Contract Law Overview

<p>The writing must be interpreted as a final expression (B)</p> Signup and view all the answers

<p>Statutory misrepresentation (B)</p> Signup and view all the answers

<p>Duress always involves physical threat while undue influence does not (B)</p> Signup and view all the answers

<p>The ability to understand the consequences of their actions (A), The capacity to enter into a binding contract (D)</p> Signup and view all the answers

<p>A significant disparity in bargaining power (B)</p> Signup and view all the answers

<p>A bargain for exchange necessary for creating a valid contract. (D)</p> Signup and view all the answers

<p>A contract formed by a party who had a significantly greater bargaining power, imposing unfair terms. (A)</p> Signup and view all the answers

<p>A false statement made knowingly or recklessly that induces the other party to enter the contract. (D)</p> Signup and view all the answers

<p>A teenager entering into a contract for the sale of a car. (C)</p> Signup and view all the answers

<p>A situation where one party is forced to enter into a contract under pressure or threat. (D)</p> Signup and view all the answers

<p>One party portrays a level of authority over another, coercing them into agreement. (B)</p> Signup and view all the answers

<p>Both parties misunderstand a fact central to the agreement. (D)</p> Signup and view all the answers

<p>A real estate agent failing to disclose a property’s historical issues with flooding. (B)</p> Signup and view all the answers

<p>It allows for parol evidence to clarify terms. (C)</p> Signup and view all the answers

<p>Javins v. First National Realty Corp (A)</p> Signup and view all the answers

<p>A party is threatened into agreement under inappropriate pressure. (C)</p> Signup and view all the answers

<p>Implied warranty of merchantability (C)</p> Signup and view all the answers

<p>Unconscionability (A)</p> Signup and view all the answers

<p>If the written agreement is incomplete. (A)</p> Signup and view all the answers

<p>By an opinion about the goods. (D)</p> Signup and view all the answers

<p>The conduct of parties regarding a particular contract over time. (A)</p> Signup and view all the answers

Certain types of contracts must be in writing to be enforceable.

Terms in a final written agreement can't be contradicted by earlier oral agreements, but consistent additional terms may be added.

A contract that is intended to be a complete and exclusive statement of the agreement's terms.

A contract that is final but not intended to be an exclusive statement of all terms.

Contracts for the sale of goods specifically made for a buyer are exempt from the Statute of Frauds' writing requirement.

Partial payment can sometimes remove the need for a written contract under certain circumstances.

Partial performance of a contract can make it enforceable even without a written agreement in some cases.

Certain contracts for the sale of goods require a writing under a specific section of the Statute of Frauds (Article 2).

A legally binding agreement between two or more parties that creates mutual obligations. A contract needs offer, acceptance, and consideration to be valid.

A meeting of minds between parties where they agree on the same terms and conditions of a contract.

Something of value exchanged between parties in a contract, like a promise, performance, or payment.

A contract where one party makes a promise in exchange for a specific action from the other party. Acceptance is through performance.

An offer made jokingly or without serious intent to be bound by contract.

A preliminary agreement where parties intend to negotiate the essential terms of a contract in the future. Generally NOT binding.

Each party in a contract must provide something of value to the other party. Something for something.

A set of standardized laws governing commercial transactions, including sale of goods contracts. Article 2 focuses on sales of goods.

Courts use a multi-factor approach to determine whether a contract is fully or partially integrated, considering Factors such as the writing's specificity, the parties' conduct, and the surrounding circumstances.

Under the UCC, a contract writing's terms can be explained or supplemented by evidence of course of performance, course of dealing, or usage of trade, even if the writing is fully integrated.

Evidence showing how past transactions were actually performed, even if different from written terms, can be admissible to explain the contract.

Evidence showing how parties acted in past transactions, even without written agreements, can help interpret the written contract.

Evidence of industry practices or customs can be used to explain written contract terms, even if not stated expressly.