ADMS 2610 Lecture Notes - Lecture 3: Precontract, Snowplow, Equitable Remedy

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amberclam406

25 Jun 2012

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

William Pomerantz

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Document Summary

Person will be bound by a written agreement that he or she signs unless grounds exist for the contract to be impeached: mistake, misrepresentation, undue influence, duress, mistake. One party (unilateral mistake) or both parties (mutual mistake) may be mistaken as to important aspect of contract (contract potentially voidable): Terms (e. g. words used inadvertently, recorded incorrectly, meaning misunderstood, iden- tity of parties) Agree to buy a car but someone takes that car out after we buy it and its trashed, we can get out because we are mistaken of the subject matter. Mistake of law can"t get us out out contract. Mistake as to the existence of the subject matter of the contract or the identity of a party. If the parties are mistaken as to the existence of the subject matter of the contract, then. Sunset sails co. offers to sell beverley a yacht moored in the caribbean, and.

Related Questions

Under which of the following conditions would the signing of a contract by Adam NOT be considered duress?
Answer
A. Ben holds a gun to Adam's head.
B. Ben is holding Adam on the ground threatening to beat him.
C. Ben threatens the entire criminal prosecution process against Adam, "When I finish with you, you'll be underneath the jail!"
D. None of the above, that is, ALL of the above examples would constitute duress by Ben upon Adam.

Andy Youngman called at the used car lot of Shearem & Co. and saw a 1979 automobile with $1000 painted on the windshield. Shearem lied to Andy telling him that the car was a 1980 model, but Andy knew that it was NOT because Andy knew the 1980 models were smaller. Is the contract voidable for Fraud because Shearem said it was a 1980 model?

Answer
A. YES
B. NO

In the above Question #31, was there an offer to sell the car for $1000?
Answer
A. YES
B. NO

Cindy purchases a sparkling stone from Sally for $20. At the time of contracting, neither party had any idea what the stone was. Later, when Sally is cleaning the stone before delivery to Cindy, she discovers that it is an uncut diamond worth $200,000. Based on the above situation:
Answer
A. Sally can have the contract rescinded on the basis of unilateral mistake.
B. Cindy can have the contract rescinded on the basis of unilateral mistake.
C. Either or each of the parties can have the contract rescinded on the basis of mutual mistake.
D. Neither party can have the contract rescinded on the basis of mutual mistake. This is an arms length transaction. The contract stands.

Edsel, an attorney, requests bids for built-in bookcases for his new office. Three contractors, Larry, Curley and Moe submit bids. The bids are $5300, $5100 and $520 respectively. Moe's bid of $520 was way off the mark, considering the specifications that were to be included in the bid. Edsel accepts Moe's bid. Moe then realizes his error and discovers his "missing zero" of his bid. His bid should have read "$5200". Based on the above situation, the contract is probably:
Answer
A. Not voidable; Moe would be forced to complete the contract at the accepted price.
B. Voidable, on the basis of mutual mistake.
C. Voidable on the basis of unilateral mistake.
D. Voidable on the basis of fraud.

A contract (Points : 3)

must be in writing tobe an enforceable contract.
is an agreement thatcreates enforceable rights and obligations.
is enforceable if eachparty can unilaterally terminate the contract.
does not need to havecommercial substance.

erintermite613

True or False:

1. The Uniform Commercial Code is more flexible than common law.

2. Where there is a unilateral contract, there is no enforceable contract until the offeree performs the action requested by the offeror.

3. A contract is an implied contract when the parties directly state the contract terms at the time the contract is formed.

4. (Please Note: There may be more than one correct answer)

Jerry's Juice Joint verbally sends Mango Mart an order for 20 cases of mangos at $100 per case. Mango Mart sends Jerry's Juice Joint an acknowledgment form accepting the order. Using the concepts discussed in this chapter, identify the type of contract between Jerry's and Mango Mart.

	a.	The parties are merchants.
	b.	The agreement is governed by the UCC.
	c.	The contract is executory until Mango Mart delivers the goods and Jerry's Juice Joint pays for them.
	d.	The parties have formed a valid, express, bilateral contract.

5. Which of the following is correct concerning the definition of "merchant" by the UCC?

	a.	It deals only with non-professional sellers.
	b.	It always imposes the same standard on merchants and non-merchants.
	c.	It regards everyone covered by the UCC as a merchant.
	d.	It sometimes imposes a higher standard of behavior on merchants than non-merchants.

6. Ben makes an agreement with Seth which requires Seth to steal Professor Thomas' laptop computer so that Ben will have access to the homework and tests for his business classes. The agreement between Ben and Seth is a ___________ contract.

	a.	voidable
	b.	void
	c.	valid
	d.	enforceable

7. Justin is 15 years old. He goes to a T-Mobile store and enters into a cellphone contract. The agreement is:

	a.	executed.
	b.	voidable.
	c.	unilateral.
	d.	void.

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ADMS 2610 Lecture Notes - Lecture 3: Precontract, Snowplow, Equitable Remedy

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