Legal Status of Contracts: Unenforceable and Statute of Limitations Quiz

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Specific performance: Court orders breaching party to ______ contract as agreed.

perform

Specific performance not always ______.

granted

Court may decide damages are adequate ______.

compensation

Generally, specific performance awarded only if subject of contract is ______.

unique Signup and view all the answers

Court may be willing to grant specific performance to real estate ______.

buyer Signup and view all the answers

Tender: Unconditional offer by one of the parties to ______ as agreed.

perform Signup and view all the answers

Before party can sue for breach of contract, non-breaching party must show he is ready to carry out his side of bargain (deliver deed or fund ______).

purchase Signup and view all the answers

Summary Remedies for Breach of Contract: Rescission Compensatory damages Liquidated damages Specific performance ______.

Tender Signup and view all the answers

Specific performance: Court orders breaching party to ______ contract as agreed.

perform Signup and view all the answers

Specific performance not always ______.

granted Signup and view all the answers

_____: When someone uses position of trust or authority to pressure victim into contract.

Undue influence Signup and view all the answers

Duress: Compelling someone to do something against their will, using ____, constraint, or threats.

force Signup and view all the answers

Contract’s purpose (and consideration exchanged) must be lawful or contract is ____.

void Signup and view all the answers

Consideration: Something of value exchanged by contracting parties. Money, property, services, or promise to do something (or not do it). In typical real estate sale: seller’s promise to convey title, buyer’s promise to pay agreed ____.

price Signup and view all the answers

Statute of frauds: State law that requires certain types of contracts to be in writing, and ____.

signed Signup and view all the answers

Counteroffer is a rejection of the original offer and a tender of a new offer, also known as qualified ______.

acceptance Signup and view all the answers

Acceptance must be freely given, and a contract can be voidable if consent resulted from fraud, undue influence, or ______.

duress Signup and view all the answers

______ fraud involves a person making a misrepresentation knowing that the statement was false.

Actual Signup and view all the answers

Fraud can be committed not only by making false statements but also by ______ a material fact.

concealing Signup and view all the answers

To commit constructive fraud, a person in a position of trust unintentionally misleads someone due to their ______ knowledge.

superior Signup and view all the answers

A minor may be emancipated by: marriage, military service, or court order. If one party has been declared mentally incompetent, the contract is ______.

void Signup and view all the answers

Aliens may enter into contracts to transfer property, subject to withholding requirements. Incarcerated persons may also contract to buy or sell property, subject to ______ limitations.

public safety Signup and view all the answers

Mutual consent is achieved through offer and acceptance. Offeror makes offer to offeree. If offeree accepts offer, contract is ______.

formed Signup and view all the answers

Mutual consent is sometimes called mutual assent, mutuality, or meeting of the minds. Mutual consent is achieved through offer and acceptance: Offeror makes offer to offeree. If offeree accepts offer, contract is ______.

formed Signup and view all the answers

Before a party can sue for breach of contract, the non-breaching party must show they are ready to carry out their side of the bargain (deliver deed or fund). Court may decide damages are adequate ______.

remedy Signup and view all the answers

Legal Status of Contracts: Unenforceable and Statute of Limitations Quiz

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Questions and Answers

Specific performance: Court orders breaching party to ______ contract as agreed.

Specific performance not always ______.

Court may decide damages are adequate ______.

Generally, specific performance awarded only if subject of contract is ______.

Court may be willing to grant specific performance to real estate ______.

Tender: Unconditional offer by one of the parties to ______ as agreed.

Before party can sue for breach of contract, non-breaching party must show he is ready to carry out his side of bargain (deliver deed or fund ______).

Summary Remedies for Breach of Contract: Rescission Compensatory damages Liquidated damages Specific performance ______.

Specific performance: Court orders breaching party to ______ contract as agreed.

Specific performance not always ______.

_____: When someone uses position of trust or authority to pressure victim into contract.

Duress: Compelling someone to do something against their will, using ____, constraint, or threats.

Contract’s purpose (and consideration exchanged) must be lawful or contract is ____.

Consideration: Something of value exchanged by contracting parties. Money, property, services, or promise to do something (or not do it). In typical real estate sale: seller’s promise to convey title, buyer’s promise to pay agreed ____.

Statute of frauds: State law that requires certain types of contracts to be in writing, and ____.

Counteroffer is a rejection of the original offer and a tender of a new offer, also known as qualified ______.

Acceptance must be freely given, and a contract can be voidable if consent resulted from fraud, undue influence, or ______.

______ fraud involves a person making a misrepresentation knowing that the statement was false.

Fraud can be committed not only by making false statements but also by ______ a material fact.

To commit constructive fraud, a person in a position of trust unintentionally misleads someone due to their ______ knowledge.

A minor may be emancipated by: marriage, military service, or court order. If one party has been declared mentally incompetent, the contract is ______.

Aliens may enter into contracts to transfer property, subject to withholding requirements. Incarcerated persons may also contract to buy or sell property, subject to ______ limitations.

Mutual consent is achieved through offer and acceptance. Offeror makes offer to offeree. If offeree accepts offer, contract is ______.

Mutual consent is sometimes called mutual assent, mutuality, or meeting of the minds. Mutual consent is achieved through offer and acceptance: Offeror makes offer to offeree. If offeree accepts offer, contract is ______.

Before a party can sue for breach of contract, the non-breaching party must show they are ready to carry out their side of the bargain (deliver deed or fund). Court may decide damages are adequate ______.

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