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Contract Law Fundamentals: Exam Preparation, Exams of Law

Indiana University EastLaw

A comprehensive overview of the key concepts and principles of contract law, covering topics such as the essential elements of a valid contract, different types of contracts, contract formation, consideration, misrepresentation, mistake, duress, and capacity. It is designed as a study guide or exam preparation material for a course on contract law, likely at the undergraduate or graduate level. A wide range of contract law topics, including the uniform commercial code (ucc), restatements of the law, and various contract types and classifications. It also addresses issues related to minors, non-compete agreements, and exculpatory clauses. The level of detail and the structured presentation of the information suggest that this document could be useful for students preparing for an exam or seeking to deepen their understanding of contract law principles.

Typology: Exams

2024/2025

Available from 10/07/2024

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SPEA-V 184 Exam Two Latest Version
with 100% Correct and Verified Answers
A Contract Must Have - ✔✔1. Agreement
2. Capacity
3. Legality
4. Consideration
Non-Contract Obligations - ✔✔1. Quasi-contract- goods or services
provided to another part without a contractual obligation- unjust
enrichment
2. Promissory estoppel- one party relies on the promises of another and
acts in reliance to their detriment
Contracts Can Be - ✔✔1. Written- negotiated, standard form, click
through, shrink, wrap, etc.
2. Oral
Bilateral - ✔✔two parties exchange promises
Restatements - ✔✔american law institute gathers decisions of courts
on many topics into restatements that summarize court decisions on
many topics
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SPEA-V 184 Exam Two Latest Version

with 100% Correct and Verified Answers

A Contract Must Have - ✔✔1. Agreement

  1. Capacity
  2. Legality
  3. Consideration Non-Contract Obligations - ✔✔1. Quasi-contract- goods or services provided to another part without a contractual obligation- unjust enrichment
  4. Promissory estoppel- one party relies on the promises of another and acts in reliance to their detriment Contracts Can Be - ✔✔1. Written- negotiated, standard form, click through, shrink, wrap, etc.
  5. Oral Bilateral - ✔✔two parties exchange promises Restatements - ✔✔american law institute gathers decisions of courts on many topics into restatements that summarize court decisions on many topics

Executed Contracts - ✔✔where all the promises, obligations, and agreements have been fulfilled Executory - ✔✔parties still have duties to perform UCC Article 2 - ✔✔applies to the sale of goods Hybrid Contracts - ✔✔sale of both goods and services in the same contract Unilateral - ✔✔one party make a promise. Contract is created when other party performs certain tasks in response. Valid K - ✔✔meets all legal requirements for a binding k Unconscious K - ✔✔grossly unfair or one sided Enforceable Contract - ✔✔meets all the legal requirements Void K - ✔✔no legal obligation created. One of the required components not present- voluntary agreement, capacity, legality, consideration

  1. Acceptance of terms proposed by the offer
  2. Communicated acceptance of the offer Battle of the Forms - ✔✔standard form contracts going back and forth between offeror and offeree and often result in frustrating the parties through intent to tenter a contract UCC - ✔✔if it is sent by unreasonable means, there is not acceptance. Silence as acceptance Legal Value - ✔✔- Does not have to have monetary value
  • It can be an act- as in a unilateral contract
  • It can be a promise- as in a bilateral contract Promisee - ✔✔the one seeking to enforce performance Preexisting Duties - ✔✔performing duties you already are obligated to perform is not consideration Past Consideration - ✔✔defined as an act or benefit in the past that was not given in exchange for the promise in question

Misrepresetnation - ✔✔an assertion not in accordance with the truth. Must prove:

  1. an untrue assertion of fact
  2. the assertion was material or fraudulent
  3. the complaining party entered the contract because of his reliance on the assertion
  4. the reliance was reasonable Concealment - ✔✔active conduct intended to prevent the other party from discover the fact Nondisclosure - ✔✔failure to volunteer information Mistake - ✔✔parties are wrong about a material fact due to simple error Unilateral Mistake - ✔✔courts don't usually want one party to suffer because of a mistake, especially if:
  5. non-mistaken party had reason to know of the mistake
  6. it would be unconscionable to enforce the contract Mutual or Bilateral Mistake - ✔✔1. mistake relates to a basic assumption on which the contract was based
  1. court approved contracts Necessaries - ✔✔something that is essential for the minor's continued existence and welfare that is not provided by a parent or guardian Quasi-Contracts - ✔✔this is usually the legal reasons used to justify necessaries. The minor is responsible for the reasonable value of the necessaries. Misrepresentation of Age - ✔✔can affect the minor's right to disaffirm and avoid the cost of returning consideration Non-Complete Employment Contract - ✔✔to protect the value of a business, trade secrets, etc. includes nondisclosure/confidentiality agreements Exculpatory Clauses - ✔✔releases and waivers of liability courts say you can't contract away tort liability