BLAW 3391 Study guides, Class notes & Summaries

BLAW 3391 Final (Mcinturff)Q&A

BLAW 3391 Final TTU Q&A

Four requirements for a valid contract - agreement, consideration, capacity, and legality Agreement - offer and acceptance, meeting of minds Consideration - money, something of value or a promise Contractual Capacity - Both parties entering into the contract must have the contractual capacity to do so. The law must recognize them as possessing characteristics that qualify them as competent parties. Legality - The contract's purpose must be to accomplish some goal that is legal and not aga...

Contract - Answer-"a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty." Covenant not to complete - Answer-restrict what an employee may do after leaving a company, and they often dictate where, when, and with whom an employee may work Four elements needed for a contract: - Answer-Agreement, the consideration, contractual capacity, and legal object Consideration - Answer-bargained-for exchange or wh...

What is real property? - Answer--Land and everything attached. -Law states land is owned to the center of the earth. What is a fixture? - Answer--Part of the land (ex. trees) How can real property become personal property? - Answer--Removal from land. -(ex. apple from a tree). How can personal property become real property? - Answer--Planted into land. -(ex. planted shrubbery or lumber used to erect building). Subterranean Rights - Answer--The right to extract minerals from the land. -Th...