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Exam 20: Practical Contracts

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Question 21

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When a party to a contract intentionally makes the terms of a contract unclear,it is called

A) vagueness.
B) duress.
C) ambiguity.
D) a mistake.

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Question 22

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It is unethical to use your lawyer as an excuse for a provision of a contract,such as,"My lawyer insists that I have a liquidated damages clause..."

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Question 23

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Rich and Archie sign an agreement in which Archie agrees to deliver ten cases of champagne in 5 days.The parties negotiated and meant to say in the written agreement,delivery in 50 days.If the evidence is clear that the two parties intended to agree to 50 days,the courts will probably

A contract should have a descriptive title,which is generally in all capital letters,underlined and centered at the top of the page.

Ricardo has agreed to sell his family farm to Walter for a price of $450,000.Even though both sides agree on the terms,it is still worth the money for Ricardo to hire a lawyer to write the contract.

Which of the following is NOT one of the three ways to amend a written contract?

In the case of a typo,a court will reform a contract if there is clear and convincing evidence that the allegedmistake does not actually reflect the true intent of the parties.

Bob,a house painter,contracts with Ollie to paint a rental house which Ollie owns.Bob hires Rob to take his place as the painter on this contract.What has Bob done?

Contracts must use formal terminology such as "whereas" and "heretofore" in order to be legal.

When a provision in a contract is unclear by accident,it is a case of

"Scrivener's error" is another (fancier)name for a typo.

Ralph is a professional football player.He signs a valid contract with the Miami Dolphins.Later,he claims that he was also promised free use of the Dolphins' private jet,but this was not in the contract.What type of clause in his contract would prevent him from flying away with this claim?

Lawyers prefer to negotiate touchy subjects as they arise rather than address them at the beginning of a relationship.

Ambiguities in contracts are always interpreted in favor of the side that wrote the contract,since they are the ones who know what the provision is supposed to mean.

In which of the following situations is it likely that you may NOT need a written contract?

Standard provisions in a contract that are often listed under the heading "Miscellaneous" are called

Contract provisions that are enforceable independently are referred to as

Outline the parts of a typical contract.

Which of the following is generally NOT in the introductory paragraph of a contract?

If you have an established relationship with a buyer,you can sell small tracts of land without a written contract.