$200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 Genuine Assent Consideration Capacity Illegal Agreements Terminology

Genuine Assent $100 Using a position of trust to dominate another party in a contract

A: What is Undue Influence?

Genuine Assent $200 If one party uses physical threats to obtain a contractual agreement

A: What is Duress?

Genuine Assent $300 When a mistake occurs and the contract remains valid

A: What is a Unilateral mistake?

Genuine Assent $400 When a contract is able to be canceled

A: What is Voidable?

Genuine Assent $500 Conduct that suggests you intend to be bound by a contract

A: What is Ratification?

Consideration $100 A promise to refrain from doing something that you have the legal right to do

A: What is Forbearance?

Consideration $200 A token amount of consideration not specifically identified in a contract

A: What is Nominal Consideration?

Consideration $300 When the parties agree on the existence and amount of a debt

A: What is Liquidated Debt?

Consideration $400 When a group of creditors agree to accept less than they are entitled to prevent the debtor from claiming bankruptcy

A: What is Composition of Creditors?

Consideration $500 A doctrine that prevents promisors from backing out of promises made to those not giving consideration in return

A: What is Promissory Estoppel?

Capacity $100 Those under the age of majority

A: Who are Minors/Minority?

Capacity $200 The refusal to be bound by a contract

A: What is Disaffirmance?

Capacity $300 The act of severing the child/parent relationship through marriage, giving birth or joining the military

A: What is Informal Emancipation?

Capacity $400 When a person lacks the ability to understand the consequences of his or her contractual acts

A: What is Mental Incapacity?

Capacity $500 Two types of contract that minors cannot legally get out of

A: What are court-approved, armed forces, banking, insurance, work- related, realty or apartment rental contracts

Illegal Agreements $100 An agreement where two or more companies agree to charge the same price for the same product

A: What is an Agreement to Fix Prices?

Illegal Agreements $200 An illegal agreement to bet on the uncertain outcome of an event

A: What is an Illegal Lottery?

Illegal Agreements $300 An agreement between a motel chain and a local manager to not accept guests of a particular race or national origin

A: What is an Agreement involving Illegal Discrimination?

Illegal Agreements $400 The legal rate range for charging interest

A: What is 8-12%?

Illegal Agreements $500 An example of a contract that needs to be in writing to be enforceable

A: What are - contracts to buy/sell goods over $500 - contracts to buy/sell real property - contracts that require more than one year to complete - promises to pay the debt of another

Terminology $100 When both parties of a contract receive something of value

A: What is Consideration?

Terminology $200 A transfer of ownership without receiving anything in return

A: What is a Gift?

Terminology $300 The action of an injured party canceling their obligation in a contract

A: What is Rescission?

Terminology $400 The severing of a child/parent relationship

A: What is Emancipation?

Terminology $500 When a contract has no legal effect

What is Void?

Final Jeopardy Category: Consideration

Name one of the requirements to the doctrine of Promissory Estoppel

- the promissor should reasonably foresee reliance - The promisee acts in reliance of the promise - The promisee would suffer economic loss if the promise is not enforced - Injustice can only be avoided if the promise is enforced