Forbearance is the failure to perform contractual duties.

Monetary damages are also referred to as equitable damages.

Emancipation occurs when a minor’s parents or legal guardians give up their right to exercise legal control over the minor.

Garage sale. Richard, who is cleaning out his garage, offers to sell Dawn a used computer for $200. Dawn replies that “I’ll think about it and buy it if I decide to do so.” Richard also calls Denise and offers to give Denise a used business law book. She is excited to receive the book and tells him that she will pick it up the next day. Richard also agrees to sell a communications book for $50 to Jill who promises to pick it up the next day. Meanwhile, Sam comes to visit, offers Richard $20 for the business law book and Richard sells it to him. Sam also offers Richard $50 for the used computer. Richard sells it to Sam because he does not expect to hear from Dawn. Sam sees the communications book and offers Richard $60 for it. Richard decides to forget about Jill and proceeds to sell the book to Sam for $60. Denise is very angry because Richard did not save the book for her and claims that he breached a contract because she had accepted his offer. Jill is also angry because Richard sold the communications book and informs him that he breached the contract he had with her. Exactly 31 days later, Dawn tells Richard that she would like the computer. She tells him that her response constituted consideration in that it bound him to an option contract and that he should have awaited her final decision. Richard tells Sam that he needs to return everything for a full refund. Sam refuses. Which of the following best describes Dawn’s statement that she would think about it and buy the computer if she decided to do so?

How do courts generally rule in cases involving ambiguous contract language that makes it unclear what is being assigned or delegated?

Bob offered to sell Teresa his used motorcycle. She took a look at it and asked Bob how it ran, to which Bob replied that it was in good shape. Teresa thought the motorcycle was two years old when she purchased it. A few days later, she discovered that it was actually five years old. She asks Bob to take back the motorcycle. He tells her no way, that he thought she knew the age of that model, and that she should have asked him if she had any uncertainty. If Teresa sues, who is likely to win and why?

Promissory estoppel is the legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract.

What was the result in the Peerless case referenced in the textbook in which there were two ships named Peerless and the parties disagreed over which ship was the subject of the contract?

Mistakes in contracts may be classified as either ________.

Wrong Deck. Penny hires Jackson to paint the back deck on her house. She agrees to pay him $200 for the job and he accepts, sight unseen. They enter into the agreement on Tuesday, and he is to paint the deck on Saturday. When Jackson arrives, neither Penny nor her neighbor is at home. He mistakenly paints the neighbor’s deck. Penny calls him the next day and asks him why he did not paint her deck. He informs her that he did paint the deck. It is then realized that he mistakenly painted the neighbor’s deck. Penny tells him not to worry because the neighbor will be required to pay him. Jackson says that if the neighbor does not pay, he expects all of his funds from Penny. What was the status of the agreement between Jackson and Penny as of Tuesday when they agreed upon the price for the job?