Exam 8: Introduction to Contracts

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Green Grocers,Inc.,enters into a contract with Hiway Transport Company for the deliv?ery of a shipment of fresh produce.In a later dispute between these parties over the delivery,the doctrine of quasi contract cannot be used because

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Question 1

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A contract is valid only if both of the parties entering into it have the capacity to do so.

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Question 2

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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?

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The facts presented here indicate the presence of all the ele?ments necessary for a valid contract.There are a serious offer and accep?tance,consideration is ex?changed (a brownie for $1),the parties have ca?pacity,the selling of the brownie is legal,and there is no particular form re?quired for this type of contract.Thus,a contract exists and for the rea?sons given here is classified as valid,enforce?able,and informal.In addi?tion,this is a classic case of an implied con?tract.There is no ex?plicit agree?ment between the parties.Rather,an agree?ment is implied by Ed's action of waving the brownie and by his past con?duct.By his con?duct Ed is telling Fran that he will pay for the brownie later.The contract is also bilateral (as opposed to uni?lateral),because Fran im?pliedly promises to sell the brownie to Ed in ex?change for Ed's implied promise to pay.The contract is partially ex?ecutory,as Ed has engaged to pay for the brownie in the future.Because the contract is for a legal pur?pose,both parties have capacity,and reality of consent is not an issue,the con?tract is neither voidable nor void.

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

(True/False)

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Question 4

Peter offers to pay Quik Delivery (QD) $50 if it picks up and delivers to him a package of business documents from Rico within 30 minutes.QD can ac?cept the offer only by meeting the deadline.If QD performs as directed,these parties will have

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Question 5

Tania promises to buy Saki's handheld game-player for $40.Saki is

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Question 6

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

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Question 7

The intention to enter into a con?tract is judged by objective facts as interpreted by a reasonable person.

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Question 8

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

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Question 9

Quasi contracts are often used by courts,even in cases where there is an actual contract that covers the area in controversy.

(True/False)

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Question 10

In contract law,intent is determined by the objective theory of contracts.

(True/False)

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Question 11

An express contract need not be in writing.

(True/False)

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Question 12

Kelly tells Jimmy she will pay him $1,000 if he builds a shed in her backyard.Kelly is a(n)

(Multiple Choice)

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Question 13

Clay offers to pay Dot $50 for a golf lesson for Eula.They agree to meet the day after tomorrow to exchange the cash for the lesson.These parties have

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Question 14

The person who makes a promise is the promisee.

(True/False)

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Question 15

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

(True/False)

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Question 16

Every contract involves at least two parties.

(True/False)

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Question 17

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

(True/False)

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Question 18

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

(True/False)

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Question 19

Informal contracts require a special form or method of creation.

(True/False)

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Question 20

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Exam 8: Introduction to Contracts

Green Grocers,Inc.,enters into a contract with Hiway Transport Company for the deliv?ery of a shipment of fresh produce.In a later dispute between these parties over the delivery,the doctrine of quasi contract cannot be used because

A contract is valid only if both of the parties entering into it have the capacity to do so.

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

Peter offers to pay Quik Delivery (QD) $50 if it picks up and delivers to him a package of business documents from Rico within 30 minutes.QD can ac?cept the offer only by meeting the deadline.If QD performs as directed,these parties will have

Tania promises to buy Saki's handheld game-player for $40.Saki is

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

The intention to enter into a con?tract is judged by objective facts as interpreted by a reasonable person.

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

Quasi contracts are often used by courts,even in cases where there is an actual contract that covers the area in controversy.

In contract law,intent is determined by the objective theory of contracts.

An express contract need not be in writing.

Kelly tells Jimmy she will pay him $1,000 if he builds a shed in her backyard.Kelly is a(n)

Clay offers to pay Dot $50 for a golf lesson for Eula.They agree to meet the day after tomorrow to exchange the cash for the lesson.These parties have

The person who makes a promise is the promisee.

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

Every contract involves at least two parties.

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

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

Informal contracts require a special form or method of creation.

Introduction to the Law and Our Legal System

Ethics in Business

The Courts and Alternative Dispute Resolution

Constitutional Law

Torts and Cyber Torts

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Offer and Acceptance

Consideration

Capacity

The Legality of Agreements

Mistakes and Other Contract Defects

Written Contracts

Third Party Rights

Contract Discharge and Remedies

E-Contracts

Introduction to Sales and Lease Contracts

Title and Risk of Loss

Performance and Breach

Warranties and Product Liability

Consumer Protection

The Essentials of Negotiability

Transferability and Liability

Checks and Banking in the Digital Age

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Sole Proprietorships,partnerships, Limited

Formation and Termination of a Corporation

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