Elements of a Contract
Minors and Contracts
Written and Oral Contracts
Illegal Contracts
Is it a contract?
100
Made by one party and directed to a specific person
What is an offer
100
A person under the age of majority (18)
What is a minor
100
Most contracts must be what in order to be enforceable?
What is written or spoken
100
A contract that is so unfair, harsh, or oppressive that it should not be enforced is what?
What is unconscionable
100
An auctioneer says, "I have here Justin Bieber's Ferrari. Do I hear a bid for this car?" Maggie shouts out "I will give you $1 million dollars!"
What is no-there is no offer made to a specific person
200
Response to an offer, can be inferred through actual signing or beginning to carry out the terms
What is acceptance
200
A minor does this when he decides not to continue his contract
What is cancelling
200
The law favors what type of contracts
What is written
200
These types of contracts will not be enforced
What is illegal contracts (various examples)
200
Steve says to Kevin, "I'll give you $500." Kevin says "Ok, I accept"
What is no-Kevin has not given any consideration
300
An exchange of something of value in return for something else of value
What is consideration
300
This must be done when a minor cancels his contract
What is returning any goods or consideration still in their possession
300
Contracts for goods priced at what amount must be in writing to be enforceable?
What is $500
300
These are two grounds for invalidating a contract
What is fraud and misrepresentation
300
Adele enteres into a verbal agreement with Sam to sell him drugs. They later put the terms of their agreement in writing
What is no-contracts for illegal activities are not enforceable
400
The two categories of people who cannot legally enter into contracts
What is the mentally ill and intoxicated
400
Exception to the general rule; therefore, minors may be held to contracts for these things
What is necessities, such as good, clothing, shelter, or medical aid
400
Agreements for services not to be performec within what time frame must be in writing to be enforced?
What is one year
400
A false statement about an important fact that is made to induce, or persuade a person to agree to a contract
What is fraud
400
Elise enters into a written contract to sell 40 acres of her land to Daniel for $10
What is yes-Statute of Frauds is in writing, have offer, acceptance, and consideration (people are free to exchange things of uneven value)
500
Two parties enter into a contract for services. One party fails to live up to what they promise. What is the term for their action?
What is breach
500
A minor who continues making payments on a contract after turning 18 has done this to the contract
What is ratified
500
According to this, there are certain types of contracts that MUST be in writing and are unenforceable if they are not
What is the Statute of Frauds
500
A court is more likely to find an extremely unfair contract unconscionable when
What is the consumer is presented with a contract on a take-it-or-leave-it basis and there is very uneven bargaining power between the parties
500
Madison gets an offer from Hunter to buy her bicycle for $600 and she orally accepts this offer
What is no-Statute of Frauds says must be in writing
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