What do courts refuse to hear when a bargain violates a statute or public policy?
A case based on that illegal bargain.
Which three groups’ contractual capacity is addressed?
Minors, incompetent persons, and intoxicated persons.
What defines a minor, and how does the age of majority vary?
A minor is below the age of majority, which is 18 or 21 depending on the state.
Which four types of statutes are identified as sources of violations?
Licensing, gambling, usury, and Sunday statutes.
What kind of mechanism is the Statute of Frauds?
An enforcement mechanism.
Which agreements are listed under the Statute of Frauds?
Suretyship promises; an executor's or administrator's personal promise to answer for a decedent; agreements made in consideration of marriage; transfers of interests in land; agreements not performable within one year; and agreements for the sale of goods under the Uniform Commercial Code.
What commonly occurs at closing when conditions are concurrent?
Concurrent delivery of the deed and payment.
When does a condition precedent create a duty of performance?
After the condition occurs.
What position do compensatory damages aim to give the injured party?
The position they would have occupied without the breach.
Which damages may compensatory damages include?
Loss of value, incidental damages, and consequential damages.
Answer 9 questions on Contract Law.
1. What will a court generally do when a claim is based on an illegal bargain that violates a statute or public policy?
2. Which arrangement is an example of a contract that may violate public policy?
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