33 terms

Test #2 Study Guide

Chapters 10-18
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.
Revocation is the withdrawal of an offer by the offeror
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
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
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.
The legal right to sue for a breach of contract is subject to a statute of limitations
A court may, at times, discharge a party who has not performed
Concurrent conditions arise when there is both a condition precedent and a condition subsequent
The UCC recognizes commercial impracticability as a ground for discharge of a contract
Damages must be estimated with reasonable certainty
Injunctions are frequently used by courts to force employees to complete their contractual obligations with their employers
Most courts hold that a seller of goods is not entitled to consequential damages
The Milicic v. Basketball Marketing Company, Inc. case illustrated the proper use of preliminary injunction
Nominal damgaes are awarded in contract cases in which a damage amount was named in the contract
Liquidated damages are awarded to parties who have experienced an injury to their legal rights but have no actual loss
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
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