Exam 19: Contract Requirements

What type of contracts are illegal in all states?

Match the terms with their descriptions: -Statute of frauds

What should be added to an unenforceable agreement to turn it into a binding contract?

One-sided and unfair contracts that shock the conscience of the court are called ________ contracts.

The overcoming of a person's free will by misusing a position of trust is called ________ influence.

The promise by a merchant is called a(n) ________ offer.

When both parties are mistaken about an essential aspect of an agreement they entered into, a mutual mistake has been made.

Usually, courts do not assist either party to an illegal contract.

Contracts whose performance cannot be completed within a year after the contract was formed must be in writing.

What term describes the situation when a party was induced by fraud to enter into the contract?

The exchange of benefits and promises by the parties to the agreement is called ratification.

What is a characteristic of an illegal contract?

What Latin phrase means "in equal fault"?

What term describes the overcoming of a person's free will by the use of an unlawful threat?

What is an example of a contract which is against public policy?

Minor's age makes them legally incompetent for making a fully ________ contract.

If an agreement has a defect, it is not recognized by courts as a valid contract.

Age is never a hindrance to contractual capacity.

Under what circumstances are exculpatory clauses enforceable?

At an antic bookstore, Lily bought a postcard of Charlie Chaplin with his signature for $800. The seller said that he cannot prove the authenticity of the signature. Lily later discovered that the signature had been forged. Discuss whether the contract presented in this scenario is valid.