Exam 10: A: Nature and Terminology

Cameron enters a coffee shop in which she has an open account,fills a cup of coffee,holds it so the cashier can see it,acknowledges the cashier's nod,and walks out with the coffee,knowing that she will be billed for it at the end of the month.Cameron has formed

"Consideration" refers to the legality of the subject matter of a contract.

Debit & Credit Accounting Services and Brickwork Construction Company negotiate a contract.If it has all of the elements necessary for one of the parties to enforce it in court,it is

Ada mistakenly pays property taxes that should have been assessed against Bud.Ada can recover the amount from Bud in quantum meriut

Cody signs and returns a letter from Deb,referring to Deb's Double-D Ranch and its price.When Cody attempts to complete the deal,Deb re?fuses,claiming that they have no con?tract.Cody claims they do.What standard determines whether these parties have a contract?

The existence of an express contract does not bar an action in quasi con?tract concerning the same transaction.

Cory enters into a contract with Diane to act as her personal sports trainer.If they later dispute the meaning,and the contract contains un?clear terms,the rules of contract interpretation will give effect to

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

A bilateral contract comes into existence at the moment an offer is made.

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

Lilith promises to buy Marv's handheld game-player for $75.Marv is

Contract law shows what excuses our society accepts for breaking certain types of promises.

Vernon claims that his contract with Ulani for catering services is voidable.If their contract is avoided

Macro Corporation and Micro,Inc. ,enter into an agreement.To consti?tute a contract,the terms

An executory contract is one that has been fully performed.

Informal contracts include all contracts other than formal contracts.

Following negotiations with Lester's Landscaping for maintenance services for a lawn and garden,Moore enters into an informal contract.This means that the parties' contract

An unenforceable contract is one that cannot be enforced because of cer?tain legal defenses against it.

A contract can be created only when a promise is given in exchange for another promise.

On May 1,Faith,a real estate agent,and Grace,a commercial property owner,sign an agreement to find a buyer for Grace's office building.Under the terms,if a buyer makes a serious offer within sixty days,Grace must pay Faith's commission.Faith puts signs on the building,ads in real estate pamphlets and a local newspaper,and features the property in a "walking" tour on the Internet.On June 1,Grace tells Faith that she is canceling their arrangement.Ten days later,Grace closes a sale on the building without Faith's participation.Faith files a suit against Grace for the amount of her commission.In whose favor is the court most likely to rule and why?