Week 1 - Test 1

Question 1

Set of legally enforceable principles, entered into by two or more parties, to make their dealings predictable and to allocate risk

Answer 1

Contract

Question 2

law applicable to injuries to people or property

Answer 2

Torts

Question 3

Help lawyers prepare employee contracts, shareholder agreements, financial reports, etc. Monitor government regulations

Answer 3

corporate paralegals

Question 4

maintain documents received from clients, conduct research for lawyers, retrieve and organize evidence for use at depositions and trials

Answer 4

litigation paralegals

Question 5

4 requirements for a promise to be a contract

Answer 5

1. agreement (manifestation of mutual assent)
2. consideration
3. capacity
4. legality

Question 6

“meeting of the minds”

Answer 6

agreement

Question 7

appearance that an agreement has been reached

Answer 7

manifestation of mutual assent

Question 8

the give and take that distinguishes a contract from a gift

Answer 8

consideration

Question 9

ability, as determined by age and mental competence, to enter into a contract

Answer 9

capacity

Question 10

an element of an enforceable contract

Answer 10

legality

Question 11

contract with significant terms stated orally or in writing

Answer 11

express contract

Question 12

contract formed without express statement of terms, by words and actions

Answer 12

implied contract

Question 13

contract in which both parties make promises

Answer 13

bilateral

Question 14

contract in which obligatiosn have not been fulfilled

Answer 14

executory

Question 15

contract in which all obligations have been fulfilled (not revokable)

Answer 15

executed

Question 16

formed when one party acts in respose to another party’s promise (revokable before action taken)

Answer 16

unlitateral contract

Question 17

irrevokable promise by a buyer’s bank to pay the seller when conditions are met

Answer 17

letter of credit

Question 18

a contract required to be in a particular form

Answer 18

formal contract

Question 19

contract for which no particular form is required

Answer 19

informal contract

Question 20

agreement with no legal effect

Answer 20

void

Question 21

one party has the power to invalidate a contract

Answer 21

voidable

Question 22

a contract, otherwise valid, that cannot be enforced in court

Answer 22

unenforceable

Question 23

time limit on bringing lawsuit, based on statue of limitations

Answer 23

limitations period

Question 24

documentation of the receipt of goods for shipment, issued by a party in the business of transporting goods

Answer 24

bill of lading

Question 25

completed transfer of property without consideration (from donor to donee)

Answer 25

gift

Question 26

3 things that make a gift irrevokable

Answer 26

1. donor with capacity 2. voluntary transfer 3. accepted by the donee

Question 27

theory under which a promise can be enforced, despite lack of consideration, because of reliance on that promise and knowledge of that reliance (only way a promise of a gift can be upheld)

Answer 27

primissory estoppel

Question 28

3 conditions for promissory estoppel to be enforced

Answer 28

1. defendant knew plaintiff would rely on the promise 2. plaintiff did reply on the promise 3. enforcement is necessary to avoid injustice

Question 29

dictates types of contracts that must be written (though even when oral contracts count, the problem of proof comes up)

Answer 29

statute of frauds

Question 30

based on fairness and individual circumstances (e.g., estoppel is equitable)

Answer 30

equitable

Question 31

short summary of facts, issues, holdings and reasoning of a judicial decision

Answer 31

case brief

Question 32

theory for avoiding unjust enrichment in situations in which a contract did not actually form (the missing element is agreement)

Answer 32

quasi-contract

Question 33

4 conditions for quasi-contract

Answer 33

1. plaintiff gave some benefit to the defendant 2. plaintiff expected to be paid 3. defendant had knowledge of plaintiff's actions and expectations 4. defendant would be unjustly enriched if not required to pay

Question 34

an equitable theory for determining how to make the plaitiff "whole" where there is no contract dictating the emount to which a party is "legally" entitled; "as much as is deserved" to avoid unjust enrichment. This can involve payment of money, but is not the same as a legal award of damages

Answer 34

quantum meruit

Question 35

ethical issue; legal professional's loyalties divided

Answer 35

conflict of interest

Question 36

Contract law deals with (1) exchanges. It regulates (2) and enforces (3).

Answer 36

1. economic 2. how people deal with each other 3. commercial obligations

Question 37

2 questions asked by the Law of Contracts

Answer 37

1. What promises does society enforce? (inc. resources to allocate to enforcing?) 2. Why does it choose to enforce them?

Question 38

There is no (1) contract law; instead, it is relegated to (2) unless it is in violation of a (3).

Answer 38

1. federal law on contracts 2. states 3. federal law

Question 39

4-part definition of contract

Answer 39

1. Oral or written agreement between 2 or more persons 2. that is an exchange relationship 3. involving at least one promise 4. that is legally enforceable

Question 40

An "exchange relationship" means the people are (1) for the purpose of (2). The central purpose is to (3), and the relationship must be (4) and (5).

Answer 40

1. bound together 2. fulfilling the contract 3. exchange 4. voluntary 5. consensual

Question 41

an undertaking to act or refrain from acting in a specified way at some future time

Answer 41

promise

Question 42

A promise can be (1) or (2), and not all parties need to make one!

Answer 42

1. implied | 2. express

Question 43

A bilateral contract is an exchange of (1), while a unilateral contract is an exchange of a (2) for an (3)

Answer 43

1. two promises 2. promise 3. act

Question 44

pay money to purchase the option to buy something--unilateral because buyer makes a choice

Answer 44

option contract

Question 45

A consignment is a (1) contract

Answer 45

1. bilateral (promise to supply goods, promise to display)

Question 46

A legally enforceable contract means (1)

Answer 46

1. the court will uphold it

Question 47

An informal contract still requires (1). The (2) should never be alone on a page!

Answer 47

1. the elements of the contract | 2. signature line

Question 48

no agreement, no legal effect (illegal, against public policy, etc.)

Answer 48

void

Question 49

valid contract, but, for example, the statute of limitations has run (sometimes can be reactivated)

Answer 49

unenforceable

Question 50

one party may choose to enforce or not (e.g., Vegas wedding)

Answer 50

voidable

Question 51

not used often now because of Internet banking. An example is Traveler's Checks.

Answer 51

Letters of credit

Question 52

(1) logic moves from a general premise to a more specific conclusion. Often used in closing arguments.

Answer 52

deductive reasoning

Question 53

Label the parts in this deductive argument: 1. "All dogs have fleas." 2. "This is a dog." 3. "This dog has fleas."

Answer 53

1. major premise 2. minor premise 3. conclusion

Question 54

(1) reasoning moves from a specific premise to a general conclusion. Often used in opening statements.

Answer 54

1. inductive