ACCT 2700 Quiz 11
Any contract that is not in writing is not enforceable. T/F
False
Once an offer is made, the offeror cannot revoke it. T/F
False
One of the requirements of a valid contract is an adequate market for the deal's goods or services. T/F
False
The term consideration refers to the deference shown by contracting parties to each other. T/F
False
Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective. T/F
False
Macy offers to sell his fitness watch for $50 to Nona. Nona promises to pay Macy the price. Later, they exchange the watch for the funds. A contract was created when
Nona promised to pay for the watch
A promisee has the right to expect or demand that something will or will not happen in the future. T/F
True
An executed contract is one that has been fully performed by both parties to it. T/F
True
By supplying procedures for enforcing private agreements, contract law provides an essential condition for the existence of a market economy. T/F
True
If what is written in a contract is clear, a court will enforce the contract according to its obvious terms. T/F
True
Quasi contract are not actual contracts. T/F
True
Fay offers to pay Grey $50 for a tennis lesson for Hetty. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have
a bilateral contract
Rough Water LLC and Schafer enter into a contract for the delivery of a certain number of river rafts. Until the rafts are delivered and paid for, the parties have
an executory contract
Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have
an express contract
On behalf of the jazz group Fusion, their manager Gabe agrees to a performance in Hilltop Amphitheatre on July 4. Gabe and Hilltop sign a written copy of the agreement. These parties have
an express contract
Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is
an implied contract
Mel agrees to work as a freight broker for National Shipping Inc. In determining whether a contract has been formed, an element of prime importance is the parties'
intent
Jana, a nurse practitioner, renders aid to Kurtz, who is injured and unconscious. Jana can recover the cost of the aid from Kurtz
on a quasi contract theory
Sui enters into a contract with Trey to act as a personal sports trainer. If a dispute later arises over the parties' promises, the court will interpret the contract according to
the parties' intent at the time they entered into the contract.
Sy enters into a contract with Truck Company to work as a driver. If a dispute arises over the deal, under the plain meaning rule, the court cannot consider any evidence not contained in the document if
the words in the contract appear clear.
