Exam 8: Introduction to Contracts

Sales Corporation and Real Properties, Inc., agree to the payment of a commission for the sale of certain property. If this deal has all of the elements necessary for one of the parties to enforce it in court, it is

The only requirement of a valid contract is that it be in whatever form the law requires.

Movers LLC promises to deliver a certain couch to Nora, who promises to pay for the service. If Movers does not perform, it may be required to

If a contractual promise is not fulfilled, the person who made it may be required to pay monetary damages.

When a rainstorm erupts outside Rita's Souvenir & Gift Shop, Rita and Shaw enter into an oral contract to split the revenue from Shaw's sale of umbrellas to Rita's customers. The terms of this contract are defined by

Intent in contracts is determined by a party's personal or subjective belief.

Marketing Inc. offers to create a campaign to increase N'Ice Cream Inc.'s online business. N'Ice agrees to pay for the service. These parties have

What a party said when entering into a contract is an example of an objective fact.

In a divorce proceeding, Jonas promises to pay a certain amount of child support to Kelly every month until their daughter Lois is eighteen years old. Jonas's obligation with respect to this promise is

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

Susan enters into a contract with Trey to act as his personal sports trainer. If a dispute later arises, the court will interpret the contract according to

Quasi contracts are not true contracts.

Ray promises to give Steve his iPhone in exchange for Steve's promise to pay Ray $200. Later, they exchange the iPhone for the funds. A contract was created when

A valid contract requires

Informal contracts are usually based on their sub-stance rather than their form.

Rough Water LLC and Schafer enter into a contract for the delivery of a used fishing boat. Until the boat is delivered and paid for, these parties have

Field Construction Inc. contracts with Mesa Ranch to build a new horse barn on Mesa's property for which Mesa agrees to pay. The elements of this, and any other, contract include

An executed contract is one that has not been fully performed.

Lark promises to buy Mac's used textbook for $60. Lark is

On May 1, Ramona and Santo orally agree that Santo will guide a party from the base of Mount McKinley to its summit and from the summit to a return to the base. Under the agreement, Ramona will pay for the service after the completion of the climb on June 1. On May 1, is this contract express or implied? On May 31, after the climb has been made but before payment is paid, is the contract executed or executory?