Chapter 11- Contract Formation

Chapter 11- Contract Formation - Chapter 11 Contract...

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Chapter 11- Contract Formation T RUE -F ALSE  Q UESTIONS         1. All promises are legal contracts.         2. An agreement includes an offer and an acceptance.         3. All rights under a contract can be assigned.         4. A contract providing that one party is to pay another “a fair share of the profits” is enforceable.         5. Inadequate consideration may indicate fraud, duress, or undue influence.         6. A promise to do what one already has a legal duty to do is not legally sufficient consideration.         7. A minor may generally disaffirm a contract entered into with an adult.         8. Under a mistake of fact, a contract can sometimes be avoided.         9. A contract for a transfer of an interest in land need not be in writing to be enforceable.         10. Only an intended beneficiary acquires legal rights in a contract. M ULTIPLE -C HOICE  Q UESTIONS           1. Eve questions whether there is consideration for his contract with Frank. Consideration has two  elements—there must be a bargained-for exchange and the value of whatever is exchanged must be a. adequately sufficient. b.
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This note was uploaded on 02/27/2011 for the course ACCT 2050 taught by Professor None during the Spring '11 term at Algoma University.

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Chapter 11- Contract Formation - Chapter 11 Contract...

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