Chapter 10 Contract Performance‚ Breach‚ and Remedies N.B.: TYPE indicates that a question is new‚ modified‚ or unchanged‚ as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. true/false questions 1. A material fact is a fact that a reasonable person would consider important when determining his or her course of action. answer: T PAGES: Section
Premium Contract Law Contract law
Which of the following contracts must be written according to the statute of frauds: A PRENUPTIAL AGREEMENT A contract for a $300.00 automobile A contract to paint a house A contract to wash someone’s car 5 points QUESTION 2 John offers to sell his car to Mary for $5000 and Mary responds‚ saying "I’ll give you $4500." Mary’s statement constitutes a(n) COUNTEROFFER. revocation of the offer. acceptance. modification. 5 points QUESTION 3 A contract made by a minor is VOIDABLE
Premium Contract Contract law Common law
Chapter 11……….Contracts‚ Consideration‚ Capacity and Legality Consideration: Value given in return for a promise. Consideration must be (1) legally sufficient and (2) bargained for by the party receiving it. Legally sufficient consideration may take the form of: (1) promising to do something that the promisee has no prior legal duty to do (e.g.‚ promising to pay money for the promisor’s goods); Regular consideration (2) performing an action that the promisee is not otherwise obligated to
Premium Contract Contract law
CAUSES OF EXTINGUISHMENT OF OBLIGATION 1. Payment or performance 2. Loss of the thing due 3. Condonation or remission of the debt 4. Confusion or merger of rights of creditor and debtor 5. Compensation 6. Novation I - PAYMENT OR PERFORMANCE PAYMENT means not only the delivery of money but also the performance‚ in any other manner of an obligation. How must the payment be made? 1. There must be delivery of the thing or rendition of the service that was contemplated. a. The debtor of a thing cannot
Premium Debt Debtor Money
ACME Fireworks Recommendation Robert Morgan BUS 311 Michael Huang October 06‚ 2014 ACME Fireworks Recommendation As a company grows it may become necessary to change the businesses’ entity and the way in which it conducts business. ACME Fireworks has received inquiries from several large retailers that will enable the business to expand. In order to accommodate this expansion‚ ACME must consider hiring more employees. The owner is concerned about his personal liability should the company fall
Premium Marketing Sole proprietorship Legal entities
Sales Agreement THIS SALES AGREEMENT (the "Agreement") dated this 12th day of March 2012 BETWEEN: |Brenda’s Widgets‚ Inc. (BWI) of 123 Main St.‚ Podunk‚ Iowa | |(the ’Seller ’) | |OF THE FIRST PART | |- AND -
Premium Contract Warranty Implied warranty
Affirmative defense of duress in this case which I will be explaining is with fictional names and examples. Allison and her daughter are on a road trip‚ they are on their way to visit some family up North for the weekend. Allison and her daughter stop in a small town of an exit to get some gas and a few snacks. Once inside to pay‚ a man and a woman enter behind them‚ while standing in line the man grabs Allison from behind holds her at gunpoint and tells her to open the cash register drawer. In
Premium
Chapter 10 Contracts TEST BANK 1. The ______________ evolved in commerce over the centuries. a. law of contracts b. law of commerce c. law of trade d. law of documents e. law of freedom ANSWER: a (page 262) National: AACSB Analytic; Communication; AICPA BB-Legal 2. The ______________ evolved in commerce over the centuries. a. law of invention b. law of commerce c. law of trade d. law of documents e. none of the other choices are correct ANSWER: e (page 262) National: AACSB Analytic; Communication;
Premium Contract Contract law
Contract A promise the law will enforce. Judicial Restraint The court takes a passive role and enforces what is already written in the contract‚ no matter if one party benefits over the other party. Judicial Activism The court takes an active interest in the contents of the contract and makes decisions based on what is "fair" and "right". Four Elements of a Contract (1) Agreement- offer is made by one party and accepted by another party.(2) Consideration- bargaining (3) Legality- has to
Premium Contract Contract law
Ng Cin Yan Contract Law Ng Cin Yan Contract law is a law which regulates the commercial world by enforcing contracts.1 Contracts allow consistency and also certainty in business transactions which in turn increases business efficiency. This is because a contract sets down clearly the obligations and rights of each party in an agreement‚ hence making sure that the parties are aware of their individual responsibilities before and after consensus ad idem or in other words the meeting of
Premium Contract Contract law Common law