Exam 9: Introduction to Contracts

Brian makes a material misrepresentation of fact regarding his horse to Rosalind while out riding one day.Later that day,Rosalind makes an offer to buy the horse.Brain accepts without correcting his earlier misrepresentation of fact.In this case:

List and discuss the essential elements of a contract.

What is the doctrine of promissory estoppel and when is it used?

The Restatement is not law,but is highly persuasive in the courts.

Katelyn breaches a contract with Noah in a state where the statute of limitations is six years.Seven years later Noah wants to sue.The contract is unenforceable,rather than void or voidable.

A valid contract is one that meets all of the requirements of a binding contract.

Contracts are primarily governed by the Uniform Commercial Code.

Contracts are governed primarily by:

The Restatement defines a contract as "a promise or set of promises for the breach of which the law gives a remedy,or the performance of which the law in some way recognizes as a duty."

Caroline signs a contract to work as a sales rep for Incellmed Corporation for a period of two years.This contract is governed by:

Discuss how the common law of contracts,Article 2 of the Uniform Commercial Code,and the Restatement of the Law of Contracts combine to form the law of contracts.Is there a difference between how a court would regard Article 2 of the UCC and the Restatement of the Law of Contracts? Why? Explain your answer.

A contract in which both parties exchange promises is a:

Lee has been declared incompetent by the court and is under the care of his sister.Without his sister's knowledge,Lee rents the 30,000-seat civic center for his birthday party.Lee's contract to rent the civic center is best described as a:

A contract to sell life insurance is covered by Article 2 of the Uniform Commercial Code.

Express contracts and implied contracts are:

Mike,the owner of a yogurt shop,orders 500 quarts of yogurt from his supplier.Nothing,however,is said by either party about the price or method of payment.The supplier ships the yogurt as ordered.Since this is a contract implied in fact,Mike must pay his supplier for the yogurt.

The Uniform Commercial Code would be applied in which of the following situations?

Which of the following is NOT always necessary in order for a valid contract to be formed?

Each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange.

A noncontractual promise may be enforceable where there has been justifiable reliance on the promise.