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Business Law Final
Chapters 11- 4
| Question | Answer |
|---|---|
| Some promises are not legally binding. | True |
| A contract is an agreement that can be enforced in court. | True |
| The term consideration refers to the regard that contracting parties hold for each other. | False () |
| All contracts must be in writing to be enforceable. | False (verbal contracts are enforceable) |
| Informal contracts include all contracts other than formal contracts. | True |
| An essential element for contract formation is agreement. | True |
| An offer made in obvious anger in an effective offer. | False () |
| In most cases, an offeror can revoke an offer as long as the revocation is communicated before the offeree accepts. | False () |
| A counteroffer is a rejection of the original offer and the simultaneous making of a new offer. | True |
| Under the mailbox rule, an acceptance takes effect at the time it is sent. | True |
| In contract law, the term consideration refers to the serious thought that underlies a party's intent to enter into a contract. | False () |
| If a promise it made, it will be enforce. | False () |
| To be legally sufficient, consideration must be evidenced by something tangible. | False () |
| In general, a court will question the adequacy of consideration based solely on the comparative value of the things exchanged. | False () |
| A promise to do what one already has a legal duty to do constitutes legally sufficient consideration. | False () |
| For a minor to disaffirm a contract, he or she must present the contract to a court. | False () |
| Contractual capacity refers to the legal ability to enter into a contract. | True |
| A contract involving an unlicensed practitioner is generally illegal and unenforceable. | False () |
| A covenant not to compete is enforceable only if it is reasonable in duration and geographic area. | True |
| In an employment contract, a covenant not to compete is unenforceable. | False (non compete statements are enforceable) |
| Bob claims that Carla breached their contract for tutoring. Carla responds that she never intended to enter into a contract with Bob. The intent to enter into a contract is determined with reference to? | The objective theory of contracts |
| Pavers Inc. contracts with a Quikstop store to repave the store's parking lot for a certain price. The requirements of this, and any other, contract include? | Consideration |
| Field Construction, Inc, Contracts with Mesa Ranch to build a new horse barn on Mesa's property for which Mesa agrees to pay. The elements of this, and any other, contract include? | Legality |
| 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 |
| 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 |
| An ad on the NewsNow Web site asks viewers to "send us your story and we might share it with the world." Ollie submits a manuscript, adding. "I accept your offer." Between NewsNow and Ollie, there is? | No contract |
| Jon says to Kris, "I would like to sell you my sports memorabilia collection." This is not an offer because it? | Only invites Kris to negotiate |
| Fix it Quik, Inc., offers Gina a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate? | After a reasonable period |
| Lou offers to service Millie's heating and air conditioning system for one year for $500. Under the mirror image rule, Millie's response will be considered an acceptance if the terms of the acceptance? | Exactly mirror those of the offer |
| Fabien offers to sell his Graphic Signs, LLC, business to Hanna for $100,000. Hanna replies, "The price is too high. I will buy it for $75,000." Hanna has? | Rejected the offer and made a counteroffer |
| Rose questions whether there is consideration for her contract to perform with Saxophone Symphony. To constitute consideration, there must be? | A bargained-for exchange |
| Ross promises to pay Sara, his niece, $5,000 if she she obtains her degree at Tech University, where she is in her third year. Sara graduates. Ross is? | Required to pay because Sara obtained a degree at Tech |
| Frisco offers to buy a Gibson guitar owned by Hayden for twice what Hayden paid for it. She accepts and hands the guitar to Frisco. Her delivery of the guitar is? | Consideration |
| Under a contract with Valley Vineyard, Walsh begins grading a terraced hillside. Walsh asks for $5,000 over the contract price, claiming an increase in the "cost of doing business". Valley agrees but refuses to pay. The agreement to pay more is? | Unenforceable because Walsh's performance was a preexisting duty. |
| Industrial Engineering, Inc., promises to give stock options to Jasmine for processes she has already designed for the firm. This promise is enforceable? | Under no circumstances |
| Jeff is seventeen years old. Legally, Jeff is considered? | A minor |
| Chet, a minor signs a contract with Denise, an adult. The contract is voidable at the option of? | Chet only |
| Geri is a minor. Without her parents' knowledge, she signs a contact to buy an airline ticket to Hawaii for spring break. Geri's parents are liable for? | No part of the price of the ticket |
| A court adjudicates Henry mentally incompetent and appoints Inez's knowledge, Henry signs a contract to sell his farm to Jason for its real market value. The contract is? | Void |
| Reed agrees to sell his Sports Equipment store to Taylor. As part of the sale, Reed promises not to open a similar, competing store anywhere. This promise is most likely? | Invalid because of the unreasonable terms of area and time. |
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Heritage2016