Exam 11: Nature and Terminology

Promises that are legally binding include

Boca claims that he intended to enter into a contract with Carla for tutoring, and she breached it. Carla responds that she never intended to enter into a contract with Boca. Their intent to enter into a contract is determined with reference to

When a storm erupts outside Reba's Diner, Reba and Shaw quickly enter into an implied contract to split the revenue from Shaw's sale of umbrellas to Reba's customers. The terms of this contract are defined by

Field Construction Inc. contracts with Mesa Ranch to build a new barn on Mesa's property for which Mesa agrees to pay. If this is a valid contract, it will be partly because it includes the element of

A letter of credit is a type of formal contract.

Mel agrees to work as a freight broker for National Shipping Inc. In determining whether a contract has been formed, an element of prime importance is the parties'

Any contract that is not in writing is not enforceable.

Contests and lotteries are unilateral contracts.

Insofar as possible, a reasonable, lawful, and effective meaning will be given to all of the terms of a contract.

A party who confers a benefit on someone else unnecessarily can obtain its fair value by invoking the doctrine of quasi contract.

Once an offer is made, the offeror cannot revoke it.

Quasi contract are not actual contracts.

On Monday, Xi tells Yard Work Inc., that he will pay $500 if a variety of tasks are completed by Friday. On Wednesday, when Yard Work is more than half done with the work, Xi says that he has changed his mind. These parties had

A signed agreement for a video streaming service is an express written contract.

The term consideration refers to the deference shown by contracting parties to each other.

One of the requirements of a valid contract is an adequate market for the deal's goods or services.

When price changes make performance of a contract costly, compliance with the terms may most certainly be obtained through

Contracting parties are bound only by terms that can be objectively inferred from promises made.

An offer that can be accepted simply by a promise to perform does not create a binding contract.

Ota asserts that a deal entered into with Pai to sponsor and host a motivational conference for independent sales representatives was formed as the result of a mistake. Ota's best defense to the enforcement of this contract is