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Exam 10: Nature and Classification

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Question 31

True/False

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A letter of credit is a type of formal contract.

A) True
B) False

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Question 32

Multiple Choice

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Movers LLC promises to deliver a certain couch to Nora, who promises to pay for the service. If Movers does not perform, it may be required to

A) cease business.
B) make another promise.
C) pay damages.
D) perform a different service.

E) B) and C)
F) B) and D)

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Question 33

Multiple Choice

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On behalf of the jazz group Fusion, their manager Greg agrees to a performance in Hillside Amphitheatre on July 4. Greg and Hillside sign a written copy of the agreement. These parties have

Without a legal framework of reasonably assured expectations within which to make plans, businesspersons would most reliably be able to count only on others'

A party who confers a benefit on someone else unnecessarily can obtain its fair value by invoking the doctrine of quasi contract.

Contests and lotteries are unilateral contracts.

An agreement to form a contract cannot modify the terms of a previous contract.

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

A promisee has the right to expect or demand that something will or will not happen in the future.

Bo signs a lease with Capri Properties to lease a studio apartment for the next year for $850 per month. Daisy signs on Capri's behalf. Bo and Capri have

Sal enters into a contract with Trucking Company to work as a driver. Under the plain meaning rule, the court cannot consider any evidence not contained in the document if

Field Construction Inc. contracts with Mesa Ranch to build a new horse barn on Mesa's property for which Mesa agrees to pay. If this is a valid contract, it will be partly because it includes the element of

A contract is an implied contract if the conduct of the parties creates and defines some of the terms.

Rough Water LLC and Schafer enter into a contract for the delivery of a used fishing boat. Until the boat is delivered and paid for, these parties have

A signed agreement for Wi-Fi service is an express written contract.

One of the requirements of a valid contract is an adequate market for the deal's goods or services.

Omar asserts that a deal he entered into with Pat to sponsor and host a motivational conference for independent sales representatives was formed as the result of a mistake. Omar's best defense to the enforcement of this contract is

Steel Mill Inc. makes an offer to Tom to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance. Tom accepts the offer. This is a valid contract because it includes

A contract is considered to be unequivocal even when a term is susceptible to more than one interpretation.

If a voidable contract is ratified, both parties are released from it.