Term
| T or F: A court is unlikely to set aside the exchange of an airplane for a car for lack of consideration |
|
Definition
|
|
Term
| T or F: A contract with an emancipated minor is voidable because the minor lacks capacity |
|
Definition
|
|
Term
| T or F: Conditional contracts for the sale of land cannot be assigned |
|
Definition
|
|
Term
| T or F: An oral contract for the sale of goods valued at $2,000 may be voidable because of noncompliance with the Statute of Frauds |
|
Definition
|
|
Term
| T or F: To prevail in an action based upon undue influence, te victim must prove, among other things, that he was subjected to an unfair bargain in which he los money |
|
Definition
|
|
Term
| T or F: Under the parol evidence rule, agreements made subsequent to the agreement in disoute are inadmissible to show the intended terms of the original agreement |
|
Definition
|
|
Term
| T or F: Steve agrees to pay $100 on June 1 for Bob's used law mower, with the lawn mower to be delieved May 15. The mower is deliever as agreed, and on May 25, Steve announces that he will not pay the $100. Anticipator repudiation does no apply on tese facts, since Bob's performance is complete. Bob must wait until June 1 to file suit. |
|
Definition
|
|
Term
| T or F: Mitch rents his car to Pablo for $50 a day. The car has a broken headlight, which Pablo repairs. Whenthe car is returned three days later, Mitch says, "In consideration of your repair of the headlight, I will not charge you fro renting the car." Mitch cannot change his mind later and enforce the original rental agreement |
|
Definition
|
|
Term
| T or F: Ryan offers a $10,000 reward fortheeturn of his kidnapped child. Bart, the kidnapper, returns te child. Bart can collect the reward |
|
Definition
|
|
Term
| T or F: Ryan offers a $10,000 reward fortheeturn of his kidnapped child. Martin, an FBI agent assigned to the case, recovers the child. Martin can collect the reward. |
|
Definition
|
|
Term
| T or F: Allison promises to buy goods only frm Nick but reserves an option to cancel by giving written notice to Nick. Allison has give sufficient consideration to support a contract |
|
Definition
|
|
Term
| T or F: An assignment generally cannot be made without the expresss consent of all parties |
|
Definition
|
|
Term
| T or F: A counteroffer serves as a rejection ofte original offer |
|
Definition
|
|
Term
| T or F: an offer creates a power of acceptance in the offerree and a corresponding liability on the part of the offeror |
|
Definition
|
|
Term
| T or F: Jordan and Adrian enter into a written agreement that provides, "Adrian will purchase a parcel of land for $8,000 or less from Jordan." The agreement is enforceable |
|
Definition
|
|
Term
| T or F: A woman, who is going to Europe for wo years, contracts for the care of her car while she is gone. She agrees in writing to pay a man $500 to wax the car once ever four months during her absence. This is a binding contract |
|
Definition
|
|
Term
| T or F: An unenforceable contract is one in which one or both parties may elect either to avoid or to ratify |
|
Definition
|
|
Term
| T or F: An offer made to B can be accepted by C. |
|
Definition
|
|
Term
| T or F: An offer to purchase real estate is a contract |
|
Definition
|
|
Term
| T or F: An option contract must be supported by consideration |
|
Definition
|
|
Term
| T or F: Express contracts are formed by manifestations of assent other than oral or writen language |
|
Definition
|
|
Term
| Manor Corporation is granted the right to sell Worldwide Widgets exclusively in return for one-third of the profits. The agreement is silent about the good faith obligations of Manor Corporation; cosequently, courts will not enforce this contract |
|
Definition
|
|
Term
| T or F: Cora promises o buy certain goods from Rick "only if I (Cora) take my son into the business." Valid consideration exiss |
|
Definition
|
|
Term
| T or F: Carol promises to deliver goods to Rich "only if her son comes into the business." Valid consideration exists |
|
Definition
|
|
Term
| T or F: Ray has an option until June 10 to buy Eddie's automoblie. Ray sends an acceptance by mail on June 9. It arives on June 11. a valid contract exists |
|
Definition
|
|
Term
| T or F: The difference between a bilateral contract and unilateral contract is the number of promises involved |
|
Definition
|
|
Term
| T or F: Under the parol evidece rule, prior oral agreements are mergeed into the written agreement; however prior written agreements are not |
|
Definition
|
|
Term
| T or F: Under the U.C.C. 2-201, the requirements of a writing are satisfied if there is some memorandum that shows the quantity of goods ordered; no signaure of the buyer or seller is needed |
|
Definition
|
|
