5 Written questions
5 Matching questions
- Contracts that lack consideration
- Qualified as writing
- The minor
- Legal Value
- a may return the property in the condition it is in at the time of disaffirmance.
- b Promisor receives a legal benefit or the promisee suffers a legal detriment
- c 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.
- d an illusory promise - I will perform only if i want to Moral obligations - love or affections
- e defendant needs to sign it the only one who needs to sign.
5 Multiple choice questions
- rendered before the promisor's promise was made - not valid consideration - not bargained for
- In order to prevent enforcement of the contract the person must be legally insane at time of entering into the contract
- Contract is so oppressive or unfair that the courts will not enforce them.
- no need for consideration if done in good faith
- Certain contracts must be in writing to be enforceable
5 True/False questions
The infancy contract → may return the property in the condition it is in at the time of disaffirmance.
Covenant not to compete → 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
Legal insanity → person must be incapable of understanding or comprehending the nature of the transaction.
Void if → one party threatens to do something wrongful unless the other party enters into a contract.
Undue Influence → 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)