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CIPS Exam L5M3 Topic 1 Question 31 Discussion

Actual exam question for CIPS's L5M3 exam
Question #: 31
Topic #: 1
[All L5M3 Questions]

John has signed a document with Larry that says that he will give Larry his car. Both John and Larry are over the age of 18 and are of sound mind. Larry accepts this offer and signs the document. Is this a contract?

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Suggested Answer: D

'restitution damages cannot be mitigated by the actions of the innocent party' is the untrue state-ment out of these four. The general principle of Restitution Damages is that the innocent party is expected to be proactive in mitigating the consequences of any breach and should not allow costs to spiral out of control. See p. 124


by Candra at Jul 03, 2024, 04:48 AM

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Haydee
1 months ago
This is the kind of contract dispute that would make Judge Judy reach for her gavel and a bottle of Pepto-Bismol!
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Barney
3 days ago
B) yes- both parties consent and have capacity to do so
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Tammara
6 days ago
A) yes- it has been signed
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Antonio
1 months ago
Wait, wait, wait... John's giving Larry his car? I bet Larry's already planning to trade it in for a hot tub and a lifetime supply of avocado toast!
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Zona
2 months ago
Whoa, hold on there! If John and Larry are both of sound mind and over 18, it's gotta be a valid contract, right? I'm going with B, no doubt about it.
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Rosendo
9 days ago
B) yes- both parties consent and have capacity to do so
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Glory
17 days ago
Absolutely, it's a valid contract.
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Laurene
18 days ago
B) yes- both parties consent and have capacity to do so
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Blondell
1 months ago
A) yes- it has been signed
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Viola
2 months ago
Ha! I bet Larry's trying to pull a fast one on John. This sounds more like an invitation to treat than a contract. I'd go with D.
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Micaela
3 days ago
C) no- there is no consideration
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Jeff
6 days ago
B) yes- both parties consent and have capacity to do so
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Torie
1 months ago
A) yes- it has been signed
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Tiera
2 months ago
Hmm, I'm not so sure. Isn't consideration an essential element of a contract? I'm leaning towards C - no consideration, so it's not a valid contract.
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Linn
1 months ago
B) yes- both parties consent and have capacity to do so
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Felicidad
1 months ago
A) yes- it has been signed
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Melissa
2 months ago
But what about consideration? Isn't that necessary for a contract to be valid?
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Micheline
2 months ago
I agree with France, as long as they are of sound mind and over 18, it should be a valid contract.
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Joaquin
2 months ago
I think the answer is B. Both parties have consented and have the capacity to enter into a contract. That's the key requirement for a valid contract.
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Latrice
18 days ago
Agreed. Without those elements, the contract would not be enforceable.
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Zack
22 days ago
That's correct. Consent and capacity are essential for a valid contract.
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Lindsay
1 months ago
B) yes- both parties consent and have capacity to do so
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Annamaria
1 months ago
A) yes- it has been signed
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France
2 months ago
I think it's a contract because both parties consented.
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