Exam 10: Contracts

Contract law enforces duties imposed on citizens by the government.

An offeror can ____ an offer by withdrawing it.

Misrepresentation, to be grounds for rescinding a contract, must have included a misstatement of a material fact.

If a partner leaves a firm to go into competition with her old firm, it is possible the firm could get an injunction against the partner working in competition.

In a breach of contract case, expectancy damages are:

If the subject matter of a contract is unlawful, such as a deal to sell heroin, then there is no contract.

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

Liquidated damages:

Expectancy damages are the damages you expect the court to award you in case the other party to a contract breached the contract.

When someone accepts an offer by an exchange of mutual promises, what kind of contract has been formed?

A promise not to do something may not be consideration for a valid contract.

A owes B $10,000. A promises to pay the money back to C, to whom B owes $10,000. C would be called:

A owes B $10,000. A promises to pay the money back to C, to whom B owes $10,000. C would be called:

An effective acceptance must be:

When both parties to an agreement are mistaken as to a material fact, the contract:

If an agreement is held by the courts to be illegal or in violation of public policy, it will allow the parties to recover their costs.

The legal relationship that consists of the rights and duties of the agreeing parties growing out of promises is:

A signs a contract to buy B's ranch for $900,000 then learns that the true market value is $500,000. There is not adequate consideration, so the contract will not be enforced.

A legal detriment may be good consideration for a contract.

The Uniform Commercial Code (UCC) was designed to: