Exam 11: Introduction to Contracts

The basic distinction between an executory contract and an executed contract is that

Discuss the requirements of promissory estoppel.

All oral contracts are quasi-contracts until they are completely executed.

Which of the following is an example of an implied contract?

Tim sent an email to Belinda offering to sell his car to her for $5,000.Belinda texted Tim back offering to pay $4,000 for the car.A valid contract did not exist because

Courts may award damages called quantum meruit,which means 

Preferred Contractors was a general contractor and owner of a condominium complex that was under construction.Barrett,a subcontractor,had been hired by Henderson Plumbing,another subcontractor,to help it complete the plumbing work on the project.When Henderson began using shoddy installation procedures and subsequently fell behind the scheduled completion time for the project,Preferred Contractors urged Barrett to correct Henderson's mistakes and to finish the job.Barrett refused to continue until he knew who would pay him,since he feared Henderson's financial position was shaky.Nonetheless,Preferred Contractors' job superintendent told Barrett to go ahead even if Barrett and Preferred Contractors had no contract because "he would use his influence to try to help Barrett get his money." Barrett finished the work and sent a $7,500 bill to Henderson,which was never paid.When Barrett later sent the bill to Preferred Contractors,these facts emerged: Preferred Contractors told him that due to Barrett's failure to notify Preferred Contractors promptly of Henderson's non-payment,Preferred Contractors had already paid Henderson in full and therefore would not pay twice for the work.Discuss the best possible theory of recovery Barrett may argue.

Robert,a minor,buys a stereo from Jane for $200.State law allows a minor to disaffirm contracts within a reasonable time after turning 18.Robert disaffirms the contract the day after turning 18 and returns the stereo.

A valid contract can legally be voided by either party.

Mary goes into Honest Harry's Electronics and purchases a TV.Mary agrees to pay for the TV in 30 days on the store's "30 days same as cash" plan.This is an executory contract.

Contracts for the sale of fabric,automobiles,computers,furniture,and paper clips would all be governed by Article 2 of the Uniform Commercial Code.

Patty is a poor college student struggling to work and keep up with her studies.Fred,her uncle,promises to pay Patty support of $200 per month for the next six months.Although Fred didn't ask her to,she quits her current job in order to devote full time to her studies for the next six months.Fred makes one payment and then stops with no explanation.If Patty sues,what is the likely result?

An agreement in which parties intend to form a valid bargain,but a court declares that some rule of law prevents enforcing it is called  

Alex promises to pay $100 to anyone who finds his lost watch.Kate finds and returns the watch to Alex after hearing of the reward money.Alex and Kate have an enforceable unilateral contract.

When Myrtle comes home from work one evening,she finds that her yard has been mowed and trimmed.Later,a man comes to collect for the yard work done.Myrtle refuses to pay for the work since she has never seen the man before and did not hire him to do her yard work.Which of the following answers is most accurate?

Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday.If Teresa cleans the house by noon on Saturday and Valerie pays the $75,then this is an implied,bilateral,executory contract.

Larry goes to his barber who has cut his hair for the past several years.The barber proceeds to cut his hair as they talk about the most recent snow storm to hit the area.This is an example of a

Jennifer has offered to sell her laptop computer for $500 to Jack.She tells Jack that the computer is only six months old but,in fact,it is three years old,and Jennifer wants to unload the lemon.Jack agrees to buy the computer based on Jennifer's representations.This contract is

Lucy and Rick sign a contract in which Lucy agrees to deliver 10 boxes of chocolates in exchange for Rick's promise to pay $5 per box.Lucy delivers the candy.Rick pays for the goods.This contract is fully executory.

Briefly discuss the meaning of bilateral,unilateral,executory,and executed contracts.