Exam 8: Contracts: Enforceable Agreements

When officials of your city government make contracts for construction of a recreation center in your neighborhood park,complete with swimming pool,tennis courts,and baseball diamond,you and your fellow residents become

A minor's contracts are generally by the minor,but are valid and on the adult with whom the minor is dealing.

Under the federal Magnuson-Moss Warranty Act no seller is required to give a written warranty,but the seller who elects to do so must label it as either full or limited.

Details of contract law are found in the U.S.Constitution and in federal statutes.

Sometimes,the parties to a contract specify in advance what the damages shall be in the case of breach.These provisions are called clauses.

A quasi-contract is

Steve Shredder promised to move all practice sessions of his high-volume group the "Scan Jet Fondue" to a location far from his home in exchange for his neighbor Osgood Wheet's promise to pay the music group $300 a month for nine months,commencing immediately.The mutual promises are

exists when one party is prevented from exercising judgment and free will by some wrongful act or threat of the other party.

Sara and Rizwan enter into a contract by which Rizwan agrees to pay Sara $200 for a new digital player,Sara's subsequent transfer of her right to receive payment for the new digital player is known as:

The running of the statute of limitations on a contract between Martha,the debtor,and Zelda,the creditor

When a party to a contract honestly performs most essentials of the contract,but there is some minor omission or deviation which can be corrected,or compensated for in a reduction of the price the doctrine of exists.

Generally,a minor is liable under contract law for purchases of necessaries (e.g. ,food,clothing, shelter,and medical care).However,

Under the Statute of Frauds,some specified contracts must be in writing and signed by the party against whom enforcement is sought.State several benefits or advantages that result from this statute for the contracting parties.

The definition of an executed contract is an illegal agreement calling for harm to another person for a specified fee or price.

Although the parties failed to comply with the applicable statute of frauds,a contract that was fully executed

The offeror makes an offer by mail.Generally,unless otherwise specified,the offeree may accept the offer by using the same or faster means of communication.

A(n)is the party to a contract who makes a promise to do something.

A(n)agreement gives one of the parties the right to buy (or sell)something at a certain price within a specified future time.

Distinguish between an assignment and delegation.

A breach of contract leads to a claim of damages by the innocent party to the contract.