Exam 8: Contracts: Enforceable Agreements

Promising to do something that one does not have an obligation to do in reply to a request from another usually constitutes:

The statute of frauds,

In sales of new or used goods by merchants,probably the most important warranty is that of ,unless it was expressly by stating that the goods were sold .

An express contract is always in writing.

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

To create a valid,enforceable contract,the first party must use the expression "I offer..." and the second party must write or say "I accept..."

A(n)mistake about a(n)fact will enable either party to rescind the contract.

Performance of a single contract (e.g. ,the sale/purchase of a pizza in a fast food outlet)requires the prior performance of many other contracts by other persons.

Under long-established law,minors generally have the power to avoid liability for their contracts.They seldom exercise this power,even though they make annual purchases measured in the billions of dollars.What are some possible explanations for this seemingly strange state of affairs?

Warbeagle was hired by Barge Brothers Diet Center to give advice as to how to best market the Diet Center's new "Starvation Diet." Warbeagle was to be paid for the development of a marketing plan based on the number of days he worked in preparation of the plan ($1,000 a day).When he had completed about half of his intended work (five days),Warbeagle received an offer to tour the great restaurants of Russia with all expenses paid.He left Barge Brothers,but he did not leave them high and dry.He provided a computer disk and hard copy of all work he had completed to the date of departure.He also left a bill for $5,000.

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

Although the Uniform Commercial Code (UCC)has been adopted,at least in part,by states,important exist among the adopters in its application to commerce.

A contract is a legally binding agreement to do or not to do a certain thing,and is enforceable in court.

Legally sufficient consideration may consist of which of the following?

Chad,who owns the only coffee shop in Rivercity,learns that Jose is about to open a competing coffee shop in the same small town,just a few blocks from Chad's.Chad offers Jose $10,000 in return for Jose's promise not to open a coffee shop in the Rivercity area for six months.Jose accepts the $10,000 but goes ahead with his plans,even though he had agreed not to do so.When Jose opens his coffee shop for business,Chad sues to enjoin Jose's continued operation or to recover the $10,000.

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

When there is a valid novation,one of the original parties to the contract is completely relieved of all former obligations under the contract.

(Use the following information to answer questions Broadnorf Warbeagle is specifically designated to receive cash benefits of $2,000 from Ferd under a contract solely between Cantwell and Ferd.Cantwell owes Broadnorf $4,000.Ferd had never heard of Broadnorf before his recent contract with Cantwell. -Broadnorf Warbeagle appears to be a

The end of chapter case of Lucy v.Zehmer provided a good example of the objective person standard used to establish the necessary intent to create a contract

Bill owns a rare vintage Ford Mustang automobile.Jack,one of Bill's closest friends and a physician,has persuaded Bill to sell the car to Jack at a price substantially less than market value.At the time Bill sold the car,he was resting in a nursing home recovering from a serious illness.If Bill desires to set aside the sale,what arguments might he make?