Intro to Law Test 2

Question Answer
Promise or set of promises that if broken, the law gives remedy to Contracts
What are the 3 parts of a contract? Offer, Acceptance, and Consideration
A benefit of one of the parties, or the giving up of something by one of the parties Consideration
True or False – Contracts do not have to be in writing because verbal contracts are just as enforceable if you have proof True
What type of contract MUST be in writing? Real Estate
If someone backs out of a contract, you can get compensated for what was owed to you Compensatory Damages
Forces the person to go through with the contract. Pretty rare. Specific Performance
What is the Mailbox Rule? If done by mail, the contract is immediately accepted as soon as the person puts their agreement in the mail
What is the exception to the Mailbox Rule? The rule does not work the same if the person is withdrawing the offer. The offer is not withdrawn until the person receives it
What is the Mirror Image Rule? You must accept the exact same terms of the offer given.
When there was technically a breach of contract, but more than that they upheld most of the contract (home builder uses pipes that are similar but not the exact ones that were contracted for) Substantial Performance
If you are trying to get out of a lease, the owners must actively try to find someone to fill your spot (can't just sue you and sit around) Practical Contract
To not be enforceable Void
A contract that is not real whenever it is signed A Void Contract
Contracts that can be enforced, but can also be voided (Ex- an underage person signing a conract) Voidable Contracts
Manifestation of a willingness to be bound Offer
What are the 3 ways an offer can be terminated? Death of either party, insanity of either party, or destruction of the property being offered
What are the 6 defenses to contracts? 1. Insanity 2. Objective Standard 3. Mistake 4. Misrepresentation 5. Fraud 6. Absence of Consideration
Department that deals with goods, has its own set of rules that governs its merchants UCC
In order for an ad to be a contract, the terms must be ? Sufficiently Definite
Statement of a persons last wishes and the disposition of their property after death Will
When a person dies with a will, they die ? Testate
When a person dies without a will, they die ? Intestate
3 types of wills Handwritten Will, Typed Will, or Oral Will
What is another name for an oral will? Nuncupative Will
What is another name for a handwritten will? Holographic Will
To make a will, a person must: Be 18, be voluntarily doing it, and have a sound/disposing mind
A will can be revoked through: Physical Act or Obliteration
True or False: If you can't find a will, the government assumes you have destroyed it True
To prove the will Probate
Person in charge of estate who follows the will and court proceedings Executor
All property owned by testator when they die Estate
When a couple each owns 50% of property Tenants in Common
When a couples owns property, and once one spouse dies, the other automatically owns it all Joint Tenants with the right of survialship
If you die intestate, then your executor is called ? An administer
Statutory guidelines that tell how property is distributed if you have no will Laws of Intestate Secession
When you ow the property for your whole life, and when you die the interest goest to someone else Life Estate
Person who gets the Life Estate when the owner dies Remainder men
True or False: you can leave your spouse out of your will False
True or False: you can leave children out of your will True

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