A contract is formed when two parties agree to perform an act in the future.
Answer: True
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Business Law Chapter 10
- Which statement is NOT true regarding promissory estoppel?
- Jimmy enters into a contract to paint Chester's house. When Chester decides on a color, Jimmy will buy the paint and paint the house for the price of $2,500. This contract is governed by:
- Tucker enters a dentist office and points to a damaged tooth. The dentist, Mike, treats the tooth. If Tucker refused to pay and Mike sued:
- Gillian has offered to sell her computer for $1750 to Andy. She tells Andy that the computer is only six months old but, in fact, the computer is three years old, and Gillian wants to unload the lemon. Andy agrees to buy the computer based on Gillian's representations. This contract is:
- The elements of a contract are:
- One purpose of contract law is:
- Contracts that do not arise from mutual agreement but are created by courts to avoid unjust enrichment are:
- Which of the following types of property would be goods under the Uniform Commercial Code?
- Alvin offers to buy a car from Jill for $400. Jill must accept this offer in order to form:
- Neon enters into a contract with Stogey Company to purchase a washer and dryer. She doesn't understand the financing terms, which include a high interest rate and steep late-payment penalties, but signs the agreement anyway because she needs the appliances. The financing terms are very unfavorable to Neon, and she is unable to make all of her payments when they are due. Stogey sues. This is an example of:
- Taylor promises to pay $100 to anyone who finds his lost watch. Kelly finds and returns the watch to Taylor after hearing of the reward money. What kind of contract do Taylor and Kelly have?
- On January 16, Ashley offers to sell her waterbed to Madison for $600. Madison accepts and agrees to pay Ashley $600 on January 27. Which of the following is correct?
- An express contract:
- Courts may award damages called "quantum meruit":
- Which of the following represents a unilateral offer?
- Sharon offers to sell Janice goods both parties know are stolen. Janice accepts the offer, and agrees to pay for the goods. Later, Janice refuses to accept or pay for the goods. If Sharon sues Janice for breach of contract, what is the probable result?
- Danny, who is a 16-year-old minor, signs an agreement to buy a stereo from Lane for $200. Later Danny changes his mind and tells Lane he doesn't want to buy the stereo. The contract is not enforceable because of an issue with which element of a contract?
- Doug purchased a lawnmower with an attached warning that said, "The manufacturer is not responsible in the case of an injury caused by the lawnmower." If Doug is injured because of a defect in the mower and sues the lawnmower manufacturer, he will most likely:
- Kieran goes to his barber who has cut his hair for the past several years. The barber proceeds to cut his hair as they talk about the most recent snowstorm to hit the area. This is an example of a:
- The common law governs contracts for:
- The courts will find an implied contract when:
- The basic distinction between a bilateral contract and a unilateral contract is that:
- Noncompetition agreements are:
- When Gretchen comes home from work one evening, she finds that her yard has been mowed and trimmed. Later, a man comes to collect for the yard work done. Gretchen refuses to pay for the work since she has never seen the man before and did not hire him to do her yard work. Which of the following answers is most accurate?
- As English judges were developing the common law of contracts in the twelfth and thirteenth centuries:
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