What is the term for a minor choosing to proceed with the contract and the term for a minor choosing to void the ca Select one: O a. disaffirmance & ratification O b. acceptance & appeal O c. acceptance & denial O d. execution & dismissal
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- In 2010, X and B agreed that they will pretend that they will enter into a contract of sale so that X will have a lesser tax to pay. In the contract of sale, it was indicated that X will sell the car for P50Million to which B agreed. What is this kind of contract? A. Absolute simulation B. Relative simulation C. Factual simulation D. Fictional simulationThe statute of limitations in Texas is a.four years for a written contract. b.four years for an oral contract for a 6-month lease. c.four years for all contracts for the sale or lease of real property in Texas. d.six years for a written contract.A contract of sale is distinct from other types of contracts because it has two additional requirements for validity. In order for a valid sale agreement to be concluded, the parties must agree oni) the object of sale andii) on the purchase price.
- 13. What does it mean to say that a contract term is ambiguous? It means that the term was added unilaterally at some time during the life of the contract It means that the term is vague and subject to multiple, reasonable interpretations It means that its performance will greatly disadvantage one of the parties.Assume that Elkins contracted to build an addition to Cromwell’s plant producing cruise missiles just prior to the Gulf War. The war ended before Elkins started work, and Cromwell tried to cancel the contract. Can Elkins do anything about the loss of his anticipated profit (a) if the contract contained a proper cancellation clause? (b) if the contract contained no clause dealing with cancellation?if David agrees in consideration of $1,000 to mow his elderly neighbor’s lawn “for as long as she lives next door to him,” does the contract have to be in writing? why or why not? what is the rule regarding the ability of a person who is not a party to a contract to enforce a contract?
- A contract of sale is distinct from other types of contracts because it has two additional requirements for validity. In order for a valid sale agreement to be concluded, the parties must agree on i) the object of sale and ii) on the purchase price. Briefly explain what each of these two requirements entailIn relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.Under the frustration of purpose doctrine, performance is excused when: Group of answer choices 1. something that is essential to the promisor's performance is destroyed through no fault of the promisor, but its substitute is available. 2. statutes and legislation make the performance more difficult. 3. the promisor impliedly assumes the risk that the event would occur. 4. events occur after the formation of the contract that would make the return performance of the other party worthless to the promisor.
- DEFINITIONS Define or give the meaning of the following: Consent- Acceptance- Natural elements- Option contract Mistake of law DISCUSSIONS When is a contract voidable or annullable? Is it always required that he who alleges fraud or mistake in entering into a contract, must prove hiss allegation? Explain. Give the requisites in order that intimidation may vitiate or annul consent of a party to a contract. May fraud be commuted by a party to a contract though there is no mis interpretation on his part? Explain. Will the acceptance of a business advertisement of a thing for sale produce the perfection of a contract? Explain. PROBLEMS Explain or state briefly the rule or reason for your answer. In a contract containing an option period, when is the offerer not allowed to withdraw his offer even before acceptance by the offeree? When is the offerer allowed to withdraw his offer even after acceptance? S sold his house to B believing that B was C. Can S legally…The contract of sale is distinct from other types of contracts because it has two additional requirments for validity. In order for a valid sale agreement to be concluded, the parties must agree on i) the object of sale and ii) on the purchase price. Briefly explain what each of these two requirements entail.Spring agreed to buy Summer's car. Because the actual purchase was not to take place for several months, they drew up a lengthy agreement that specified all of the rights and obligations of each of the parties that they could think of. They took this two-page, single spaced document to an attorney for review. The attorney suggested a few changes. They had the documented retyped and they signed it. The contract is referred to a a. An executed contract b. A formal contract c. An implied contract d. A simple contract