Exam 8: Contracts: Enforceable Agreements

Which of the following is a warranty implied by law in contracts for the sale of goods?​

Generally, a minor is liable under contract law for purchases of necessaries (e.g., food, clothing, shelter, and medical care). However,​

When one party has vastly superior bargaining power over another, they often draft their contracts without consultation with the other party. These contracts are called​

Under the Statute of Frauds, some specified contracts must be in writing and signed by the party against whom enforcement is sought. State several benefits or advantages that result from this statute for the contracting parties.​

The Uniform Commercial Code governs contracts for​

The running of the statute of limitations on a contract between Martha, the debtor, and Zelda, the creditor​

Legally sufficient consideration may consist of which of the following?​

The offeror makes an offer by mail. Generally, unless otherwise specified, the offeree may accept the offer by using the same or faster means of communication. ​

Wrongful persuasion and persistent pressure is a definition of duress and a common example is a pushy salesperson in a computer store.​

Written contracts made by a person who, at the time, is intoxicated by alcoholic beverages​

Warbeagle was hired by Barge Brothers Diet Center to give advice as to how to best market the Diet Center's new "Starvation Diet." Warbeagle was to be paid for the development of a marketing  plan based on the number of days he worked in preparation of the plan ($1,000 a day). When he had completed about half of his intended work (five days), Warbeagle received an offer to tour the great restaurants of Russia with all expenses paid. He left Barge Brothers, but he did not leave them high and dry. He provided a computer disk and hard copy of all work he had completed to the date of​ departure. He also left a bill for $5,000.

DB offered to sell a cap for $10. Dan said no to the offer. After checking on eBay, and learning that the hat was worth $100, he called DB, said he changed his mind and he would buy the hat for $10.​

Baker, a minor, entered into a 3-year contract with Adidas to wear its footwear for $20,000 in the first year of the contract and $25,000/year for each of the final 2 years. The agreement provided that any claim of Baker's arising out of the agreement, would be governed by the law of the Netherlands and settled by Amsterdam courts. On April 10, 2004, Baker turned 18. On April 19, 2004, Adidas sent Another payment to Baker for $12,500, and in May, the company flew Baker to Portland to try a redesigned shoe. In Oct. 2004, Adidas International wired $12,500 to Baker, thus completing its contractual obligation to pay Baker a $25,000 endorsement fee for 2004. Baker ended her athletic career because of a foot injury at about the same time Adidas completed its payment obligation. She then brought suit against Adidas in NC state court, alleging the shoes caused the injuries that ended her career. Adidas claims she must sue in the Netherlands under the contract.​

From the cardholder's point of view there are no differences in the statutory protections available  between credit cards and debit cards.

DB offered to sell a cap for $10. Nate said, "I'll pay you $1." DB said OK.​

A quasi-contract is another term for a bilateral contract. ​

Details of contract law are found in the U.S. Constitution and in federal statutes.​

When there is a valid novation, one of the original parties to the contract is completely relieved of all former obligations under the contract.​

Even though a sale by a merchant, an implied warranty of merchantability does not arise if the goods are sold used.​

Contracts entered into as a result of duress or undue influences are always void.​