Elements of a valid contract
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| What are 4 elements of a valid contract? | show 🗑
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| What is the fifth element of a contract that the Statutes of Frauds adds/imposes in certain cases? | show 🗑
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| show | Yes, an oral contract is enforceable as a written contract, very legal.
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| show | Must be a writing, contains the essential terms of the agreement, and signed by the party being charged.
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| A enters into an oral agreement with B. A sells his house to B for $200,000, is this a valid contract? | show 🗑
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| show | B wins, sale of real estate, letter A writes satisfies the Statutes of Frauds.
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| What is the purpose behind the Statutes of Frauds? | show 🗑
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| show | Suretyship provision or a collateral promise
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| show | No
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| Bob Jr. has bad reputation, wants to buy merchandise from Home Depot for $200, HD says no, Bob Sr. offers to pay if Bob Jr. doesn't, HD sues Bob Sr., who wins? Explain. | show 🗑
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| Bob Sr. buys merchandise from Home Depot for $200, and wants delivered to his son Bob Jr. Bob Sr. doesn't pay, Home Depot sues Bob Sr., who wins? Explain. | show 🗑
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| Where the main purpose behind promising to answer for or pay the debt of another is to secure an advantage for the promisor. | show 🗑
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| A oral contract with AB Construction, AB hires Bob's Plumbing - Charlie & Dave - employees, Bob can't pay C & D, AB offers to pay C & D if they finish the job, job finished, Bob can't pay, AB won't pay. C & D sue AB, who wins? Explain. | show 🗑
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| Before a beneficiary can inherit property, the debt of the descendant must be paid first. | show 🗑
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| show | $50,000, take the $180,000 and subtract out the $30,000 which leaves $150,000 and divide this amount by 3.
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| Estate of X has $180,000 assets and $180,000 debt, also has 3 children, how much money do they get? | show 🗑
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| Estate of X has $180,000 in assets, and $3,000,000 in debt, also has 3 children, how much money do they get? Do they have to pay any of the debt? Explain. | show 🗑
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| show | No, because this is a promise of an executor or administrator to personally pay the debts of an estate, there has to be a writing to satisfy the Statutes of Frauds.
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| A enters into oral agreement with B to sell home for $200,000. Is this valid? Explain. | show 🗑
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| show | Yes, actions speak louder than words, B acted and A allowed.
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| show | No, there does not have to be a writing to satisfy the Statutes of Frauds, they are in love.
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| 60 yr male, 24 yr female, male wants trophy wife, female has child; female wants wealth, male promises orally to pay for child's college if they marry, 3 yrs. later, divorce, female says wants trust fund, what happens? | show 🗑
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Created by:
crazyredhead1965
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