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CONTRACT DEFINITIONS, QUESTIONS, AND ANSWERS Week 2 Assignment 2 100 points Short Answer/Definitions 1. What are the four required elements of a valid contract? 2. What is a valid contract? 3. What is an enforceable contract? 4. What is a voidable contract? 5. What is a void contract? 6. What is the difference between a unilateral and a bilateral contract? Provide one example of each. 7. Describe a quasi-contract and the theory of unjust enrichment. 8. What is the mirror image rule as it relates to offer and acceptance in contract negotiations? 9. What are the different ways an offer can terminate? 10. What is the firm offer rule? Provide one example of when and how this could be used. 11. What does “consideration” mean as it relates to contracts? 12. Define “illusory promise.” 13. Explain the theory of promissory estoppel (also known as detrimental reliance). Page 1​ of 5 14. What does “accord and satisfaction” mean? 15. Explain whether drinking alcohol affects a person in their capacity to enter into a contract. 16. Are contracts that act as a “restraint on trade” enforceable? Why or why not? 17. What is the difference between a unilateral and a bilateral mistake in a contract? 18. What happens if one party misrepresents their side of a contract? 19. What four types of contracts must be in writing to satisfy the statute of frauds? 20. When can parol evidence be used to clarify a contract? 21. Explain the idea of third-party rights in a contract. 22. Define the term mutual rescission. 23. What is a statute of limitations and how does it work? 24. What the four types of damages that can be recovered in a breach of contract case? 25. Define rescission and specific performance. True/False 26. A contract entered into under duress is voidable (true or false). 27. Complete performance occurs when a contracts conditions are fully satisfied (true or false) 28. Specific performance is available only when damages are an adequate remedy (true or false) 29. Transfer of duties is called a delegation (true or false) 30. The statute of frauds requires that all contracts be in writing (true or false) 31. Fraudulent misrepresentation requires an intent to mislead (true or false) Page 2​ of 5 32. The duty to disclose only arises if a buyer could not reasonably inspect and find a defect (true or false) Multiple Choice 33. Don contracts with Jan to paint Jan’s townhome while she is away on vacation. Don paints Bruce’s house by mistake. Bruce see’s Don painting his home and doesn’t stop him. Who can Dan bring a lawsuit against for payment? Choose one of the following a. Jan because they contracted for house painting b. Bruce because his house was painted (quasi contract) c. None of the above d. Both of the above parties 34. Joe tells Mary he will pay her $10,000 to hack into the database of Joe’s business competitor so that Joe can access the customer names and credit card information and other trade secrets. This deal is: a. An enforceable contract b. A voidable contract c. A void contract d. An executed contract 35. Johnny owes Bill $30,000 which is made in monthly payments of $2500. After making 4 payments totaling $10,000, Johnny offers to pay Bill a lump sum of $15,000 to pay off the debt in full. Johnny agrees to accept the one-time payment of $15,000 instead of payments which would total $20,000. This is called: a. Promissory estoppel b. A release c. An accord and satisfaction d. An unenforceable contract 36. Sam has been saving money and on his 16​th​ birthday, he goes to a car dealer and makes a $5,000 down payment on a brand-new Jeep. His payments are $387 per month. Sam pays every payment but on his 18​th​ birthday, he decides to stop making payments. The car dealer should: a. Sue Sam for breach of contract b. Repossess the vehicle and charge Sam for the fees c. Take back the car without charging Sam for fees d. Let Sam keep the Jeep 37. Same facts as above, but presume that on his 18​th​ birthday, Sam makes 4 more payments before he stops paying for the Jeep. In that case, what should the car dealer do: a. Sue Sam for breach of contract b. Repossess the vehicle and charge Sam for the fees c. Take back the car without charging Sam for fees d. Let Sam keep the Jeep e. Both A and B Page 3​ of 5 38. Luke practices law without an attorney’s license. The state requires a license to protect the public from unauthorized practitioners. Clark hires Luke to handle a legal matter. Luke cannot enforce the contract because: a. It is illegal b. Luke has no contract capacity c. The agreement is not supported by consideration d. Luke CAN enforce the contract. 39. Joe signs an employment contract that states that the company cannot be held liable for any injuries that occur on the job or wrong-doing done by the company. Sam is injured due to the employer negligently allowing toxic chemicals to flow through the air vents. The employment contract will: a. Protect the company from liability b. Not protect the company from liability c. Be held unconscionable d. Both B and C 40. A contract with very detailed, hard to read print filled with complex language that is signed without an opportunity to read it is: a. Always enforceable b. Always unenforceable c. Unenforceable under some circumstances d. Void 41. Beth agrees to sell ten shares of Bob’s Bear Shack stock to Pam. Neither party knows whether the stock will increase or decrease in value. Pam believes it will increase in value and this is the basis for her decision to buy. If Pam is wrong and the shares lose value instead, this will: a. Justify voiding the contract b. Not justify voiding the contract c. Require Beth to refund the lost value of the stock to Pam. d. All of the above 42. Ray is selling a house and hides that the foundation is cracking. If Drew enters into an agreement to purchase the home, Drew may later avoid the contract on the ground of: a. Misrepresentation b. Undue influence c. Duress d. None of the above 43. Joselyn owes Don $10,000. Her mother, Carly, orally promises Don that she (Carly) will pay the debt if Joselyn is unable to pay. Carly’s promise is: a. Not enforceable because it’s not in writing b. Not enforceable because the debt belongs to Joselyn c. Enforceable if Carly begins to pay the debt under the partial performance exception d. Enforceable under the “main purpose” exception to the statute of frauds 44. Which of the following is a valid writing under the statute of frauds? a. A signed sales receipt b. A blank invoice c. An empty envelope d. All of the above 45. Jenny sells her store to Christian and assigns all her accounts receivable (money owed to the store) to Christian. Which of the following is true? a. Christian can collect the money owed to Jenny’s store Page 4​ of 5 b. Jenny can collect the money owed to her store. c. Jenny can assign the money owed to her store to secure a debt. d. None of the above 46. Jim owes Jenny $400. He offers to give her a video game console instead of the payment. Jenny agrees. Substituting one form of payment or duty for another is called: a. A novation b. A rescission c. An accord and satisfaction d. None of the above 47. Kate contracts with Bo to deliver goods to his store. When this contract is discharged like most contracts are, it will be discharged by: a. Performance b. Agreement c. Operation of law d. None of the above 48. Alan contracts with Betty to build a cabin on her land. Before construction begins, the city passes a law that makes it illegal to build in Betty’s area. Performance of the contract is: a. Not affected b. Temporarily suspended c. Discharged d. Discharged on Betty’s obligation to pay only 49. Dave contracts with Paul to deliver a repair part for his factory. Dave tells Paul that if the part is not delivered by Monday, he will lose $5,000/day until the part is delivered. The part is not delivered until Wednesday. If Dave sues for the $10,000 he lost between Monday and Wednesday, these are considered: a. Compensatory damages b. Consequential damages c. Actual damages d. All of the above. 50. A liquidated damages clause must include: a. A penalty b. A reasonable estimate of what the damages would be c. Damages that are unable to be firmly calculated d. Both B and C Page 5​ of 5 …

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