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Midterm

BLAW 3201 Study Guide - Midterm Guide: Standardized Test, Graduate Management Admission Test, Uniform Commercial Code


Department
Business Law
Course Code
BLAW 3201
Professor
Mary Fry
Study Guide
Midterm

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CHAPTER 9: Prepare: Chapter Review 9.1
Which of the following is required in order to recover in quasi
contract?
Acceptance or retention of a benefit conferred on the defendant by
the plaintiff
Which of the following contracts is covered by Article 2 of the Uniform
Commercial Code?
The sale of new furniture.
In order to have a valid contract, in addition to the four basic
requirements of a contract, which of the following must also occur?
There must be an absence of invalidating conduct, such as duress.
When might a contract might be unenforceable?
If the statute of limitations has passed.
Another name for a quasi contract is:
an implied in law contract.
The doctrine of promissory estoppel:
is a doctrine that relies on justice and not contractual rights
If both parties exchange promises, the contract is:
bilateral.
Contracts that are implied in law:
are obligations imposed by law on grounds of justice and equity.
Which of the following is NOT always necessary in order for a valid
contract to be formed?
A writing
What is a requirement of an express contract?
The terms are stated in words.
Any property other than an interest in real property, is/are:
personal property
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CHAPTER 9: Apply Hypotheticals 9.1
Sally offers to sell her Business Law textbook from last semester to Bob for
$50.00. Bob accepts Sally’s offer and tells her he will pay her on Friday when he
gets his paycheck. A contract is formed:
when Bob accepts Sally’s offer
Susie told Kelly, “If you wash my car, I promise to pay you $20.” Kelly does not
reply. This exchange is an example of:
Unilateral Contract.
Sid makes a material representation of fact regarding his car to Barbara while out
driving one day. The next day, Barbara calls Sid and offers to buy his car. Sid
accepts Barbara’s offer without correcting the misrepresentation of fact that he
made the previous day. What is the effect of the material representation on the
agreement between Sid and Barbara?
Barbara may avoid the contract.
Vince has lost his job and is having difficulty making ends meet. Last week, the
bank repossessed Vince’s car. He is telling his neighbor Paul about his bad luck
and Paul says he wishes he could help Vince. Paul suggests that maybe Vince
could have the old car sitting in Paul’s garage if Vince could get it to run. He ends
the conversation by saying “Let me think about it.” The next day while Paul is at
work, Vince goes into Paul’s garage and begins working on the old car. He gets it
running and drives it out of Paul’s garage and into Vince’s driveway. When Paul
gets home from work, Vince shows Paul the car and asks him for the title to the
car. Paul tells Vince he had not made up his mind about whether or not he would
give Vince the car. Vince:
has no claim to the car because Paul did not make a promise
Mary induces James to enter into a contract. James subsequently discovers that
Mary intentionally misrepresented the terms of their contract. Upon this
discovery, James tells Mary that he will not perform his promise under the
contract. If Mary sues James for breach of contract, will Mary win?
No, because Mary induced James into the contract by fraudulent
misrepresentations, which makes the contract voidable
Molly signs a contract with a publishing company to edit text manuscripts. This
contract is governed by
state common law
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