Exam 10: Contracts

Consideration will be present if:

If communication of an offer occurs after the act of acceptance:

You pay $200 for the right to be the only buyer a seller will deal with for ten days for a piece of property that is for sale for $250,000. This is:

An exchange is consideration if it:

An implied contract is based on promises inferred from the behavior or circumstances of the parties involved.

Because of the war on terrorism, the U.S. government prohibited doing business with certain countries. Contracts that existed at the time the prohibition was announced were:

Nguyen promised to paint Carara's house for $2,000 in the next month. When he got behind in his work, he asked if she would hire someone else instead, and Carara agreed. This is:

If the subject matter of the offer is destroyed:

A contract made by a person with partial capacity is:

Fact Pattern 10-1 Lulene makes the best lemon meringue pies in Mississippi. So Ellen, who owns Ellen's Old Fashion Cafe, contracts with Lulene to buy 50 pies per week at the price of $5.00 per pie. Although Lulene took a class in business law, she forgot to get her agreement with Ellen in writing. Lulene and Ellen agreed during a chat. Lulene said: "I will supply you with lemon meringue pies for however long you want them at $5.00 per pie." Ellen said: "That's great, I'll take them." Both women were pleased. Soon Lulene had a problem. Between a hurricane in Florida and brush fires in California, the price of lemons increased by 200%. Now, instead of the $5.00 per pie price she intended to charge Ellen, she feels she must charge $7.00 per pie to make a little profit. Lulene calls Ellen with the bad news and Ellen has a fit. She tells Lulene that's too bad, but the deal is off. Lulene says, "That's what you think!" and goes to see Amanda, her attorney. -Refer to Fact Pattern 10-1. Assume that when Lulene and Ellen entered into the agreement Ellen was an enterprising 16-year-old. In this case:

When the obligations of a contracted have been performed, the contract is:

The Uniform Commercial Code (UCC) was designed to:

Option contracts are binding promises to keep an offer to sell a good open to the public for a certain length of time.

Fact Pattern 10-1 Lulene makes the best lemon meringue pies in Mississippi. So Ellen, who owns Ellen's Old Fashion Cafe, contracts with Lulene to buy 50 pies per week at the price of $5.00 per pie. Although Lulene took a class in business law, she forgot to get her agreement with Ellen in writing. Lulene and Ellen agreed during a chat. Lulene said: "I will supply you with lemon meringue pies for however long you want them at $5.00 per pie." Ellen said: "That's great, I'll take them." Both women were pleased. Soon Lulene had a problem. Between a hurricane in Florida and brush fires in California, the price of lemons increased by 200%. Now, instead of the $5.00 per pie price she intended to charge Ellen, she feels she must charge $7.00 per pie to make a little profit. Lulene calls Ellen with the bad news and Ellen has a fit. She tells Lulene that's too bad, but the deal is off. Lulene says, "That's what you think!" and goes to see Amanda, her attorney. -Refer to Fact Pattern 10-1. Under the common law, Lulene's offer:

Allie makes a contract to buy a piece of land in six months on which a house will be built. Allie hires an architect to design a house that will look just right on that piece of land. When it is time to pay for the land, the seller refuses to sell. Because Allie wants that piece of land to use for a house that has been designed for, Allie should ask for:

The basic elements of a contract are: offer, acceptance, consideration, genuine consent and court approval.

The basic elements of a contract include agreement, lawful subject matter, and:

The parol evidence rule prohibits the introduction of oral evidence into a lawsuit where the evidence presented is contrary to the terms of a written contract. Parol evidence may be introduced except when:

A(n) ____ is a binding promise to keep an offer open for a specified period of time.

If a party accidentally puts in a contract that a house is to sell for $20,000, when it should have said $200,000, the contract is enforceable if both parties signed it.