Bul 4421 Final - Fau Gendler Study Guide Questions And Correct Answers

Lapse of time {Ans: i. If the offer states it will be held open for only a certain time, it terminates when that time expires. ii. In absence, offer will expire after reasonable amount of time.}Bankruptcy Law {Ans: is federal law; however, state laws regarding property and debts may affect the bankruptcy proceeding.}detrimental reliance {Ans: offeree reasonably relied on offerors promise to hold offer open and had taken action in reliance of offer. may use promissory estoppel to prevent revocation}Parol evidence exceptions: (8) {Ans: 1. contracts that have been subsequently modified 2. contracts conditioned on orally agreed-on terms 3. nonfinalized, partially written and partially oral contracts 4. contracts containing ambiguous terms 5. incomplete contracts 6. contracts with obvious typographical errors 7. void or voidable contracts 8. Evidence of prior dealings or usage of Trage (UCC)}when an assignor transfers rights to an assignee {Ans: the assignor legally gives up all rights they had to collect on the contract}Punitive Damages {Ans: Damages designed to *punish* the defendant}