Exam 9: Nature and Classification

Debit & Credit Accounting Services and Brickwork Construction Company negotiate a contract.Terms in the contract that are the subject of separate negotiation will be considered subordinate to

An offer to form a unilateral contract is accepted by a promise to perform.

Cole drives into Dino's Service Station and asks Erin,the attendant,to fill the tank in Cole's hybrid vehicle.After Erin fills the tank,but before Cole pays for the gas,any contract between Cole and Dino's is

Cathy assures Don that she will deliver his products as he directs.An assertion that one will do something in the future is part of the definition of

Hubert mistakenly pays property taxes that should have been assessed against Jesse.Hubert can recover the amount from Jesse in quasi contract

When the words in a contract have more than one meaning,they are cut from the contract.

When Jeff's car breaks down,he asks Kwik Tow,Inc.,to tow it from its location to Loyal Repair Shop.There is no discussion of a price,and Jeff and Kwik do not sign any documents.After the tow,Kwik sends Jeff a bill.With respect to Jeff's obligation to pay the bill,this is

Dot,a real estate agent,tells Elbert,a home seller,that her commission is 12 percent.Elbert agrees that Dot can sell his house but refuses to sign a contract unless the amount of the commission is reduced.After the house is sold,Elbert refuses to pay 12 percent.Dot is most likely to recover

Greco promises to buy illegal copies of CDs and DVDs from Fava,who promises to deliver on April 15.These promises are most likely

Jack promises to buy Kris's computer for $400.Jack is

A voidable contract is a valid contract that can be avoided at the option of at least one of the parties to it.

InTown Delivery Service promises to deliver a certain couch to Kurt,who promises to pay for the service.If InTown does not perform,the firm may be required to

A contract cannot be void if its purpose is legal.

Ed,a businessperson,is a friend of Fran,the owner of a candy store.Every day,Ed spends five minutes in Fran's candy store,looking at the candy and usually buying one or two candy bars.One afternoon,Ed goes into the store,looks at the candy,and picks up a $1 candy bar.Ed waves the candy at Fran without saying a word and walks out.Is there a contract? If so,how would it be classified in terms of formation,performance,and enforceability?

A promise is an assertion that something will or will not happen in the future.

An implied-in-fact contract is implied from the conduct of the parties.

One of the requirements of a valid contract is a fair price.

An offeror is a person who makes an offer.

There are no exceptions to the rule that contracts voluntarily entered into will be enforced.

A reasonable,lawful,and effective meaning will normally be given to all of a contract's terms.