Exam 8: Nature and Classification

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

An offeree is a person who makes an offer.

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

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

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

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

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

All contracts must be in writing to be enforceable.

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?

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

A quasi contract is notenforceable by a court.

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

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

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

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

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

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

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