an act they are already bound to perform
  3. minors can disaffirm contracts
  4. no need for consideration if done in good faith
  5. an illusory promise - I will perform only if i want to Moral obligations - love or affections

5 True/False questions

  1. Covenant not to competeIn order to prevent enforcement of the contract the person must be legally insane at time of entering into the contract

          

  2. Court may... (Uncon. Con.)reshape the contract to eliminate the unreasonable portion or refuse to enforce the contract

          

  3. What is writingdefendant needs to sign it the only one who needs to sign.

          

  4. Legal ValuePromisor receives a legal benefit or the promisee suffers a legal detriment

          

  5. Court can eitherboth parties are mistaken regarding a material fact - important to the subject matter of the contract