Chat with AIExam 9: Introduction to Contracts
List and briefly describe the basic elements of a contract.
(26) 
VerifiedAgreement -a valid offer made by one party which is properly accepted by the other Consideration -- what the parties bargained for or the legal detriment suffered Capacity - the parties must be adults of sound mind and Legality -the contract must have a lawful purpose.
Rameriz and Cox enter a contract obligating Cox to supply Rameriz with 2,000 bushels of corn by the end of September.Weather conditions are poor and Cox is unable to grow that much corn himself,but could obtain enough to make up the required difference at a financial loss.Discuss the general purpose of contracts and the result of seeking enforcement of this contract both in a court exercising judicial restraint and in a court practicing judicial activism.
(32) VerifiedThe general purpose of contracts is to make business matters more predictable.Most contracts work out as the parties intended because the parties fulfill their obligations.However,in a case such as this,where one of the parties finds expected conditions have changed,fulfilling contractual obligations may be very difficult.If Cox does not fulfill his obligation to supply the 2,000 bushels of corn by the end of September and Rameriz seeks enforcement in a court exercising judicial restraint,the court will take a passive role and require Cox to fulfill whatever obligation he agreed to.Courts following judicial restraint say it is not their job to rewrite a deal that the parties crafted,even if the deal was foolish.If the court practices judicial activism,the court might ignore certain provisions of a contract or the entire agreement if the judges believe enforcing the deal would be unjust.Judicial restraint makes the law less flexible but more predictable.Judicial activism makes the law more flexible but more predictable.
ACME,Inc.is a software producer that entered into a verbal agreement with XYZ Corporation wherein XYZ agreed to buy ACME's newly developed software.The agreement also provided that ACME would supply training personnel,as well as technical personnel,to work with XYZ employees in installing and learning the software.What law governs this agreement?
(29) VerifiedYou must first determine whether the contract is for a good or a service.The software involved here is considered to be a good.Courts have reasoned that a computer program is the product of an intellectual process but once coded into a medium that can be widely distributed,it becomes a good.If the contract involves both goods and services,the court will look to see which element is the primary element.The UCC was drafted with the intent to facilitate the easy formation and enforcement of contracts,whereas the common law of contracts often requires adherence to rigid technical rules.Here the primary purpose of the contract is to sell the software.The services are merely to support the sale of the software.The UCC would probably control.
One purpose of contract law is to make business matters more predictable.
(37) Walter enters a dentist office and points to a damaged tooth.The dentist,Matt,treats the tooth.If Walter refused to pay and Matt sued:
(25) Miles purchased a lawnmower with an attached warning that said,"The manufacturer is not responsible in the case of an injury caused by the lawnmower." If Miles is injured because of a defect in the mower and sues the lawnmower manufacturer,he will most likely:
(28) Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.
(37) All oral contracts are quasi-contracts until they are completely executed.
(31) On January 16,Deb offers to sell her waterbed to Colleen for $600.Colleen accepts and agrees to pay Deb $600 on January 27.Which of the following is correct?
(40) Alex promises to pay $100 to anyone who finds his lost watch.Kate finds and returns the watch to Alex after hearing of the reward money.Alex and Kate have an enforceable unilateral contract.
(42) Mary goes into Honest Harry's Electronics and purchases a TV.Mary agrees to pay for the TV in 30 days on the store's "30 days same as cash" plan.This is an executory contract.
(34) When Myrtle comes home from work one evening,she finds that her yard has been mowed and trimmed.Later,a man comes to collect for the yard work done.Myrtle refuses to pay for the work since she has never seen the man before and did not hire him to do her yard work.Which of the following answers is most accurate?
(29) Under a contract,Danielle is required to paint a room with paint chosen by the homeowners,the Flynns.After Danielle paints the room according to the contract requirements,her duties under the contract are discharged.
(39) Shelly offers to sell Jane goods both parties know are stolen.Jane accepts the offer,and agrees to pay for the goods.Later,Jane refuses to accept or pay for the goods.If Shelly sues Jane for breach of contract,what is the probable result?
(37) Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday.If Teresa cleans the house by noon on Saturday and Valerie pays the $75,then this is an implied,bilateral,executory contract.
(34) One of the factors leading courts away from a laissez-faire approach to contract law was:
(36) Robert,a minor,buys a stereo from Jane for $200.State law allows a minor to disaffirm contracts within a reasonable time after turning 18.Robert disaffirms the contract the day after turning 18 and returns the stereo.
(34) Which of the following types of property would be goods under the Uniform Commercial Code?
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