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A comprehensive overview of key concepts in contract law, including deceptive advertising, mistakes, fraud, undue influence, duress, contract performance, and the fundamentals of contract law. It presents a series of questions and answers, covering various aspects of these topics, making it a valuable resource for students studying business law or contract law. Well-organized and provides clear explanations of complex legal concepts, making it an effective study tool.
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What is deceptive advertising? ---------CORRECT ANSWER----------------- Any advertising or marketing practice that is likely to mislead consumers through false, misleading, or unsubstantiated claims. Deceptive Advertising Includes: ---------CORRECT ANSWER------------------ Misleading Statements
Under FTC guidelines, bait and switch advertising occurs if the seller does any of the following: ---------CORRECT ANSWER-----------------1. Refuses to show the advertised item
Intent to deceive exists if a party: ---------CORRECT ANSWER-----------------
Undue influence arises in relationships where: ---------CORRECT ANSWER-----------------One party has significant influence over the other (eg caregiver and dependent) Duress can occur between: ---------CORRECT ANSWER-----------------any parties, not necessarily with a pre-existing relationship of trust. Undue influence may be: ---------CORRECT ANSWER-----------------Subtle or manipulative and exploits a trust or relationship The most common way to discharge ones contractual duties is by: --------- CORRECT ANSWER-----------------Performance of his duties What is a condition? ---------CORRECT ANSWER-----------------A qualification in a contract based on a possible future event The occurance (or non occurence) of the event will: ---------CORRECT ANSWER-----------------Trigger the performance of a legal obligation - or terminate an existing obligation under a contract If the condition is not satisfied: ---------CORRECT ANSWER----------------- The obligations of the parties are discharged
A party who is in good faith performs substantially all the terms of a contract can: ---------CORRECT ANSWER-----------------Enforce the contract against the other party under the doctrine of substantial performance. If performance is substantial, the other party's duty to perform remains: ----- ----CORRECT ANSWER-----------------Absolute, less damages for the deviation For substantial performance to exist: ---------CORRECT ANSWER------------- ----- The party must have performed in good faith
What is the function of contract law? ---------CORRECT ANSWER------------- ----To assure that the promises parties make in a private agreement will be enforceable What is the definition of a contract? ---------CORRECT ANSWER-------------- ---A promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law is some way recognizes as a duty. What are the two parties involved in a contract? ---------CORRECT ANSWER-----------------The offeror and offeree What is a offeror? ---------CORRECT ANSWER-----------------The party making the offer to form a contract What is the offeree? ---------CORRECT ANSWER-----------------The party to whom the offer is made. If the offeree can accept an offer simply by promising to perform, the contract is a: ---------CORRECT ANSWER-----------------Bilateral Contract If the offer is phrased so that the offeree can accept only be actual performance (not by a promise to perform) the contract is a: --------- CORRECT ANSWER-----------------Unilateral Contract
What are the four categories of enforceability? ---------CORRECT ANSWER-----------------1. Valid
An agreement consists of an: ---------CORRECT ANSWER----------------- Offer and an acceptance An offer is a: ---------CORRECT ANSWER-----------------Promise to do or refrain from doing some specified action in the future. What are the requirements of an offer? ---------CORRECT ANSWER---------- -------- The offeror must have a serious intention to become bound by the offer
In addition to the specific actions by the parties, an offer can also be terminated by: ---------CORRECT ANSWER-----------------Operation of Law What are the terminations of an Offer by operation of law? --------- CORRECT ANSWER-----------------1. Lapse of Time
With a bilateral contract, communication of acceptance is: --------- CORRECT ANSWER-----------------Necessary because it is an exchange of mutual promises. What is the Mailbox Rule? ---------CORRECT ANSWER-----------------If an acceptance is authorize and made by mail, it is effective upon dispatch, and not when it is actually received by the offeror What is the Substitute Method of Acceptance? ---------CORRECT ANSWER-----------------The acceptance may still be effective if the substitute method serves the same purpose as the authorized means. Authorized Means ---------CORRECT ANSWER-----------------When the offer may specify expressly or impliedly how an acceptance must be made What is Consideration? ---------CORRECT ANSWER-----------------The value given in return for a promise (in bilateral contract) or in return for a performance (in a unilateral contract) Generally, consideration must have both: ---------CORRECT ANSWER------- ----------- Legally Sufficient Value
What is Preexisting Duty? ---------CORRECT ANSWER-----------------A promise to do what one already has a legal duty to do does not constitute legally sufficient consideration. (Therefore no contract) What is Past Consideration? ---------CORRECT ANSWER----------------- Promises made in return for actions that have already taken place are unenforceable What are Illusory Promises? ---------CORRECT ANSWER-----------------The terms of the contract express such uncertainty of actual performance that the promisor has not definitely promised to do anything. What is Contractual Capacity? ---------CORRECT ANSWER----------------- The legal ability to enter into a contractual relationship. What is Dissafirmance? ---------CORRECT ANSWER-----------------The legal avoidance of a contractual obligation by a minor. Who can dissafirm a contract between a minor and an adult? --------- CORRECT ANSWER-----------------ONLY the minor A contract entered into by a intoxicated person may be either: --------- CORRECT ANSWER-----------------Valid or Voidable
In the case of an intoxication, we start with the presumption that the contract is valid and: ---------CORRECT ANSWER-----------------The intoxicated person must overcome this presumption. Courts will look at objective indications of the intoxicated persons condition to determine if: ---------CORRECT ANSWER-----------------He or She lacked the required capacity If the person proves he was too intoxicated to contract, then he may: --------
A party who fails to substantially perform (material breach) is: --------- CORRECT ANSWER-----------------Not discharged, and is liable for damages for breach of contract. Substantial Performance = ---------CORRECT ANSWER-----------------Minor Breach No Substantial Performance = ---------CORRECT ANSWER----------------- Material Breach What is Anticipatory Repudiation? ---------CORRECT ANSWER----------------