To commit fraud, one party must intend to mislead another.

If both parties are mistaken as to the same material fact, neither party can rescind the contract.

In an express contract, the terms are fully stated in words.

A promisee is a person who makes a promise.

An unenforceable contract is an otherwise valid contract that cannot be enforced because of some statute or law.

A party who confers a benefit on someone else unnecessarily can recover the cost under the principle of quasi contract.

If no time for acceptance is specified in an offer, the offer terminates at the end of a reasonable time.

The existence of an express contract does not bar an action in quasi contract concerning the same transaction.

If the subject matter of an offer is destroyed, the offer will continue to exist for a reasonable time to permit the seller to acquire replacement goods.

When courts interpret contracts, express terms are given the greatest weight.

An offer cannot be revoked once performance has begun in a unilateral contract.

Jonathan and Amy enter into an agreement. To constitute a contract

Justin Verlander promises to buy a watch from Jose Altuve for $10,000 on February 1, 2021.

An advertisement is generally considered an invitation to negotiate.

Revocation is effective when the offeree receives it.

An offeror can revoke an option contract at any time.

A promise to do something that one has no prior legal duty to do is not consideration.

Unforeseen difficulties that justify a demand for additional compensation include risks ordinarily assumed in business.

Promises to pay debts barred by a statute of limitations are not enforceable due to the absence of consideration.

Harry promises to pay Larry not to park in a no-parking zone in front of Harry's house. The agreement is

Digital Computers (DC) agrees to sell one hundred hard drives to Eagle Computer Stores. Before they are delivered, DC demands an extra $100 per hard drive to complete delivery. With no other source for DC hard drives, Eagle agrees to pay. Regarding the agreement to pay more, a court would likely

Uri, who is 16 years old, moves out of his parents' home. He enters into a one year lease with Bearkat Apartments. Uri is unable to pay rent and moves back home with his parents. Which of the following statements are true?

Brent is 25 years old. When he was 18, he suffered a traumatic brain injury. Brent's parents were appointed as legal guardians by the court because Brent is incompetent. Brent enters into a contract with Shady's Auto Sales for a 2016 Corvette. The contract between Brent and Shady's is ______________________.

Daniela enters into a contract with Sam to burn down her ex-boyfriend's home. This contract is ____________.

A parent is liable for a minor's contract if the minor was acting on his or her own.

A contract with an intoxicated person is voidable if the person is so intoxicated that he or she lacks capacity.

A unilateral mistake does not generally afford the mistaken party a right to relief from the contract.

To rescind a contract for fraud, a plaintiff must prove that he or she suffered an injury.

Threatening a civil suit does not normally constitute duress.

A contract entered into under undue influence is voidable.

Adhesion contracts are always enforced.

If a person believes a statement to be true, he or she cannot be held liable for misrepresentation.

If both parties are mistaken as to the market value of the object of their contract, either party can rescind.

When the dominant party in a fiduciary relationship benefits from that relationship, a presumption of undue influence arises.

A promise for an act

A promise for a promise to perform

Formed by words

Formed by the conduct of the parties

A contract that has been fully performed by both parties

A contract that has not been fully performed by one or more parties

A contract with agreement, consideration, contractual, capacity, form, and legality

A valid contract that can be legally avoided, cancelled, or annulled by one of the parties.

An otherwise valid contract that is rendered ________ by some statue or law.

A contract with no legal binding effect

• We always construe contracts against the drafter of the contract

• The offeror must have a serious intent to be bound.

Voluntary Statement or act from the offer that indicates hid/her assent to the terms of the offer.

The offer's rejection of the offer (in words of conduct) terminates the offer.

Rejection of the original offer and the simultaneous making of the new offer.

• Ads are ______

• An offer is good for a ___________ after being made.

Contract entered into by an intoxicated person can be

Contract entered into by a mental incompetent person can be

• Minor’s right to disaffirm a contract.

• Minor’s right to ratify a contract.

Contract Contrary to statute

Contract Contrary to Public Policies

A mistake by both contracting parties about one or more material facts generally entitles either party to rescind.

A mistake made by only one of the parties that does not generally give the mistaken party any right to relief from the contract.

Elements of Unilateral Mistake

Elements of Bilateral Mistake

Bilateral Mistake is harder to obtain than Unilateral

Elements of Fraudulent Misrepresentation

Occurs when a party takes specific action to conceal a fact that is material to the contract.

Predictions generally are not subject to claims of fraud.

• Arises from relationships in which one party can greatly influence another party and

  overcome that party’s free will.

• A party who enters into a contract under fear or threat makes the contract voidable.

• Written exclusively by one party and presented to the other party on a take-it-or-leave- it basis.

• Contains terms that are unfairly burdensome and that unfairly benefit the dominating party

• (To avoid enforcement of the contract for Adhesion Contracts)