Capacity and Legality
If someone contracts with a minor, the contract can be considered
Voidable
What is the legal thing that requires a contract to be in writing?
Statue of Frauds
True or False: By supplying procedures for enforcing private agreements, contract law provides an essential condition for the existence of a market economy.
True
Rena asks Sully, “Do you want to pay me to repair your forklift?” This is
not an offer, because the terms are not definite.
Max orally agrees to construct two outbuildings on Ned’s ranch for a stated price. Max performs, but Ned does not pay. To recover on a theory of quasi contract, Max must show that if Ned were allowed to retain the benefit of their bargain, Ned would
Be unjustly enriched
An illegal contract is considered
Void
If you sell someone 500 spoons for $500 does the contract have to be in writing? Why
UCC Sale of Goods over $500
Marketing Inc. offers to create a campaign to increase N’Ice Cream Inc.’s online business. N’Ice agrees to pay for the service. These parties have
An express contract
Global Dispatch Corporation and Heavy Hauling Inc. agree in advance to terms that apply to their future e-transactions. This is
A partnering agreement
Ralph enters into a contract with Skye to buy her land based on her assertion that the land is open to development. After the sale, Ralph learns that only a small section of the land can be built on. A local law prohibits construction on the rest of the property. Ralph can
not avoid the contract because persons are assumed to know the law -- Ignorance is no Excuse
Intoxicated, Hans enters a contract for the sale of ten acres of timberland to Ira for less than its market value. Later, Hans seeks to cancel the deal. In determining whether Hans can avoid his duties under the contract, a court is most likely to look at
Han's intoxicated mental state and other factors
Jon and Mike enter into a contract to build a house. The contract calls for a completion date of no later than 13 months but there are incentives in the agreement for that if Mike completes it in 8 months or less, the contract price will increase. Does this contract have to be in writing and why?
No, because it is possible that it could be completed in less than a year.
Fay offers to pay Grey $50 for a tennis lesson for Hetty. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have
A bilateral contract
Larry advertises a reward for the return of his lost dog. Miguel does not learn of the reward, but finds and returns the dog. With respect to Miguel, Larry’s ad is not an offer because it lacks the element of
Communication
A contract for a sale of land from Beachfront Properties Inc. to City Development Corporation contains an erroneous legal description. The appropriate remedy for these parties is most likely
Reformation
Name a type of contract for which a minor cannot void
Necessaries, Marriage, Military enrollment
After completion of the contract, Mike goes to Jon and offers him $500,000 for the house, does this contract have to be in writing and why?
Any contract that conveys land or an interest in land need be in writing.
Bo signs a lease with Capri Properties to lease a studio apartment for the next year for $850 per month. Daisy signs on Capri’s behalf. Bo and Capri have
An express contract
Simone offers Tom a dozen guitar lessons for a certain price per lesson but conditions the deal on Tom accepting the offer by April 1. Simone may revoke the offer
Before Tom accepts it
Armand orally agrees to pay Borges to seed and harvest a quarter of Armand’s farm acreage for four planting seasons. After Borges prepares the land and plants the first crop, Armand says that the deal is off. Borges can most likely recover on a theory of
Quasi Contract
What is required for someone not to be considered a minor
Reach the age of majority or become Emancipated
Gusher Irrigation Inc. and Heartland Farm enter into a contract for a sale of irrigation equipment for $50,000. To be enforceable, the contract should be in writing and identify
The quantity or amount of equipment
Darcy enters into a contract with Event Center Inc. to use its venue for a business meeting. If an ambiguity appears in the contract that outside evidence does not make clear, it will most likely be interpreted....
against the party who was responsible for creating or drafting the agreement
Vida, a user of phone-app.com’s website, can download apps for free by first clicking on “I accept” after viewing certain terms. Would this be a contract?
Yes it includes the terms
A contract between Speculative Investment Company and Trusts & Bonds Inc. excludes liability as a result of fraud. This exclusion is enforceable if.....
This type of agreement is not enforceable