Business Law Practice Exam #2 flashcards | Quizlet

Business Law Practice Exam #2 flashcards | Quizlet -...

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11/14/14 10:20 PM Business Law Practice Exam #2 flashcards | Quizlet Page 1 of 19 Ready to study? Start with Flashcards Business Law Practice Exam #2 85 terms by Kasumi1609 One purpose of contract law is to make business matters more predictable. true The elements of a contract are agreement, consideration, legality, and capacity. true Robert offers to buy a car from Jane for $400. Jane must accept this offer in order to form an enforceable contract. true A valid contract can legally be voided by either party. false Lucy and Rick sign a contract in which Lucy agrees to deliver 10 boxes of chocolates in exchange for Rick's promise to pay $5 per box. Lucy delivers the candy. Rick pays for the goods. This contract is fully executory. false Upon the recommendation of a friend, Hope hires Joey to rewire her kitchen and he completes the work within the time agreed. Then Hope finds out that Joey is not a licensed electrician, and she refuses to pay him for the work. A court will enforce the agreement because otherwise Hope would be unjustly enriched. false When promissory estoppel is used by the courts, it is because there is NOT an enforceable contract present. true
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11/14/14 10:20 PM Business Law Practice Exam #2 flashcards | Quizlet Page 2 of 19 Under a contract, Danielle is required to make a set of draperies out of fabric chosen by the homeowners, the Flynns. After Danielle makes the draperies according to the contract requirements, her duties under the contract are discharged. true Alex promises to pay $100 to anyone who finds his lost watch. Kate finds and returns the watch to Alex after hearing of the reward money. Alex and Kate have an enforceable unilateral contract. true When Olga asks Sven if he wishes to sell his Harley motorcycle, he replies that he would not sell it "for less than $2,000. "Olga replies, "I accept," and hands him $2,000. A contract exists. false Revocation is the withdrawal of an offer by the offeror. true In seeking to ascertain whether there is a meeting of the minds, the courts look to how a reasonable person would objectively view the language or actions of the parties. true Vern Valve Company makes valves for plumbing fixtures. At the beginning of the year, it sends out a price list addressing each one, "To our valued customers." Honest Hank Hardware orders a variety of valves at the prices quoted on the price list. Vern Valve must sell the valves to Honest Hank for the prices quoted on the list. false Society enforces all promises in the interests of simple morality. false
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11/14/14 10:20 PM Business Law Practice Exam #2 flashcards | Quizlet Page 3 of 19 Boris sky dives out of a plane and gets hung up in a tree, hopelessly suspended and swinging precariously in his parachute from the branches of the tree. Natasha sees that he is in trouble and comes to his rescue. Once Boris is safely on the ground, he gratefully
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  • Fall '09
  • Gough
  • Business Law, business law practice, Law Practice Exam

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