List & Define the 6 contract elements Capacity Offer Acceptance Consideration Legality Genuine Agreement

List Contract that must be in writing: Pay debts of others Pay debts of deceased Most contracts taking more than 1 year to perform Contracts in Consideration of Marriage: Sale of real estate Most Sale of Goods of $500 or more

What should you do before signing a contract? Read and Understand Everything! If you don’t understand something or don’t agree, don’t sign or cross it out and other party must initial it If contract doesn’t contain all that was promised then write it in or have new contract written

When may a minor be held to a contract? Emancipated Contract was for a necessity item Insurance Student Loans Medical Services Serving in armed forces

How does the state of PA rule in most cases of broken marriage engagements? Ring is given in Consideration of Marriage If marriage does not happen the ring goes back to the giver Court does not care who is at fault

Cases: Know the outcome for each and court’s reason for the outcome Pavlicic V. Vogtsberger Ferraro v. Singh Opera Co of Boston v Wolf Trap Foundation

Bankruptcy What expenses cannot be discharged?

BONUS 10 questions! Mostly from textbook work