Exam 8: Contracts: Enforceable Agreements

A valid offer to contract is terminated before acceptance

A(n)is a legally enforceable agreement to do or not do a specified act.

exists when one vulnerable party is convinced to enter into a contract by someone who because of his or her relationship as trusted individual deprives the party of freedom of will in making a contract.

If no time is stated,an offer lapses after a(n).

A contract drafted by a dominant party and then presented to the other party-the adhering party- on a "take it or leave it" basis is called a and it is generally .

When the Statute of Frauds requires that a contract be in writing,how much of a writing is required? Is a complete,written and signed contract necessary? If not,what satisfies the requirement?

The Uniform Commercial Code governs contracts for

Rosemary and Ronald were engaged in dispute over a contract.Rosemary claimed she was owed $53,000 and Ronald claimed much less was owed because of a breach by Rosemary.Rosemary agreed to accept a promissory note for $28,000 from Ronald in lieu of her claim under the contract.Assuming the note is not yet paid what is the advantage of this transaction being an accord and satisfaction?

There are two parties to a contract;the is the person to whom the offer is made.

A minor generally may disaffirm a contract before reaching majority.The minor may also do so within a reasonable time after reaching majority,but if he or she fails to do so,the contract is ratified and binding.

The validity of a contract that has been fully performed cannot be challenged for failure to comply with the statute of frauds.

(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. -The fact situation suggests the existence of

After ten years of marriage and months of searching,Jan and Jon find what they think is their "dream house." Actually,they want to confirm the availability of required financing.What should they do?

The famous heart surgeon Dr.Ardmeyer entered into an agreement with Brenda Thrope to do heart surgery on Brenda immediately after her University final examination.Unfortunately,the time of the operation conflicted with Dr.Ardmeyer' s bowling tournament,and the doctor assigned the operation to Muckinfuss,a licensed doctor and recent graduate of an unaccredited medical school,Cashcow University of the Somewhat Offshore Islands.Brenda,under anesthesia,was unaware of the switch in surgeons.The surgery was successful and Brenda has completely recovered.Brenda Has decided not to pay.No contract terms covered any transfer of responsibility for the surgery.

In which of the following cases will an agreement be enforced even though reciprocal consideration is lacking?

The band "The Colorfast Tattoo" signs a contract to sing at the Hornet Theatre.The band and the owner agree that they will include a liquidated damage clause in the contract.Let's really make the penalty stiff: so whoever breaches has to pay the other guy one hundred grand." This sum was far above either "The Colorfast Tattoo's" usual payment or the profits the promoter expected from the performance.Is this clause valid? Explain your answer

Which statement based on textbook discussion is true about debit or credit cards?

When one party has vastly superior bargaining power over another,they often draft their contracts without consultation with the other party.These contracts are called

An executory contract between a minor and an adult is

Wrongful persuasion and persistent pressure is a definition of duress and a common example is a pushy salesperson in a computer store.