What is a "voidable contract"?

A contract enforceable by law at the option of one or more parties

When is rescinding a contract applicable?

Mistake, fraud, duress, misrepresentation, or breach

What is the "parol evidence rule"?

bars oral evidence that contradicts written contracts.

What is "unconscionable conduct" in common law?

Inequality in bargaining power, exploiting a special disadvantage

What does the term "Non est factum" refer to?

A document signed in belief that it was different from what it was

What are the consequences of unlawfully terminating or rescinding a contract?

The other party can sue for damages

When can a unilateral mistake void a contract?

Mistaken identity, other party knew about the mistake

What makes a contract "void"?

When it ceases to be enforceable by law

What is the definition of a "Breach of Contract"?

A failure to fulfill a contractual obligation

In a "contra proferentem" interpretation, the ambiguous term is interpreted in favor of whom?

The party who did not draft the ambiguous term

What are "implied terms" in a contract?

Terms implied by law, custom, or presumed intention

What is a "quantum meruit" claim?

A claim for reasonable value of services rendered

What constitutes "Acceptance" in a contract?

Unconditional agreement to all terms

What is required for a claim of "fraudulent misrepresentation"?

A false representation known to be untrue and causing loss/damage

What relationships are presumed to include undue influence?

Parent/child, Guardian/ward, Trustee/beneficiary

What characterizes "duress" in the context of contracts?

The threat of violence against you, family or loved ones

In the Amadio case, why was the contract considered unconscionable?

The bank's advantage over the Amadios and failure to disclose

What leads to a "Mistake of Law" in a contract?

Ignorance about a legal principle affecting the contract

In the context of minors entering into contracts, what are "Contracts for necessaries"?

Contracts that provide necessary items or services for minors

What is an "injunction" in contract law?

A court order preventing a party from performing specific acts

A "Material Breach" in a contract refers to:

A serious violation affecting the essence of the contract

What does "privity of contract" mean?

Only the parties in the contract have rights and obligations under it

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Legal: Ending a contract

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Questions 25

Answers

1
What is a "voidable contract"?
A contract that cannot be altered
A contract that has no legal standing
A contract that can never be enforced
A contract enforceable by law at the option of one or more parties
2
When is rescinding a contract applicable?
Only in cases of fraud
When a party wants to renegotiate the terms
When the contract has been fully performed
Mistake, fraud, duress, misrepresentation, or breach
3
What is the "parol evidence rule"?
bars oral evidence that contradicts written contracts.
A rule allowing the alteration of a contract
A rule that allows verbal evidence in court
A rule regarding parole hearings
4
What is "unconscionable conduct" in common law?
Influencing a contract through threats
Unethical behavior
Inequality in bargaining power, exploiting a special disadvantage
Illegal activity
5
What does the term "Non est factum" refer to?
An understanding between two parties
An agreement that cannot be altered
A document signed in belief that it was different from what it was
An agreement that is enforceable by all parties
6
What are the consequences of unlawfully terminating or rescinding a contract?
Immediate jail time
The other party can sue for damages
No consequences
Automatic voiding of the contract
7
When can a unilateral mistake void a contract?
A mistake in translation
Mistaken identity, other party knew about the mistake
A mistake about the subject matter
A minor mistake in the contract's terms
8
What makes a contract "void"?
When it has been repudiated by the aggrieved party
When it has a minor error
When it ceases to be enforceable by law
When one party declares not to perform future obligations
9
What is the definition of a "Breach of Contract"?
A contract that has expired
Canceling a contract without legal reason
An offer to enter into a contract
A failure to fulfill a contractual obligation
10
In a "contra proferentem" interpretation, the ambiguous term is interpreted in favor of whom?
All involved parties equally
The party who did not draft the ambiguous term
The party who drafted the term
A third party
11
Which of the following is not a form of "discharge of a contract"?
Agreement
Breach
Performance
Acceptance
12
What are "implied terms" in a contract?
Terms implied by law, custom, or presumed intention
Terms that can be changed at any time
Terms that must be agreed upon by all parties
Explicitly stated terms
13
What is a "quantum meruit" claim?
A claim against a minor
A claim for a specific amount of money
A claim based on a mistake
A claim for reasonable value of services rendered
14
What constitutes "Acceptance" in a contract?
Consideration of an offer
Unconditional agreement to all terms
The making of an offer
Partial agreement to some terms
15
What is required for a claim of "fraudulent misrepresentation"?
An innocent misunderstanding
A false representation known to be untrue and causing loss/damage
A true statement that is later proven false
A statement that turns out to be false but was believed to be true
16
What type of mistake leads to a contract being void where one party is unknowingly buying their property?
Unilateral Mistake
Mutual Mistake
Mistake of Law
Res sua
17
What relationships are presumed to include undue influence?
Teacher/student, Employer/employee
Friendships
Business partnerships
Parent/child, Guardian/ward, Trustee/beneficiary
18
What characterizes "duress" in the context of contracts?
A misunderstanding between parties
A negotiation tactic
An imbalance of bargaining power
The threat of violence against you, family or loved ones
19
In the Amadio case, why was the contract considered unconscionable?
The bank's fraudulent behavior
The Amadios' fraudulent activity
The bank's advantage over the Amadios and failure to disclose
The Amadios' refusal to honor the contract
20
What leads to a "Mistake of Law" in a contract?
Errors in the legal documentation
Deliberate misrepresentation of facts
Ignorance about a legal principle affecting the contract
Common misunderstanding between parties
21
In the context of minors entering into contracts, what are "Contracts for necessaries"?
Contracts for luxurious items
Contracts that provide minors with unreasonable benefits
Contracts that are non-binding on minors
Contracts that provide necessary items or services for minors
22
What is an "injunction" in contract law?
A legal request for more information
An authoritative command
A court order preventing a party from performing specific acts
A fine paid to the injured party
23
Which of the following terms means to end a contract without negating its existence?
Terminate
Repudiate
Rescind
Breach
24
A "Material Breach" in a contract refers to:
A minor violation that doesn't affect the contract's essence
A breach involving physical materials
A serious violation affecting the essence of the contract
A clear indication that a party will not perform
25
What does "privity of contract" mean?
The contract is private and cannot be disclosed
Parties who are not in the contract have obligations under it
The contract must be approved by private authorities
Only the parties in the contract have rights and obligations under it

Legal: Ending a contract Flashcards | StudBud