Exam 3 - 6!“ W71 #3 1. Max 3 minor subject to his parents...

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Unformatted text preview: 6!“ W71 #3 1. Max 3 minor subject to his parents care and control, signs a contract to rent an apartment form Noel for one year. Before the end of the term, Max moves out. Noel sues for the rent for the rest of the term! Max can: -I)§saffirm the contract and avoid liability for the rent. 2. Ogle a minor signs a contract to buy a computer from Phil the owner of Quality computer store. Ogla's right to disaifirm the contract ~oloes not change the fact that Phil is bound by the contract 3. Delia enters into, and fails to disaffirm soon after reaching the age of majority, a contract with Electronics Stores, inc. later Delia attempts to disaffirm the contract. ESl files a suit against her. The court will most likely consider the contract ratified if it is ~executed 4. Norm signs a contract to buy a car just before reaching the age of majority. After reaching the age of majority, Norm does not take possession or make payments. Most courts would hold that she had —disaffirmed the contract 5. On Ted’s 18m birthday he decides that he no longer wants to keep a car he bought from U«Picl< Autos lnc. when he was 17, His right to disaffirm the deal wili depend on whether Tad acts within a reasonable period of time. 6. Ruth, a minor charges groceries at Sam’s mini mart. 2 days tater, Ruth disaffirms the purchase. Ruth owes Sam’s - the reasonable value of groceries. 7. A covenant not to compete that is part of an employment contract wiil generally be upheld if its restrictions are reasonable in scope and duration. wTrue 8, if a court has previously determined that a person is mentaliy incompetent and has appointed a guardian to represent the individual, contracts made by the mentally incompetent person are ~— void 9. Joys signs a contract with Kent, an unlicensed physician, to perform a medical procedure. This contract is enforceable by “- no one 10, Gail enters into a contact with High Price Appliances mo in a suit between the parties over payment under the contract, Gail Claims that a certain clause is unconscionable. lf the court agrees, it may - enforce, limit, or refuse to enforce the contract or the disputed ciausei 11. Contracts involving interests in land must be in writing to be enforceable —True 12. Andy and Business Company (BC) enter into an oral contract under which andy agrees to clean BC’s office for two years this contract is enforceable - by neither party. 13, An oral contact for goods that are specially manufactured for a particular buyer ( such as monogrammed towles) may be enforceable even if the amount exceeds-2 $500 - True 14. Lola agrees to assume Mira’s debt to New Saies Corporation. Lola doesn’t get any personal benefit for the agreement. To be enforceable, the promise must be in writing if the debt is for a $50 $500 or $5000 15. Timber lnc. and United Corporation enter into an oral contract for a sale of a lumber miil, Under the Statute of Frauds, before the United takes possession; this contract is enforceable by w neither party. 16‘ Flo agrees to work as Gary’s personal accountant for one year but dies in the 6th month of the contract! Flo’s estate Wis discharges from any contractually liability 17. £lle buys a new textbook for $100 and a used car for $5,000 and signs a one year lease for an apartment for $1000 monthly rent to start at the beginning of the next month. The statute of Frauds covers —- the apartment lease and the car purchase Only. ' 18. Bob and Sally orally agree on the sale of Bob’s Nite Club to Sally and note terms on a pair of the Club’s napkins, which they both Sign. A written memorandum evidencing an oral contract that would otherwise be unenforceable muat contain: —the essential terms 19.13% and Kelly want Lucy to replace Kelly as a party to their contract, They can best accomplish this by: «ovation 20, Trudy and Uri enter into a contract for the sale ofTrudy’s house for which Uri agrees to pay her $250,000. Uri wants to transfer his rights to the ownership of the house to Bal, his niece. This transfer: -must be in writing“ 21. Toolmakers, inc, contracts to sell its business to United Hardware. Before either party has performed, rescission of this contract requires: «a mutual agreement to rescind 22. A promise to purchase a house subject to being able to obtain financeing for the purchase is an example of: -a condition precedent 23c firm and Fiona sign a contract by which Eton agrees to deliver a washing machine on .luly 31 in exchange for Fiona’s promiseto pay the $500 purchase price on July 31, The delivery of the washing machine and the payment of $500 are examples of: -concurrent conditions 24. Any breach allows the nonbreaching party to cancel the contract: -Faise 25. Ace Builders, inc, substantially performs its contract with Best Office Company to refurbish an old building but is unable to finish thejob. it Best sues for damages, Ace will be ordered to: ~pay the difference between substantial and complete performance 26. Lon enters into a contract to mine limestone in Mica‘s quarry, sell it, and share the profits on its sale with Mica. ii the duties under this contract are discharged like those under most contracts, the duties will he: -performed 27. Quality Contractors contracts to build a warehouse for Retail Sales Company. Quality completely performs. Retail Storage is entitled to: -nothing more 28‘ Mutual company enters into a contract to employ Neil as an investment manager for two years. During the first year, Neii is often absent without explanation and when present fails to adequately monitor and manage Mutual’s investments. With respect to Mutual’s duties, Neil’s performance most likely: -di5charges Mutual from the contract 29. lo a contract involving the sale of lend, money damages are always the most appropriate remedy to seek when the seller has breached the agreement: -False 30. Karsten and Ian want to rescend their contract under which tan sold an MP3 player to Karsten for $50. To rescind the contract: -lan must return the $50 and Karsten must return the player 31. Specific performance is the remedy customarily used when one party has breached a contract for the sale of goods: -False 32. Rachel orally agrees to buy a unique collection of sports memorabilia for $1000 from Courtney and sends her 3250 as a down payment. When Rachel sends her the rest of the price, Courtney refuses to ship Rachel the collection. Rachel should seek: «specific performance 33. The four brad types of damages in contract law are: -compensatory, consequential, punitive, and nominal 34. Pam contracts to buy a Quotient—brand computer set—up from Regal Systems for $5000, bet Regal fails to deliver. Pam buys the computer elsewhere for $6500. Pam’s measure of damages is: -$1500 plus incidental damages 35. Ace Contractors, inc, agrees to build a motel for Best Motels Corporation. The project proceeds according to plan, but before it is done, Best tell Ace to quit. Ace may recover: —profits plus the costs incurred up to the time of the breach 36. Business Office, lnc., hires Carl to repair a computer on site for $400, but Carl does not show up as agreed. Business Office hires Dan to do the job for 5350. Business Office may recover from Carl: anominal damages 37. Home Delivery and interstate Transport sigh an agreement that provies for the payment of "$1000 by whichever party commits a material breach of the contract that creates damages difficult to estimate but approzimately $1000.” This is; -a liquidated damages clause 38. To avoid iiabiiity for intentional injuries it may cause, Vermont Power includes in its contracts an exculpatory ciausex This is: moi: enforceable 39. Protective Finishes agrees to paint Quinn’s house, using a particuiar brand of white “discount” paint. Protective finiahes cempietes the job, but uses a different brand of white discounted paint. This is most likely: ~substantiai performance 40. Even~Fi0 Hydrauiics enters into a contract to repair vaives and fittings in Fiesta Company's Plant, if Evenflo breaches the contract, Fiesta can: -sue Even-Flo for damages ...
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This note was uploaded on 01/10/2012 for the course LSB 3213 taught by Professor Urich,tara during the Fall '08 term at Oklahoma State.

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Exam 3 - 6!“ W71 #3 1. Max 3 minor subject to his parents...

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