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Question
An exculpatory clause excusing a party from liability for harm caused by reckless conduct will generally make a contract unenforceable as a violation of public policy.a. True
b. False
Answer
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Which of the following would generally be considered to be a revenue-raising licensing law?a. A statute requiring that doctors be licensedb. A statute requiring that salespeople be licensed, but not establishing any educational or training requirements c. A statute requiring public school teachers to be licensedd. A statute that requires insurance agents to pass a test before selling insurance in a state
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Andrew owns a store in Polk County. His trade extends throughout River City, but not beyond the county limits. He sells his store to Betty and, as part of the transaction, agrees not to engage in the same business anywhere in River City for a period of five years. The agreement:a. is reasonable regarding the geographic restraint. b. is unreasonable.c. unduly interferes with the interest of the public.d. is reasonable only if the agreement was made without duress.
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Andrew owns a store in Polk County. His trade extends throughout River City, but not beyond the county limits. He sells his store to Betty and, as part of the transaction, agrees not to engage in the same business anywhere within the state for a period of three years. The agreement:a. is reasonable.b. is unreasonable, but enforceable since Andrew agreed to it. c. unduly interferes with the interests of the public.d. is reasonable, but only if Betty paid Andrew enough for the store to compensate him for lost business for three years.
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Before granting an injunction enjoining a former employee from competing in a described territory, the courts insist that the employer demonstrate that the restriction is:a. exculpatory. b. conscionable.c. necessary to protect the employer's legitimate interest.d. in compliance with the state's Blue Law.
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An adhesion contract is offered on a "take-it-or-leave-it" basis. a. Trueb. False
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A contract to commit a tort will be enforced by the courts. a. Trueb. False
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Stuart promises to act as a guide and fishing instructor on a trip for a group of visiting dignitaries. The dignitaries agree to pay him $200 for his services. Stu completes his duties, but when they discover that Stu does not have a fishing license, they refuse to pay him. The agreement between Stu and the dignitaries is an illegal one, which is not enforceable.
a. True
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The courts readily enforce a covenant not to compete during the period of employment. a. Trueb. False
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Bargains are illegal if they involve a crime or tort but not if they are merely against public policy. a. Trueb. False
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Jack moved from New Hampshire to Florida and decided to have an air conditioner installed in his car. After it was installed, Jack received a bill for $1,200. Jack called the dealer and told him he'd never heard of this service costing more than $500. They argued, but the dealer finally agreed to take $900. Is the agreement enforceable?a. Yes, there is no way for the dealer to get the extra money anyway. b. Yes, there is consideration for the modified amount.c. No, there is no consideration and the dealer can sue for the extra $300.d. No, there is an implied contract to pay the dealer whatever he billed Jack.
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A modification of a preexisting contract occurs when the parties agree to change one or more of its terms and, under the common law, must be supported by mutual consideration to be enforceable.
a. True
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A few states provide by statute that the parties need to provide no new consideration when modifying any contract. a. Trueb. False
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Define a substituted contract and describe how it affects an agreement.
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Which of the following requires consideration in order to be binding upon the parties?a. A written promise by a merchant to keep an offer to buy goods open for 14 days b. Material modification of a sale of goods contract under Article 2 of the UCCc. Material alteration of a personal service contract d. Settlement of a disputed debt
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A purchaser's agreement to buy from a particular seller all the materials of a particular kind he needs is a(n)_______contract.a. illusoryb. requirementsc. outputd. exclusive dealing
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Which of the following are the two basic elements to consideration?a. Bargained-for exchange and legal sufficiency b. Legal detriment and legal benefitc. Legal sufficiency and legal adequacy d. Promise and forbearance
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Name the two types of nonfraudulent misrepresentation. Identify the remedies that may be available.
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Define fiduciary and discuss its effect on a contract.
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a. What are the two types of duress and what is the effect of each on the contract involved? b. Give an example of each type of duress. c. Who does the law intend to protect by reason of the defense of duress? Why does the law protect this type of person?
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The State of Florida enters into a contract with Treasure Salvors governing the salvage of a Spanish galleon that sunk in the 1600s. Under the terms of the contract, the salvagers agree to relinquish 25% of the items recovered to the State of Florida in return for the right to salvage on state lands. At the time the parties enter into the contract, they both believe that the seabed where the ship lies is state land. Subsequently, the United States Supreme Court holds that the continental shelf on which the ship rests has never been owned by Florida. The salvagers sue to rescind the contract. The contract:a. cannot be rescinded.b. should be avoided because the parties made a mutual mistake.c. should be enforced because, although there is a mutual mistake, it is not material.d. will be enforceable because the United States government will automatically step into the shoes of the State of Florida.
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Stewart entered into a contract with Will to have Will build a 10-unit apartment complex on Elm Street in Randolph County. Unknown to both parties, this land had recently been rezoned and only single-unit dwellings can be constructed.a. This is a mistake of law.b. This is a mutual mistake of fact.c. Stewart is obligated to buy land elsewhere and have the complex constructed on property zoned for apartments.d. Will is liable to Stewart since Will is a contractor.
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Which of the following would ordinarily be a basis for making a contract void for mutual mistake?a. Market conditionsb. Genuineness of the source of the subject matter of the contract c. The financial situation of the partiesd. All of these.
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Tom tries to sell his classic car to Victoria for $12,000. Tom tells Victoria, "I paid $12,000 for the car in 1978 and it's worth twice that today." Tom really paid $8,000 for the car in If Victoria buys the car, basing her decision on Tom's statement, which of the following correctly states the situation?a. Tom's statements amount to puffing only.b. Tom's statements provide grounds to set the contract aside. c. Tom's statements are actionable only if negligently made.d. Tom's statements amount to fraud in the execution.
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Jason may validly authorize Nathan to:a. obtain title to Max's car by making materially false representations of an existing fact.b. vote in his place since Jason is not feeling well on election day. c. negotiate a contract for the sale of Jason's boat.d. All of these.