Exam 9: Introduction to Contracts

The usual method of showing the mutual assent necessary to create a contract is by offer and acceptance.

Which of the following is correct with regard to a contract?

Any property other than an interest in real property is:

According to the UCC,an enforceable agreement involving the transfer of title of goods from a seller to a buyer for a price is called a(n):

There are two principal types of contracts: commercial contracts between a business and a customer and personal contracts between two individuals.

A valid contract may be unenforceable for which reason(s)?

Sage offers to pay Allison $450 if Allison will paint her apartment while she is out of town on vacation for two weeks.Allison makes no promise but tells Sage that she will think about it.While Sage is out of town,Allison paints the apartment.This is best described as a(n):

Tate enters into a contract with Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage,repair a boat,and build a doghouse.If the doghouse has not yet been built,which term describes the type of contract in existence?

Lance has a contract with Smith to resurface a driveway at the Smith residence.Lance by mistake stops at the Jones residence and resurfaces Jones' driveway.Jones lives next door to Smith and knows that Lance is at the wrong residence.Jones,however,says nothing and watches while Lance resurfaces his driveway.Is Jones under any contractual obligation to pay Lance for resurfacing his driveway? Explain your answer.

Contract law is significant in that it is basic to other fields of law such as:

Ken promises not to foreclose on a mortgage that he holds on an office complex that Christopher owns.In reliance on this promise,Christopher expends $200,000 to remodel the complex.Which of the following is correct with regard to Ken's promise?

If a person who has been declared incompetent by the courts enters into an agreement,that agreement is void,because it does not meet all the requirements of a binding contract.