Lesson Four Assignment Chapter Exercises Section 9

Lesson Four Assignment

Chapter Exercises

Section 9.1: General Perspectives on Contracts

Why is contract law necessary in a society where a person’s status is not predetermined by birth?

9.2: Sources of Contract Law

Why was the Uniform Commercial Code developed, and by whom?

9.3: Basic Taxonomy of Contracts

Able writes to Baker: “I will mow your lawn for $20.” If Baker accepts, is this an express or implied contract?

Chapter 10.1: The Agreement in General

For the purposes of determining whether a party had a contractual intention, why do courts employ an objective rather than a subjective test?

Chapter 10.2: The Offer

What are the seven ways an offer can terminate?

10.3: The Acceptance

When is an offer generally said to be effective? A rejection of an offer? A counteroffer?

11.1 Duress and undue influence

What are the two types of duress?

11.2 Misrepresentation

Distinguish between fraudulent misrepresentation and nonfraudulent misrepresentation, between fraud in the execution and fraud in the inducement, and between negligent and innocent misrepresentation.

11.3 Mistake

Why is relief usually not granted for unilateral mistakes? When is relief granted for them?

11.4 Capacity

Ivar, an infant, bought a used car—not a necessity—for $9,500. Seller took advantage of Ivar’s infancy: the car was really worth only $5,500. Can Ivar keep the car but disclaim liability for the $4,000 difference?

Chapter 12.1 – General Perspectives on Consideration

Alice promises to give her neighbor a blueberry bush; the neighbor says, “Thank you!” Subsequently, Alice changes her mind. Is she bound by her promise?

12.2 Legal Sufficiency

What is meant by “legally sufficient” consideration?

12.3  Promises Enforceable without Consideration

What are the elements necessary for the application of the doctrine of promissory estoppel?

12.5 Summary and Exercises

Hornbuckle purchased equipment from Continental Gin (CG) for $6,300. However, after some of the equipment proved defective, Hornbuckle sent CG a check for $4,000 marked “by endorsement this check is accepted in full payment,” and CG endorsed and deposited the check. May CG force Hornbuckle to pay the remaining $2,300? Why?