Exam 10: Contracts

If a party fails to perform a nonbinding promise the law will provide a remedy.

Slight deviations from contract terms will result in a material breach.

A transfer of contract rights to another party is:

Thiess owes Gina $2,000. Gina owes Web $4,000. Gina can assign her right to the $2,000 owed her by Thiess to Web, who becomes a third-party beneficiary of the contract.

Most contracts are bilateral.

A doctor driving on a highway stops at a car accident to give medical aid that takes an hour of time. The accident victim is unconscious when the doctor arrives, so he does not give his consent to the aid. The doctor bills the victim for an hour of medical services:

Profits you reasonably would have earned had the other party to a contract not breached are called:

An offer that is missing only one key element will be accepted as the basis of a contract; the court will clarify the offer.

Twenty years after you take this class you are successful and wealthy. Knowing that this class was the key to your success, you look up your old professor and send a letter saying, "Because you helped me so much, I am going to send you a check for $100,000." Later you come to your senses and do not send the check. Your old professor sues you for the money:

Invitations to negotiate or to make an offer are known as:

Anticipatory breach:

____ is something of value or something bargained for in exchange for a promise.

The legally binding agreement that is the essence of a contract is reached though a process of:

Exemplary damages are also called:

If performance of a contract is clearly inferior to the requirements of the contract, there is a material breach.

A minor is someone who:

Impossibility:

If the subject matter of the offer is destroyed:

A binding promise may be defined as one:

In Deschamps v. Treasure State Trailer Court, Ltd. where Deschamps was sued after he bought a mobile home trailer park and then stopped making payments on it because he claimed the seller told him the water system was in good condition when in fact it required $400,000 of repairs, the supreme court of Montana held that: