BLAW 2301 Exam 2 Prof Terms

If the contract price is less than expected or different than assumed, can it be voided?

No. Price differences alone do not affect the validity of a contract

Does price have anything to do with a material difference?

No. Price alone is not a material difference

If the only issue is price being wrong, can anything be done?

No. You cannot void or change the contract

When can a contract be renegotiated?

Only when BOTH parties agree voluntarily and there is no duress

What is commercial impracticability?

When unforeseen events make performance extremely difficult or unfair, allowing discharge

If a contract has a typo and the other party accepts before it’s fixed, what is the price?

The typo price is binding

If a party makes a calculation or math mistake, can the contract be changed?

No. Calculation mistakes do not change a contract

Do you need a contract to make a gift?

No. Gifts do not require contracts or consideration

If an agreement promises a certain level or caliber of work and quality drops, what occurs?

Breach of contract

What makes a valid oral contract?

Offer, acceptance, consideration, and not required to be written under the Statute of Frauds

What makes a valid written contract?

Consideration, signatures of all parties, and a date

Can consideration be illegal or something already legally required?

No. Consideration must be legal and not a preexisting duty

After an offer, what responses are possible?

Acceptance, denial, or counteroffer

Can an offer be implied?

No. An offer must always be explicit

Can acceptance or denial be implied?

Yes. Acceptance or denial can be implied through conduct

What is an implied oral contract?

A contract created through conduct rather than explicit words

How does the furniture/custom couch example create a contract?

By ordering custom furniture and acting on it, creating an implied oral contract

What does payment usually indicate in contract law?

Implied acceptance

Is “Let me think about it” considered acceptance?

No. It is not acceptance

When must a beneficiary be named to have rights?

Before the death of the person who made the contract

If you agree to a contract under duress, do you have to pay?

No. Contracts agreed to under duress are not enforceable

Must consideration always be legal?

Yes. Illegal consideration makes a contract invalid