BUSINESS LAW

Which of the following statements regarding discharge of contracts is FALSE? 1) All parties are relieved of their obligations if the contract is discharged. 2) Party A need not pay for any goods received from Party B if Party A willingly accepts the partial performance of the contract by Party B. 3) A contract that becomes more expensive or difficult to perform will not be automatically discharged. O 4) A contract will be discharged if it becomes impossible subsequently to perform the contract.

The following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis

2) A fiduciary relationship is one based on trust and explicit or implicit contract that creates economic incentives for the different parties.  Select an alternative True False

In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.

Max and Jack enter into a contract which states: "Jack will paint Max's kitchen blue and Max promises to pay Jack $200 upon completion." Which is an example of an implied condition? That Max will pay Jack upon completion of the painting. That Jack will use blue paint when painting Max's kitchen. That Max will allow Jack access to his kitchen That Max will pay Jack $200.

1) summarizing whether you believe that contracts are promises 2) Analysis whether and why contracts and promises should be treated the same or differently 3) in your analysis, consider the potential economic, legal and moral consequences of your answer.

Sue Flay's Cakery promises to pay Oscar Ruitt not to park in a city-designated no-parking zone in front of her store. This agreement is: (Choose all of the correct answers.) Not enforceable because Oscar Ruitt has no legal right to park in a city-designated no-parking zone Not enforceable because Oscar Ruitt never made any enforceable promise to Sue Flay's Cakery Not enforceable because Oscar Ruitt is merely making an illusory promise Enforceable because Oscar Ruit is giving up the right to do something he would otherwise have the right to do Enforceable because Sue Flay's Cakery is offering legally sufficient consideration to Oscar Ruitt

DEFINITIONS   Define or give the meaning of the following: Consent-  Acceptance- Natural elements-  Option contract Mistake of law     DISCUSSIONS   When is a contract voidable or annullable? Is it always required that he who alleges fraud or mistake in entering into a contract, must prove hiss allegation? Explain. Give the requisites in order that intimidation may vitiate or annul consent of a party to a contract. May fraud be commuted by a party to a contract though there is no mis interpretation on his part? Explain. Will the acceptance of a business advertisement of a thing for sale produce the perfection of a contract? Explain.    PROBLEMS   Explain or state briefly the rule or reason for your answer.  In a contract containing an option period, when is the offerer not allowed to withdraw his offer even before acceptance by the offeree? When is the offerer allowed to withdraw his offer even after acceptance? S sold his house to B believing that B was C. Can S legally…

In 2010, X and B agreed that they will pretend that they will enter into a contract of sale so that X will have a lesser tax to pay. In the contract of sale, it was indicated that X will sell the car for P50Million to which B agreed. What is this kind of contract?   A. Absolute simulation B. Relative simulation C. Factual simulation D. Fictional simulation

Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.

If a loan shark promises you $500 if you will rough up one of his nonpaying customers to encourage prompt repayment, what sort of contract is this? a.​Valid b.​Void c.​Voidable d.​Enforceable

Conditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediately

Tying contracts, which is prohibited under the Clayton Act, refers to the situation where a producer requires that a buyer: O Can resell the product but only at a higher price than the original purchase price O Cannot buy a similar product from other producers if that buyer wants to continue buying its product O Buy another of its products as a condition for buying the desired product 4 O Cannot ever resell the product bought

21)According to the objective theory of contracts, the intent to enter into an express or implied-in-fact contract is judged by the ______ doctrine of equity reasonable person standard legality of the contract common law of contracts

A contract of sale is distinct from other types of contracts because it has two additional requirements for validity. In order for a valid sale agreement to be concluded, the parties must agree oni) the object of sale andii) on the purchase price.

1. According to the 1980 United Nations Convention on Contracts for the International Sale of Goods, an agreement on a price is required for a contract for the sale of goods to be valid? a. Yes, if the contract is done by writing. b. Yes, article 14 of the convention provides for it. c. No, the price is always unilaterally determined by the seller. d. No, article 50 regulates the case of the valid conclusion of a contract for the sale of goods without determination of the price. e. Yes, if the value of the contract is more than € 10.000.   2. Choose a contracting State to the 1980 United Nations Convention on Contracts for the International Sale of Goods that is not bound by article 11, article 29 or Part II of the Convention that allows a contract of sale to be done in any form other than in writing: a. Finland b. United States of America c. Mexico d. Canada e. Belarus   3. Albert is a merchant selling cars. Bob offered € 5.000 for a car which price announced by Albert was € 10.000.…

1. Which of the following describes when a person does not understand that a contract is being made or does not understand its general nature due to a mental condition caused by medication, drugs, alcohol, illness, or age.     Factual incapacity     Status incapacity     Infactual incapacity     Illegal incapacity   2. It’s possible the validity of a contract may be affected if one or both parties made a mistake. True False 3. Which of the following is not a problem area in determining whether the parties to a contract have genuinely agreed to be bound by the terms:     Lack of contractual capacity     Deception     Pressure     Privity of contract     Mistake

Oliver, while he was so drunk that he didn’t know what he was doing, bid successfully at an auction for the purchase of a house. It was clear to the auctioneer that Oliver didn’t know what he was doing. However, after Oliver sobered up, he confirmed the contract with the auctioneer. He then subsequently refused to complete the contract. Is Oliver bound to the contract? Required: Answer this question using the IRAC * method.

Bill offers to sell Mary his computer for $500. Mary counters with an offer of $400 Bill rejects this offer. Mary tells Bill: "OK, I'll buy the computer for $500." Bill tells Mary: "I've decided not to sell the computer after all." Bill is in breach of contract because Mary made a valid offer. True False

1. State the issue in this case. 2. State the contract in this case. 3. State the elements of contract in this case.

1. A contract to sell real estate is generally not enforceable unless it is in writing.   a) True   b) False

In which type of Contract is there a "lack of meeting of the minds?"   a)  Bilateral   b)  Unilateral   c)  Fraudulent   d)  Oral   2. Generally where a unilateral mistake is made in a Contract, the Contract will still be enforced, except where the non-mistaken party was aware of the mistake.   a) True   b) False     3. A home builder misjudges the cost of the windows to be installed in the house.  This is:   a)  Bilateral mistake leading to rescission.   b)  Unilateral mistake which can be corrected.   c)  A mathematical mistake which is correctable.   d)  An error of judgment, not correctable.   4. "Sign or I'll kill you" is an example of:   a)  Undue Influence   b)  Misrepresentation   c)  Duress   d)  either a or b   5. An attorney who over a period of time convinces an elderly widow to deed…

Joe took out a loan to purchase a new house. In return, Joe's lender placed a lien on the property. Is this legal? O No. Only Joe can place a lien his property. O No. A lender is never allowed to place a lien on a property as long as the borrower is up-to-date ontheir payments. О Yes. This is a voluntary mortgage lien that allows the lender to foreclose on the property if Joe defaults on the loan. O Yes. However, the lien is only valid for 12 months.

X, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.