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Ch 12: Defenses to contract Enforceability
Terms in this set (15)
(T/F) Voluntary Consent may be lacking because of mistake, fraudulent misrepresentation, undue influence, or duress
(T/F) Only mistake of value may allow contract to be voided
False, only mistake of fact
When one party is mistaken as to material of fact, a fact important to subject matter of contract
When both parties are mistaken about the same material fact
Misrepresentation by Conduct
when party takes specific action to conceal a fact that is material to the contract
Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with intent to deceive
one party greatly influence another, overcoming party's free will
Contracts involving interests of Land
Involves, buildings, crops, vegetation, minerals, etc.
One Year Rule
Runs the day after contact is made
Made by a third party to assume debts or obligations of primary party to contract if party does not perform
What constitutes sufficiency of writing?
Confirmation, invoice, sales slip, check, fax, email
What must be contained in writing?
Memorandum or note evidencing the oral contract need only contain essential terms of contract
Parcle Evidence Rule
Rule of contracts under which court will not receive into evidence the parties prior negotiations, agreements, if evidence contradicts or varies terms of parties written contract
Fraudulent Representation involves:
Misrepresentation of material fact, intent to deceive, party must rely on misrepresentation
Written contract that constitutes the final expression of the parties' agreement . If contract is integrated, evidence extraneous to contract that contradicts or alter meaning of contract is any way is inadmissible
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Pham can work as many or as few hours as she wants at the college bookstore for $9$ dollars per hour. But due to her hectic schedule, she has just $15$ hours per week that she can spend working at either the bookstore or other potential jobs. One potential job, at a café, will pay her $12$ dollars per hour for up to 6 hours per week. She has another job offer at a garage that will pay her $10$ dollars an hour for up to $5$ hours per week. And she has a potential job at a daycare center that will pay her $8.50$ dollars per hour for as many hours as she can work. If her goal is to maximize the amount of money she can make each week, how many hours will she work at the bookstore?
What reporting requirements does retrospective application require?
Androde is currently using Method 1 for its production function. By chance, scientists discover a technological breakthrough that will boost Androde's productivity. This technological breakthrough is reflected in another production function, Method 2. The table that follows shows combinations of physical capital per worker and output per worker for both methods, assuming that human capital per worker is fixed. | Method 1 | | Method 2 | | | :---: | :---: | :---: | :---: | | Physical capital per worker | Real GDP per worker | Physical capital per worker | Real GDP per worker | | 0 | 0.00 | 0 | 0.00 | | 50 | 35.36 | 50 | 70.71 | | 100 | 50.00 | 100 | 100.00 | | 150 | 61.24 | 150 | 122.47 | | 200 | 70.71 | 200 | 141.42 | | 250 | 79.06 | 250 | 158.11 | | 300 | 86.60 | 300 | 173.21 | | 350 | 93.54 | 350 | 187.08 | | 400 | 100.00 | 400 | 200.00 | | 450 | 106.07 | 450 | 212.13 | | 500 | 111.80 | 500 | 223.61 | a. Using the data in the accompanying table, draw the two production functions in one diagram. Androde's current amount of physical capital per worker is 100. In your figure, label that point $A$. b. Starting from point $A$, over a period of 70 years, the amount of physical capital per worker in Androde rises to 400 . Assuming Androde still uses Method 1, in your diagram, label the resulting point of production $B$. Using the Rule of 70 , calculate by how many percent per year output per worker has grown. c. Now assume that, starting from point $A$, over the same period of 70 years, the amount of physical capital per worker in Androde rises to 400 , but that during that time period, Androde switches to Method 2. In your diagram, label the resulting point of production $C$. Using the Rule of 70 , calculate by how many percent per year output per worker has grown now. d. As the economy of Androde moves from point $A$ to point $C$, what share of the annual productivity growth is due to higher total factor productivity?
Why is possession alone a suitable notice to other creditors who might take a security interest in the collateral.
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