Chapter 10 Business law T/F

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In contract law, intent is determined by the secret, subjective intent, or belief, of a party.

False

In contract law, intent is determined by the subjective theory of contracts.

False

One of the requirements of a valid contract is an adequate price.

False

The element of intent is of prime importance in determining whether a contract has been formed.

False

The only requirement of a valid contract is that it be voluntarily entered into.

False

The person who makes a promise is the promisee

False

The term CONSIDERATION refers to the legality of the subject matter of a contract.

False

When a contract's writing is not clear, a court will not consider evidence outside the contract to interpret its terms.

False

An offer may not be revoked before it is accepted.

False

An offeree is a person who makes an offer.

False

Every contract involves at least three parties.

False

A promise is a declaration that something will or will not happen in the future

True

A unilateral contract is formed at the moment when the contract is performed.

True

All contracts include an implied covenant of good faith and fair dealing.

True

An express contract must be in writing.

True

An unenforceable contract is one that cannot be enforced because of certain legal defenses against it.

True

Contract law assures the parties to private agreements that the promises they make will be enforceable.

True

If a contract term is ambiguous, a court can consider outside evidence.

True

If a contractual promise is not fulfilled, the person who made it may be required to perform the promised act

True

If a voidable contract is ratified, the parties must fully perform their respective legal obligations.

True

In an express contract, the terms are fully and explicitly stated in words.

True

Informal contracts are usually based on their sub-stance rather than their form.

True

Informal contracts include all contracts other than formal contracts.

True

Some promises are not legally binding.

True

a bilateral contract comes into existence at the moment promises are exchanged.

True

A court will normally interpret the language of a contract according to what the parties claim their intent was when they made it.

False

All contracts must be in writing to be enforceable.

False

An implied contract is not an actual contract.

False

A QUASI contract is a fictional contract

True

A QUASI contract is not enforceable by a court

True

A check is a formal contract.

True

A contract is an agreement that can be enforced in court

True

A contract is valid only if both of the parties entering into it have the capacity to do so.

True

An executed contract is one that has been fully performed.

true


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