ch 7 & 8

Question 1

the legal ability to enter a contract.

Answer 1

Capacity

Question 2

can be challenged in a court of law.

Answer 2

Rebuttable Presumption

Question 3

person has reached legal adulthood

Answer 3

Majority

Question 4

person below the age of majority.

Answer 4

Minority

Question 5

person who has not yet reached the age of adulthood.

Answer 5

Minor

Question 6

minor who marries, or leaves the home, giving up all rights to parental support declared minors who are no longer under the control of their parents.

Answer 6

Emancipated

Question 7

protection afforded them as minors.

Answer 7

Abandoned

Question 8

when a minor claims to be over the age of majority, committing fraud.

Answer 8

Misrepresentation of Age

Question 9

declare or void contracts.

Answer 9

Disaffirm

Question 10

approve contracts made during minority.

Answer 10

Ratify

Question 11

necessities, include food, clothing, shelter, and medical care.

Answer 11

Necessaries

Question 12

unable to make judgments.

Answer 12

Mentally Impaired Person

Question 13

mentally impaired person’s contracts are voidable.

Answer 13

Guardian

Question 14

intoxicated by alcohol or drugs at the time they enter a contract.

Answer 14

Intoxicated Person

Question 15

people who are living in this country but owe their allegiance to another country.

Answer 15

Aliens

Question 16

free agreements.

Answer 16

Grauitious

Question 17

the exchange of benefits and detriments by parties to an agreement.

Answer 17

Consideration

Question 18

something that a party was not previously entitled to receive.

Answer 18

Benefit

Question 19

any loss suffered.

Answer 19

Detriment

Question 20

not doing something that you have legal right to do.

Answer 20

Forbearence

Question 21

law that supports agreements that have been bargained.

Answer 21

Bargained for exchange

Question 22

occurs when a great inequality in bargaining power exists between the parties, and the party with all or most of the power takes advantage of the other party.

Answer 22

Unconscionable

Question 23

agreements not to sue are negotiated even after lawsuit has started.

Answer 23

Release

Question 24

the agreed-to settlement as contained in the accord is the satisfaction.

Answer 24

Accord & Satisfaction

Question 25

a mark of an impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner.

Answer 25

Seal

Question 26

establishes the time frame within which a party is allowed to bring suit.

Answer 26

Statute of Limitation

Question 27

a promise may be enforceable without consideration.

Answer 27

Promissory Estoppel

Question 28

consideration to an offeror in exchange for a promise from the offeror to keep an offer open for a specified period of time.

Answer 28

Option

Question 29

irrevocable offer, must be signed by the offeror.

Answer 29

Firm Offer

Question 30

appears at first glance to be contracts but on further scrutiny are revealed to be hollow.

Answer 30

Illusory Promise

Question 31

consideration that took place in the past or that is given for something that has already been done, is not regarded as legal by the courts.

Answer 31

Past Consideration

Question 32

legal obligation to do something, a promise to do that same thing is not a consideration.

Answer 32

Preexisting Duty

Question 33

What is consideration?

Answer 33

the exchange of benefits and detriments by parties to an agreement.

Question 34

What are some types of consideration?

Answer 34

goods | money

Question 35

what problems can arise considering consideration?

Answer 35

disputed amount, buyers are finding a better deal elsewhere.

Question 36

How is a disputed amount settled by accord and satisfaction?

Answer 36

They will accept a lower payment and settle with that.

Question 37

What agreements are enforceable without considerarion?

Answer 37

``` Option Promises after discharge in bankruptcy Promises under seal Promissory estoppel Debt barred by the statutes of limitation ```

Question 38

Explain the legal doctrine of promissory estopel.

Answer 38

Used to prevent injustice when a person chanhes their position significantly in reliance on another person's promise and the promise is not fulfilled.