Ch 7 Legal Terms-Contract Law

A system for ensuring justice where conventional laws are inadequate is

• breach

• restitution

• equity

• ratification

One who has not reached the age of majority

• minority

• cure

• unilateral

• infancy

1. A minor must wait until reaching the age of ____ before entering into a binding contract.

• infancy

• majority

• 21

• 18

__________ is the announced intention of a party to a contract that he doesn’t intend to perform his obligation under the contract.

• requirements contract

• formal contract

• anticipatory breach

• revocation of an offer

Language common to all legal documents of the same type is known as _________

• normal rights

• majority language

• accord and satisfaction

• boilerplate language

Did you actually learn about estate planning from this week's assignments?

• Yes

• No

• Not enough

• Too much

To cancel or annul

• void

• avoid

• unconscionable

• rejection

When a lawyer drafts an agreement for his client selling the client’s multimillion-dollar business to his lawyer for $10, the court will most likely find there was:

• undue influence

• material breach

• minority

• impossibility

When a contract has a liquidated damages clause:

• the parties seek accord and satisfaction

• the parties at the time of entering a contract agree upon a sum payable in the event of a breach

• this is an example of an exculpatory clause

• the amount of damages is left to an arbitrator to compute

The promisor is the party to whom a promise is made

• True

• False