Contract Law Overview

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Questions and Answers

What must a signed writing include to satisfy the Statute of Frauds?

A detailed description of the agreement (correct)

Verification by a notary public

Signatures from both parties only

Outline of all terms and conditions (correct)

Which of the following is not an exception to the Statute of Frauds?

Partial payment

Contracts with indefinite terms (correct)

Partially performed contract

Sale of goods above a certain value

What is a key characteristic of fully integrated contracts?

They allow for additional terms to contradict them

They can be supplemented with extrinsic evidence

They require unanimous agreement to be enforceable

They are considered complete and exclusive statement of terms (correct)

Which of the following is a requirement to invoke the parol evidence rule?

The writing must be interpreted as a final expression Signup and view all the answers

Which of the following is not considered a type of misrepresentation?

Statutory misrepresentation Signup and view all the answers

What distinguishes duress from undue influence in contract law?

Duress always involves physical threat while undue influence does not Signup and view all the answers

Incapacitated individuals typically lack which of the following?

The ability to understand the consequences of their actions Signup and view all the answers

Which of the following scenarios could lead to a finding of unconscionability?

A significant disparity in bargaining power Signup and view all the answers

Which of the following best describes the concept of 'consideration' in contract law?

A bargain for exchange necessary for creating a valid contract. Signup and view all the answers

In the context of unconscionability, which scenario would most likely qualify as unconscionable?

A contract formed by a party who had a significantly greater bargaining power, imposing unfair terms. Signup and view all the answers

What constitutes misrepresentation in a contractual agreement?

A false statement made knowingly or recklessly that induces the other party to enter the contract. Signup and view all the answers

Which situation is most likely to render a contract void due to incapacity?

A teenager entering into a contract for the sale of a car. Signup and view all the answers

Duress in contract law refers to which of the following?

A situation where one party is forced to enter into a contract under pressure or threat. Signup and view all the answers

What is a common element that typically indicates undue influence in a contract?

One party portrays a level of authority over another, coercing them into agreement. Signup and view all the answers

In the context of mistake in contracts, which scenario is likely to void a contract?

Both parties misunderstand a fact central to the agreement. Signup and view all the answers

Which of the following scenarios best illustrates nondisclosure in contractual obligations?

A real estate agent failing to disclose a property’s historical issues with flooding. Signup and view all the answers

What is a characteristic of a partially integrated contract?

It allows for parol evidence to clarify terms. Signup and view all the answers

In which case was the implied warranty of habitability in residential leases notably discussed?

Javins v. First National Realty Corp Signup and view all the answers

Which of the following best describes duress in contracts?

A party is threatened into agreement under inappropriate pressure. Signup and view all the answers

What does Section 2-314 of the UCC pertain to?

Implied warranty of merchantability Signup and view all the answers

Which concept refers to a significant disparity in bargaining power within contracts?

Unconscionability Signup and view all the answers

Under what condition is an oral agreement typically admissible in relation to a written contract?

If the written agreement is incomplete. Signup and view all the answers

Which of the following is NOT a method of creating an express warranty under UCC 2-313?

By an opinion about the goods. Signup and view all the answers

What does the 'course of performance' refer to in UCC terms?

The conduct of parties regarding a particular contract over time. Signup and view all the answers

Study Notes

Contract Law Study Notes

Definition of Contract: A contract requires two or more people, an agreement about something to be done in the future, and a way to enforce the agreement.
Sources of Contract Law: Model rules, judicial opinions, written laws (statutes), and Uniform Commercial Code (UCC) Article 2 (sales of goods). Some contracts are governed by UCC, others by common law.
Contract Theory: Inform a lawyer's life from a policy perspective. Includes formalism versus realism, and the economic approach as a possible greatest law. The law's efficiency is also considered.
Question 4: Conduct and implicit understanding are required with minimal express terms.
Question 7: Consideration is a bargain for exchange.
August 30 (Myer v. Uber Technologies): By creating an Uber account, users agree to the terms of service and privacy policy. A reasonable user is on inquiry notice of these terms when they click the sign-up button. Two types of agreements are clickwrap and browserwrap.
September 3rd: Actual knowledge of a joke negates the formation of a contract. An offer is a manifestation of willingness to form a legally binding agreement. Price is a material term in an offer. Offers made in jest are not valid.
Offers made in jest: Not valid offers, even if purposely made, as outlined in Normile v. Miller. Outlines and applies classical rules of offers and acceptance.
Unilateral Contract (Offer/Acceptance): Offeror's promise in exchange for offeree's act/specific action (e.g. Cook v. Coldwell Banker/Frank Laiben Realty). Bilateral contract is about exchange of promises, unilateral is about a promise to reward an act.
September 13: Common law and UCC applies, with the UCC applying to sales of goods. Real estate contracts are NOT covered by UCC.
Jannusch v. Naffziger (sale of a business): whether or not UCC or common law applies depends on the 'predominant purpose' test
UCC 2-207 (Battle of the Forms): Deals with the specifics of offer and acceptance when there are differences between the offer and acceptance.
Question 1: Has a contract been formed?
Question 2: If a valid acceptance occurred, what about variant terms?
September 17: Promissory estoppel - A promise can be enforced if someone reasonably relied on it. The reliance that a reasonable person would have taken.
King v. Trustees of Boston: Reasonable because of a letter sent saying the promise would be there
September 20: Promissory estoppel- Doctrine that prevents a party from violating a promise when the other party has detrimentally relied on such a promise.
October 25 Midterm review: If terms of acceptance differ substantially from terms of offer, the way you know its 2-207 is that terms of acceptance differ from the terms of the offer

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Description

Explore the essentials of Contract Law, including definitions, sources, and key theories. This quiz will help you understand the principles behind the enforceability of contracts and the implications of case law, such as Myer v. Uber Technologies.