Business Law: Chapter 8
Luke puts his motorcycle up for sale via a post on an online auction site. This is...
an invitation to negotiate, not an offer.
Under a contract with River Valley Farm, Sancho begins grading a terraced hillside for planting. Halfway through the project, Sancho asks for $5,000 over the contract price, claiming an increase in the "cost of doing business." The farm agrees, but later refuses to pay. The agreement to pay more is...
Unenforceable, because Sancho's performance was a preexisting duty.
Red offers to pay Sara to deliver certain documents within thirty minutes. Sara can accept the offer only by completing the task within the deadline. If she does, what type of contract will Red and Sara have?
Unilateral Contract
Oceans, Inc., a seafood distributor, agrees to buy from Paul, a commercial fisherman, any "overstock" of fish that Paul catches in excess of his legal limit. This agreement is most likely...
Void
Lon says to Misty, "I would like to sell you my vinyl records." This statement is...
An invitation to negotiate, not an offer.
True or False, One element necessary for an effective offer is the terms must be reasonably priced.
False
True or False, Performance, such as a payment of funds or a delivery of goods, must take place for a bilateral contract to be formed.
False
True or False, The E-sign Act applies to all types of legal documents.
False
True or False, The offeror can revoke the offer only by expressly repudiating it.
False
True or False, Under the objective theory of contracts, a contract is not enforceable without a clearly defined objective.
False
True or False: An offer must express reasonably definite terms to be effective—no term may be reasonably inferred.
False
Kim promises to pay Leo $500 to install a sump pump in Kim's warehouse. Leo completes the installation. The act of installing the pump...
Is the consideration that creates Kim's obligation to pay Leo.
Cass, a certified public accountant, agrees to perform an audit for Drone Distribution, Inc. These parties are most likely to follow the rules of contract law in order to...
Avoid potential disputes
Online contracts may be formed not only for the sale of goods and services, but also for...
Licensing
On May 1 Ralph offers to harvest Sam's corn crop and promises to keep the offer open until June 1. On May 3 Ralph mails Sam a letter revoking the offer. Sam receives the letter on May 5 and responds on May 6. Ralph's revocation of the offer became effective on...
May 6th
The offeror's act of withdrawing an offer is referred to as:
Revocation
Greta files a suit against Home Repair Corporation under the doctrine of promissory estoppel. Greta must show that...
She justifiably relied on Home Repair's promise.
Cindy, a real estate agent, sells her friend Doug's house without charging a commission. In return, Doug promises to give Cindy $1,000. This promise is not an enforceable contract because...
The house has already been sold—the consideration is past.
True or False, If one party to a contract has fully performed but the other has not, the contract is executory.
True
True or False: An e-offer might include an arbitration clause specifying that any dispute arising under the contract will be arbitrated in a designated forum.
True
