Exam 7: Contracts.

Liquidated damages are damages that:

Which of the following is true regarding the effect of death and incapacity on an offer?

Penny found a billfold on a city street; looked inside to determine its owner and returned it to its true owner,Richard.A few days later she found out that Richard had offered a reward in the amount of $100 for the return of the billfold.She asks Richard for the reward money,but he refuses.Is Penny entitled to the reward,and why or why not?

Generally,prior to upholding a contract,a court will carefully scrutinize the value of consideration to be sure that the contract is a fair one.

The Statute of Frauds requires certain types of contracts to be evidenced by some form of written communication.

Void means the same thing as voidable in contract law.

A counteroffer does not terminate the original offer.

Define the term "consideration" as it is used in contract law.

An agreement between two parties that provides that the seller will sell all of a product that he produces to the buyer is called a(n):

List the elements necessary for the doctrine of promissory estoppel to be applied.

In CASE 7.1 SIGA Technologies,Inc.v.PharmAthen,Inc.(2013)the main issue before the Supreme Court of Delaware was whether:

Fact Pattern 7-2 Hester offers to sell her house to Frank for $250,000. Frank says that he would like to think about it, and Hester says that is fine. The next day, Martha, Hester's friend, says that she will give Hester $240,000 for the house. Hester really likes Martha more than Frank and signs a contract to sell the house to Martha. Later that day Hester sees Frank walking up her driveway. She immediately opens the window and yells "I revoke the offer on the house" before Frank says anything. Frank replies that he accepts the offer and expects to purchase the home. Frank tells Hester that while he has not yet taken steps to sell his own home or get a loan, he feels confident that there will be no problem with those matters and he is a ready, willing, and able buyer. -Refer to Fact Pattern 7-2.Which of the following is true regarding whether Hester's attempted revocation was effective?

Helen tells her nephew,Bernard,that she will pay him $100 if he will stop smoking for six months.Helen was hopeful that if Bernard stopped smoking for six months,he would stop altogether.Bernard stops smoking for six months but then resumed his smoking.Helen will not pay him.She says that the type of promise she made cannot constitute a binding contract and that,furthermore,it was at least implied that he would stop smoking for good.Can Bernard legally collect $100 from Helen?

Generally,if Tom's factory unforeseeably burns down through no fault of his own,Tom is discharged from his contractual obligation to manufacture widgets for Jerry.

Fraud in the __________ occurs when a party is persuaded to sign one document thinking that it is another.

Which of the following is a technique by which a new party is substituted for one of the old parties,and a new contract is written (with the consent of all old and new parties)to effect the desired change?

Identify and discuss the two elements focused on in relation to procedural unconscionability.

Only a licensed attorney can hold a power of attorney.

.Whether a contract is a bilateral or unilateral contract depends upon whether the sale of goods is involved.

Fact Pattern 7-1 Prudence offered to sell her car to Danny for $3,000. Danny was not sure what to do, so he asked Prudence if she would hold the offer open for him for one week for $50. Prudence said sure, and the parties signed a contract to the effect that Prudence would hold the car. A few hours later, Bobby unexpectedly offered Prudence $3,500 for the car, and Prudence sold it to him on the spot. Danny decided to buy the car, but when he came by to pick it up the next day, it was gone. Prudence gave Danny his $50 back telling him that was her only obligation and that if he had any complaints, he could take it up with Bobby. Danny found a similar car the next week for $3,500 and purchased it. -Refer to Fact Pattern 7-1.What damages,if any,could Danny likely collect against Bobby in litigation over the car?