Final Flashcards
(140 cards)
What two terms are commonly used in reference to contractual assent by each party?
Acceptance and offer.
All contracts must contain what?
Two parties who have legal capacity.
When making the interpretation of the terms of the contract, the court will apply what rule?
Plain meaning rule.
What is a series of laws regarding commercial transaction adopted in part or whole by all states?
Uniform commercial code.
Regarding contracts with persons without capacity, the theory of restitution is based on the principle of what?
Fairness.
What is a common defense against allegations of breach of contract?
Accord and satisfaction.
What rule specifies the types of contracts that must be in writing before they will be enforced?
Statute of frauds.
An exception to the parol evidence rule can occur when a party claims what?
Fraud in the inducement.
Name a theory that is not a theory of contract recovery.
Reapondeat superior.
Name a quality that a gift does not have.
The donor has paid the gift tax.
Name a remedy that we did not talk about as a possible remedy.
Aggravated damages.
Does the objective standard require that a third party would perceive that the parties agreed to the terms of the contract and intended for those terms to be legally binding?
Yes.
As recognized by most states, do negotiations constitute contractual agreements?
No.
As a general rule, are blanket advertisements considered offers in contractual agreements?
No.
Do courts use a subjective standard when evaluating a liquidated damage clause?
No.
Is an indefinite promise a valid offer? Can it lead to a valid, enforceable offer?
No.
Does the “parol evidence rule” generally bar the admission of oral contradictions to the written contract?
Yes.
Can a person enter into a contractual agreement with himself or herself?
No.
Did the statute of frauds originate in England? Does it lack applicability to modern law?
No.
Technically, lack of mental capacity only considers those individuals that fit into what category?
Legally adjudicated incompetent.
A case is considered testate when the descendant does what?
Dies with a valid will.
A valid will does not typically require what?
Witnesses who can testify to the specific intent of the testator.
Who can inherit in a “per stirpes” distribution?
Legal heirs only.
What are the inheritance rights of an illegitimate child?
The child has inheritance rights if paternity is established by adjudication or acknowledgement of the father.