Deck 4: Contract As an Agreement

Question 1

There can be no contract where:

A) The contract states that the prices and the dates of payment are to be agreed upon from time to time by the parties.
B) The contract makes no mention of the price or date of payment.
C) The contract specifies that the buyer is to fix the price at a future date.
D) The contract states that the price is to be agreed by two valuers, nominated by the parties, and in default of such agreement, by an umpire appointed by the valuers.

Answer 1

A

Question 2

An executed agreement is one where one party or the other has performed its contractual obligations.

Answer 2

True

Question 3

A unilateral contract is wholly executory.

Answer 3

False

Question 4

An agreement not to negotiate with anyone else for one year is valid.

Question 5

An agreement to negotiate in good faith is impossible because: - Please select all that apply.

A) It lacks the necessary certainty.
B) A negotiator must be free to threaten to withdraw if he is not offered terms better than those on the table.
C) There is no specified duration.
D) It often involves high costs.

Question 6

If the parties agree that the price is to be fixed by T, and one of the parties then prevents T from fixing the price, the other party may sue her for damages.

Question 7

If, at the beginning of negotiations, the negotiations are stated to be 'subject to contract', no contract can ever arise until exchange of the formal written and signed contract.

Question 8

There can be no contract in the following examples:

A) An agreement to sell a company is subject to the buyer obtaining a government licence
B) A may sell his house to B on B obtaining a mortgage.
C) B must buy A's office block if a property survey is to the satisfaction of the bank lending B the money for the purchase
D) The contract states that B must buy A's land if B's solicitor is satisfied that A has title following a search of the Land Registry .