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Exam 8: Contracts: Enforceable Agreements

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Question 21

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A(n)is a rejection of the original offer,which is also a new offer.

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Question 22

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Contracts with unlicensed persons are enforceable by the unlicensed person if the purpose of the licensing statute is to simply raise revenue rather than to protect the public from unqualified practitioners.

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Question 23

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The statement "If you wash my car,I will pay you $10" is an example of an offer to form a bilateral contract.

In the historic case of Hamer v.Sidway,the nephew:

Sandy Cowden inherited $700,000 from her grandfather.Reginald LaRocco is a local businessman who operates an almond ranch and is an insurance salesperson.He owns several land parcels in the local community and wants to sell some of this land to Sandy.He convinces Sandy to buy Riveracres,Reginald's ranch on the outskirts of town.Reginald tells Sandy that there are 130 acres on the ranch.In fact there are only 90.Sandy has the ranch surveyed before buying and learns that it has only 90 acres.Reginald tells Sandy that he paid $50,000 for the land 40 years earlier and it is worth 10 times that today.He actually only paid $25,000 for the land which he purchased 53 years ago.He sells it to Sandy for $380,000 and three months later Sandy finds out a similar adjoining parcel sold for $210,000.Sandy wants to get out of the Riveracres contract.Will she be able to do so? Why or why not? Explain.

Is an advertisement generally considered to be an offer? Why? Why Not? Explain.

Contracts entered into as a result of duress or undue influences are always void.

Two very different legal concepts are related to need for or treatment of written contracts.Those rules are and .

Numerous statutes have been enacted to protect buyers and sellers in sales transactions before,during,and after their related negotiations.

A contract that includes a promise for an act is called ,while a contract that includes a promise in exchange for a promise is called .

The holding in the end of chapter case of Hamer v.Sidway was that oral testimony of prior negotiations cannot be introduced to vary the terms of a integrated contract.

Contracts with unlicensed persons are unenforceable by the unlicensed person if the purpose of the licensing statute is to protect the public from unqualified practitioners.

The law recognizes all of the following as fiduciary relationships except that of

Parties to a contract may specify in advance the amount of damages that must be paid in case of breach.These liquidated damages

(Use the following information to answer questions Broadnorf Warbeagle is specifically designated to receive cash benefits of $2,000 from Ferd under a contract solely between Cantwell and Ferd.Cantwell owes Broadnorf $4,000.Ferd had never heard of Broadnorf before his recent contract with Cantwell. -Cantwell,by entering into his agreement with Ferd,has

An executory contract is one that has been performed by both parties.

In terms of legal effect,contracts are classified as ,,or .

If a contract has not been fully performed,it is called a(n)contract.

Genuine,abiding love is priceless and as such is the highest form of valid consideration in contracts.

A quasi-contract is another term for a bilateral contract.