part 3 unit 25- managing contracts

Question 1

what is a contract

Answer 1

agreement between two or more parties that is enforceable by law

Question 2

aspect that determines the validity & enforceability of the agreement.

Answer 2

intent to contract

Question 3

void contract

Answer 3

lacks one or more essential elements from the beginning

Question 4

due to certain circumstances or actions of one party, the other party has the option to either affirm or reject the contract.

Answer 4

voidable contract

Question 5

Every valid and enforceable contract must include these 5 elements

Answer 5

offer and acceptance
consideration
capacity
consent
legality

Question 6

the presentation to an individual of something that they may choose to either accept or reject

Answer 6

offer

Question 7

3 p’s

Answer 7

parties, property, price

Question 8

the action of consenting to receive or undertake something offered.

Answer 8

acceptance

Question 9

consideration

Answer 9

something of value exchanged between the parties involved in a contract

Question 10

A small of insignificant amount of money or value given in exchange for something else

Answer 10

nominal consideration

Question 11

promise or an act that was made or performed prior to the contract

Answer 11

past consideration

Question 12

capacity

Answer 12

people must have the ability to understand its nature and all of its terms

Question 13

need to exercise due diligence when working with individuals who appear to lack the legal capacity…

Answer 13

impairment or incapacity, age, non-english speaker, corporations

Question 14

True consent to a contract may not have occurred for several reasons.

Answer 14

Misrepresentation, duress, mistake, undue influence

Question 15

representation that is not factual which induces a party to enter into a contract

Answer 15

misrepresentation

Question 16

negligent misrepresentation

Answer 16

party makes a false rep they claim is accurate

Question 17

not easily discoverable through a reasonable inspection and makes a property dangerous, potentially dangerous, or expensive to repair.

Answer 17

material latent defect

Question 18

mistake

Answer 18

action or judgement that is misguided or wrong

Question 19

common mistake

Answer 19

involves both parties misunderstanding a fact in the same way

Question 20

mutual mistake

Answer 20

wherein each party has made a mistake, but each of their mistakes relates to something different in the purchase contract

Question 21

unilateral mistake

Answer 21

when one party makes a mistake which the other party knows to be a mistake but does not correct.

Question 22

duress

Answer 22

when one party does not enter into a contract of their own free will.

Question 23

metal agreement

Answer 23

when one party accepts the offer of another.

Question 24

five common methods to end or discharge a contract

Answer 24

performance, metal agreement, frustration , operation of law, breach

Question 25

When a breach of contract has been determined, a party can claim one of the following options:

Answer 25

monetary damages, quantum merit ,specific performance, Injunction

Question 26

to provide some financial compensation to the party suffering an actual loss due to the breach.

Answer 26

monetary damages

Question 27

a claim for monetary damages can fall under the following 3 categories

Answer 27

reliance, exception, restitution

Question 28

quantum meruit aka

Answer 28

as much as they deserve way for the court to assess a claim for damages that cannot be determined through receipts

Question 29

not common form of relief, usually only granted by the court when subject property or lands are unique

Answer 29

specific performance

Question 30

an order to stop or prevent someone from doing something

Answer 30

injunction