Exam 18: practical Contracts

Ricardo has agreed to sell his family farm to Walter for a price of $450,000.Even though both sides agree on the terms,it is still worth the money for Ricardo to hire a lawyer to write the contract.

Which statement is true about definitions in a contract?

Lucky,a contractor,enters into a contract with Penny,a homeowner,to remodel her kitchen.The contract provides a specific completion date,but does not specify what will happen if Lucky does not have the job finished by the date.So,Penny may deduct $100 per day from the contract price until the job is finished,because this is the industry norm.

Ralph is a professional football player.He signs a valid contract with the Jets.Later,he claims that he was also promised free use of the Jets' private jet,but this was not in the contract.What type of clause in his contract would prevent him from flying away with this claim?

The legal term for a promise in a contract is "provision."

When a party to a contract intentionally makes the terms of a contract unclear,it is called:

Define and compare the terms "vagueness" and "ambiguity."

Nate works as a carnival barker.His employment contract specifies that he can be fired if he "loses his voice." This is an example of:

Which of the following statements is incorrect concerning arbitration?

The title of a contract should be:

Statements of facts about the past and present are called:

Rich and Archie sign an agreement in which Archie agrees to deliver ten cases of champagne in 5 days.The parties negotiated and meant to say in the written agreement,delivery in 50 days.If the evidence is clear that the two parties intended to agree to 50 days,the courts will probably apply the remedy of:

Outline the focused,multi-step process recommended for reading a contract before you agree to it.

A force majeure event is:

Typos are almost always detrimental to the validity of a contract because they cause the contract to not reflect the true agreement of the parties.

It is unethical to use your lawyer as an excuse for a provision of a contract,such as,"My lawyer insists that I have a liquidated damages clause..."

A+ Modeling Agency signs a contract with Sandi to do a photo shoot for the local used car dealer's advertising.The contract was probably written by:

Ambiguities in contracts are always interpreted in favor of the side that wrote the contract,since they are the ones who know what the provision is supposed to mean.

In the case of scrivener's errors (commonly known as typos),a court will usually:

Which of the following is generally NOT in the introductory paragraph of a contract?