Exam 10: Contracts

An effective revocation:

The award to a prevailing party in suit for breach of contract to recover costs incurred due to relying on the promise of the other party is called:

If communication of an offer occurs after the act of acceptance:

Promissory estoppel applies when,to avoid injustice,a court refuses to enforce a grossly unfair promise.

Rescission,novation,and accord and satisfaction are all forms of:

A contract cannot be formed if ____________ is lacking.

_____________ are an amount specified in the contract to be paid in the event of breach.

If a party fails to perform a nonbinding promise the law will provide a remedy.

In a case of ___________,a person enters into a contract because they are so dominated by another person,or have so much trust in that person that they are subject to improper persuasion.

If a minor buys a car and later wants his money back after the car burns in a fire,courts will typically hold the contract to be voidable and a full refund is required.

If Scott makes a nonbinding promise to Lee and then fails to fulfill it:

A minor is someone who:

An offer that has unclear major terms,or is missing important terms:

Ford promises to deliver 100,000 new cars to Hertz by June 1 for its rental fleet.Ford only delivers 98,300 of the cars by June 1 and promises the rest soon.Ford has

An example of an equitable remedy is:

A legally binding contract that can be terminated at the option of one of the parties is called:

Nguyen promised to paint Carara's house for $2,000 in the next month.When he got behind in his work,he asked if she would hire someone else instead,and Carara agreed.This is:

Unconscionable contracts are upheld by the courts unless force was used to obtain them.

Consideration involves the right of individuals to be considered to be able to enter into contracts legally.

If a person signs a contract because of "undue influence" by the other party to the contract,the person can later disaffirm the contract.