Description
Answer the following questions incorporating no less than three credible sources and citing the answer in APA format. This section’s answers should be no less than 700 words in total.
Set A
1. What are the four basic requirements for forming a valid contract? Are there any circumstances in
which the court will enforce the parties’ agreement even though it lacks consideration? What defenses
can be used against a claim of breach of contract?
2. Consideration, a requirement for a valid contract, is defined as something of value. What items, other
than money, meet this definition? Explain how consideration distinguishes a contract from a gift.
3. What is the Uniform Commercial Code (UCC), and to what types of contracts does it apply? How does
the UCC affect the common law of contracts? What warranties are presumed to exist under the UCC?
4. Describe the remedies that are available when a contract is breached. What is specific performance,
and in what circumstances is it available?
5. What kinds of electronic contracts do the courts enforce? What constitutes an electronic signature,
and what is the legal validity of such a signature? What are the state and federal laws that govern
electronic signatures and contracts?
.
6. List the four major forms of intellectual property and describe what intellectual property is. Why is it
an important topic in the law today?
Set B
1. Explain the difference between real property and personal property. What is a fee simple? List and
define the other ways in which ownership rights in property can be held.
2. Explain what law governs the sale of real property. Describe the basic steps involved in the sale of
real estate. What role does an escrow agent play?
3. What are the various classifications of insurance? Define an insurable interest. How does an insurable
interest arise in property? In another’s life?
4. What is the difference between an insurance agent and an insurance broker? Why is this difference
significant for people seeking insurance coverage?
ETHICS QUESTION
For ethics questions, please use LIRN or Westlaw to the extent that you can. The response should be a minimum of 250 words, and all citations should be in APA format. There should be at least one, if not more, citations.
ETHICS QUESTION
Joanne Dorman works as a paralegal in the claims department of an automobile insurance company. She
is asked to review a claim brought by Derek Farmer, her nephew. Derek is a college student with few
financial resources. Joanne’s sister (Derek’s mother) told Joanne that Derek broke his windshield recently
when he accidentally ran into a mailbox beside the road leading to their rural home. In the claim that she
is reviewing, however, Derek states that a rock hit his windshield. Joanne understands immediately what
Derek is trying to do. Derek’s policy states that his collision coverage (which would apply to the mailbox
accident) has a $500 deductible. His comprehensive coverage (which would apply if a rock had hit his
windshield) has a deductible of only $50. Derek is obviously trying to avoid having to pay the full $500
deductible, which he can ill afford. In contrast, the insurance company could easily absorb the extra cost.
What should Joanne do in this situation?
Shayna is a paralegal at a bank. She reviews a package of loan documents for a complex commercial
transaction that has been submitted by the lawyers for the borrower. She does not fully understand one
provision in the documents that eliminates the need for a guarantor. A guarantor promises that the loan will
be repaid in the event that the borrower fails to do so, an important protection for the bank. Shayna does not
include this provision in her summary to her supervising attorney, and the loan goes through without the
guarantee. Later the borrower defaults on the loan and the bank is out several million dollars. What ethics
rules have been violated? What might be the outcome for Shayna? For her supervising attorney?
parties from their contractual performance duties under what is known as the doctrine of impossibility
of performance.
Grading rubric
