Exam 10: Contracts

The Restatement (2d) of Contracts is:

If a contract is agreed to in the presence of any incorrect information, the contract may be voided.

In Deschamps v. Treasure State Trailer Court, where the buyer of a trailer court said he was promised the water system was in good condition when in fact it was not, the Montana Supreme Court held that the parol evidence rule would apply.

To transfer contract rights to a third party is:

The Restatement of Contracts is an authoritative source that presents and summarizes the common law of contracts.

An accord is an agreement by the parties to offer and accept some performance different from that originally bargained for. The actual performance of the new obligation is:

____ is an offeree's expression of assent or agreement to the terms of an offer.

In Caley v. Gulfstream Aerospace, the employer told the employees that as a condition of continued employment they had to agree to a new dispute resolution policy that would take effect in two weeks. Caley sued, contending the new policy was not backed by consideration, so there was no enforceable contract. The appeals court held that:

Courts generally will not accept digital signatures because of the lack of security.

The idea that breach of contract generally only allows recovery for profits and costs incurred due to the breach is called:

Once an offer has been made, the offeree can terminate the offer by:

A hires B to work for his logging operation, which is dangerous work. A has B sign a contract that says that B will not sue A in the event of injuries that happen on the job. This contract, which is probably illegal is:

Anticipatory breach:

Under some circumstances, courts do not require consideration for a promise to be enforced. The doctrine used by the courts to bind a promisor is called detrimental reliance or:

Jennifer enters into a contract when she is sixteen. When she reaches the age of majority she may manifest her intent to be bound to the contract; that is, to ____ the contract.

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

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

Some contracts must be in writing and signed to be enforceable. Contracts that are covered by the statute of frauds include:

Modern definitions of contracts center on:

An offeror can terminate an offer by: