Exam 8: Nature and Classification

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

The person who makes a promise is the promisee.

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

Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have

Holiday Sales Company and Global Distributors, Inc., enter into a contract for the delivery of imported specialty goods. Until the goods are delivered and paid for, these parties have

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

Bobbie claims that Carly breached their contract. Carly responds that she never intended to enter into a contract with Bobbie. The intent to enter into a contract is determined with reference to

An offeree is a person who makes an offer.

A promise is a declaration that something will or will not happen in the future.

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.

Bay City Construction, Inc., a contractor, asks Cool Electric, a subcontractor, to provide certain services. Nothing is said about payment. Cool provides the services, but Bay City refuses to pay. In Cool's suit to recover, the chief issue is most likely to be whether these parties had

Ellen offers to sell her math textbook to Julia for $50. Julia does not respond. Ellen and Julia do not have a contract because they lack the requirement of

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

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

Livewire Company and McCoy's Candy, Inc., sign a document that states Livewire agrees to design a We

An agreement is NOT one of the requirements of a valid contract.

Phil agrees to work for Vacation Resorts, Inc., as a chef. In determining whether a contract has been formed, an element of prime importance is

Cynthia tells Darryl that she will deliver his boxes of Paradise Cookies as he directs. A declaration that one will do something in the future is part of the defini?tion of

Jonathon promises to pay child support and alimony to his ex-wife every month after their divorce. Jonathon has