FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 8: Nature and Classification

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

True/False

Review LaterAdd Note

Review Later

An implied contract is implied from the conduct of the parties.

A) True
B) False

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

GR8 Marketing Company and Brainfreeze Tunes,Inc.,sign a document that states GR8 agrees to create a marketing campaign for Brainfreeze,which agrees to pay GR8 for the service.GR8 and Brainfreeze have

A) an executed contract.
B) an express contract.
C) an implied contract.
D) a quasi contract.

E) B) and D)
F) A) and B)

Correct Answer

verified

Show Answer

Question 3

True/False

Review LaterAdd Note

An offeree is a person who makes an offer.

Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65.Ginger agrees.These parties have

If a voidable contract is avoided,the parties to it are released from it.

Demi promises to buy a house from Caleb,who promises to vacate the prop-erty on June 1.If these promises are in writing,they are most likely

A quasi contract is notenforceable by a court.

Leo enters into a contract with Metro Taxi Company to work as a cabdriver.Under the plain meaning rule,if the contract's writing is clear and unequivocal,the meaning of the terms must be determined from

A unilateral contract is formed when the party receiving the offer com-pletes the re-quested act or performance.

An executed contract is one that has been fully performed by both parties.

Avatar,Inc.,and Bling Corporation sign a contract in which Avatar agrees to deliver t-shirts emblazoned with video game characters in exchange for Bling's prom-ise to pay.Avatar delivers.The contract is

If a contractual promise is not fulfilled,the person who made it may be required to perform the promised act.

All contracts must be in writing to be enforceable.

A contract is an agreement that can be enforced in court.

Jim tells Dana that he will take her out to lunch on Thursday.Jim has made Dana a

Ed,a businessperson,is a friend of Fran,the owner of a Percolated Coffee & Baked Goods store.Every day,Ed spends five minutes in Fran's store,looking at the goods and usually buying one or two cinnamon buns or bagels.One afternoon,Ed goes into the store,looks at the items,and picks up a $1 chocolate brownie.Ed waves the brownie at Fran without saying a word and walks out.Is there a con-tract? If so,how would it be classified in terms of formation,perform-ance,and enforceability?

Jack promises to buy Lizette's used textbook for $60.Jack is

The term consideration refers to the voluntary consent of all of the parties to a contract.

An otherwise valid contract may be unenforceable if it is not in writing.

A contract can be executed on one side and executory on the other.