Business Law
Any contract that is not in writing is not enforceable.
False
Once an offer is made, the offeror cannot revoke it.
False
One of the requirements of a valid contract is an adequate market for the deal's goods or services.
False
The term consideration refers to the deference shown by contracting parties to each other.
False
Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.
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.
True
An executed contract is one that has been fully performed by both parties to it.
True
By supplying procedures for enforcing private agreements, contract law provides an essential condition for the existence of a market economy.
True
If what is written in a contract is clear, a court will enforce the contract according to its obvious terms.
True
Quasi contract are not actual contracts.
True
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
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
not a third-party contract
Jana, a nurse practitioner, renders aid to Kurtz, who is injured and unconscious. Jana can recover the cost of the aid from Kurtz
on quasi contract theory
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'
the answer isn't objectives but past that I couldn't tell you
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 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
