Exam 6: Overview and Formation of Contracts

Larry has had a few beers and is starting to get a bit drunk.He isn't acting strange and he's conducting conversations with others slurring only an occasional word or two.Larry,should he enter into a contract in this state would be considered mentally incompetent and his contract would be void.

Where a promise can only be accepted by the performance of the person to whom it is offered is an example of a/an:

In Stevens v.Publicis,the courts addressed the statute of frauds issue of what constitutes a writing in today's cyber world and determined that:

Your school is negotiating with another school to run a joint program.The other school is not sure that your college can handle the increase in students and tells your administration that they will join the joint program initiative if your college increases its faculty.Based on this offer,two full time tenure track faculty are hired.Soon afterward the other college decides that they have chosen not to participate in the program and ends negotiations.What rights does your school have?

You arrive at your final exam for your law class and as you approach the door your professor is standing at the door with a sign saying,"THE COST FOR TAKING THIS TEST IS $10.00 PAYABLE TO ME" (the professor).Your professor is also holding a tin cup for students to place their cash and checks into.Speaking entirely from a contracts perspective,can your professor enforce such a fee? Explain fully.

Boris sky dives out of a plane and gets hung up in a tree,hopelessly suspended and swinging precariously in his parachute from the branches of the tree.Natasha sees that he is in trouble and comes to his rescue.Once Boris is safely on the ground,he gratefully promises to give Natasha half of his life savings account.When he changes his mind,Natasha will probably be unsuccessful in enforcing his promise.

Most oral agreements will be enforceable as contracts by courts.

When a party may,at his or her option,either disaffirm or enforce a contract,that contract is said to be _______.

With regard to the court,adequacy of consideration means:

Each contract should cover a singular promise and if multiple promises are involved,multiple contracts should be created.

Which of the following statements may be grounds for a misrepresentation,innocent or fraudulent,to occur?

When Maria comes home from work she finds that her yard has been mowed and trimmed.An hour later a man comes to her door to collect payment for the yard work.Maria refuses to pay him because she has never seen him before nor had she hired him to do the work.Which of the following is accurate?

Generally,for an acceptance to create a non-commercial contract,the acceptance must be without qualifications or conditions.

Bill has voluntarily organized office birthday parties for the past 10 years because he enjoys making people happy.One day,Brenda,his boss tells him that he's been doing such a great job that she's going to pay him an extra $200 next month.However,when Bill gets his check,it's the same amount that it has always been.Which of the following is correct?

If a 17 year old enters into a contract to purchase a car,that contract is ________ at the minor's option until they reach the age of 18.

Consideration in a small or minimal amount that is written into a contract but never actually paid is called ________ consideration.

Alan lives in a beach front home and one morning discovers an adult woman who has washed up on shore and is unconscious.Alan takes her into his home and administers aid to her.She awakens after a few hours but has amnesia,not knowing who she is or how she ended up washed ashore on his property.Alan cares for her for two weeks when her memory returns.She fell overboard while sailing with her wealthy parents on their yacht.She tells him that her name is April and she provides him with contact information for her parents.Naturally,when Alan calls they are ecstatic.They tell Alan that they will fly in to pick her up the next day and that he should tally up his expenses and that they will reimburse him for his costs.When they arrive,Alan gives them the cost sheet which they refuse to pay.Does Alan have any rights against the parents? Does Alan have any rights against April?

Mike is walking through a parking lot and finds Kathy lying unconscious.He puts her in his car and takes her to the hospital.The hospital saves her life and when she becomes conscious they present her with a bill.

Wilma has a valid driver's license but has a tendency to get speeding tickets.Fred tells her that he will pay her $1,000.00 if she does not get a ticket for one year.Wilma drives very cautiously and goes one year without a ticket.Is Fred obligated to pay?

Why is it so important that the law of contracts be so ordered and strong with regard particularly to the business world?