Exam 6: Contract Law

When the prospective tenant signed the lease, he indicated that he would be using the building to sell appliances. Later, the landlord discovered that illegal bingo games were being played there. What can the landlord do?

A contract that is in the process of being carried out is said to be ____________________, that is, in the process of being performed.

Once the seller accepts an offer, if the buyer fails to complete the purchase, the seller may keep the buyer's deposit as ______________________________.

Assuming that no fraud is intended, what is the status of a contract signed by an illiterate person?

The buyer agreed to buy the property at the seller's asking price. They shook hands on the deal. Later, the seller refused to sell. If the buyer still wants to buy, he can

An alternative to mutual recession is novation.

Under certain circumstances, the innocent party can unilaterally rescind a contract.

As a requirement of a valid contract ____________________ and ____________________ requires that one party makes an offer to another party.

The purpose of requiring consideration is to demonstrate that a bargain has been struck between the parties to the contract.

A(n)____________________ contract occurs when the parties to the contract declare their intentions either orally or in writing.

A fraud is an act intended to deceive for the purpose of inducing another to part with something of value.

Choose the one most appropriate answer for each. -the person holding a power of attorney on behalf of another

Choose the one most appropriate answer for each. -an offer made in response to an offer

Choose the one most appropriate answer for each. -an act or promise given in exchange for something

A contract created under duress is

If a contract is considered voidable, it is valid until voided.

Choose the one most appropriate answer for each. -not to act

The statute of limitations concerns time limits for filing a lawsuit.

Choose the one most appropriate answer for each. -the substitution of a new contract for an existing one

A mistake includes innocent misrepresentation, ignorance, inability, or poor judgment.