Exam 8: Contracts: Enforceable Agreements

Students canceling their housing contract after occupying their room shall pay damages in of $5.00 per day for the remainder or unexpired portion of the term of the academic agreement, not to exceed $400." This clause in the contract for student housing is a(n):​

Many state laws relating to regulation of interest and usury are based on religious principles found in major religions including Judaism and Islam.​

Two very different legal concepts are related to need for or treatment of written contracts. Those rules are __________________ and ________________________ .​

A "contract under seal" is an example of a formal contract. ​

You operate Bistro Coole restaurant. An irate client called. She had previously asked you to cater an event tonight and you agreed. Then things got hectic for you, so you asked your friend Macke, who runs another restaurant similar to yours, to cater the event. Apparently he was a no-show. Which statement is FALSE?​

A contract that includes a promise for an act is called ____________ , while a contract that includes a promise in exchange for a promise is called _________________ .​

Steve Shredder promised to move all practice sessions of his high-volume group the "Scan Jet Fondue" to a location far from his home in exchange for his neighbor Osgood Wheet's promise to pay the music group $300 a month for nine months, commencing immediately. The mutual promises are​

Race horse breeder Melinda Smartay and sportsman Santé Sharpe had engaged in intermittent discussion and friendly argument over the sale price of "Intermittent Lightning," a thoroughbred. After they finally signed a contract transferring ownership to Sharpe, he confessed, "Y'know, I was prepared to offer you another 100 grand for that beauty." Smartay replied, "Well, I was prepared to let you steal it for a 100 grand less." Accordingly,

Morse, age 35, is a bartender for the Nordic Restaurant in Nevada. Craig brought twenty of his friends to the restaurant to celebrate a rare soccer victory and he ordered four rounds of drinks. The bill totaled $250. Craig later learned that Morse failed to renew her bartender's license, and Nevada requires a license to be a bartender. Craig refuses to pay, claiming the contract is unenforceable because Morse lacks a license. Requirements for such a license in Nevada include that the applicant be 21 years old, a non-felon, and pay a $100 fee.​

If no time is stated, an offer lapses after a(n) ____________ .​

In the historic case of Hamer v. Sidway , the nephew:​

In a single contract, there must always be a minimum of two parties, but there may be more parties to the contract. ​

Dr. Aurigemma sued his employer, a rehabilitation center, for violation of an alleged oral agreement pursuant to which the doctor alleged he was to serve as medical director. The doctor alleged that he entered into an oral agreement on September 4, 2003, whereby he agreed to serve as medical director for one year beginning October 1, 2003 for a salary of $120,000. The employer denied any such agreement and contended that the contract was not enforceable. Does the Statute of Frauds require that the agreement be in writing?​

Under the federal Magnuson-Moss Warranty Act no seller is required to give a written warranty, but the seller who elects to do so must label it as either full or limited.​

When a party to a contract honestly performs most essentials of the contract, but there is some  minor omission or deviation which can be corrected, or compensated for in a reduction of the price  the doctrine of exists.

An agreement that may be either legally enforced or rejected by one party is an enforceable but voidable contract.​

A contract that is oral and/or in written form is a(n) ____________​

An executed contract is one that has been performed by both parties.​

In which of the following cases will an agreement be enforced even though reciprocal consideration is lacking?​

Is an advertisement generally considered to be an offer? Why? Why Not? Explain.​