Contract Questions

A contract was formed on june 4 a contract was formed

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Unformatted text preview: tract was formed on June 5. No contract was ever formed. Adele borrowed $1,000 from Beatrice and signed a promissory note due on June 1st. On May 1st, a month before the debt was due Beatrice agreed to accept immediate payment of $800 in full satisfaction of the debt. In January of the following year, Beatrice sought to receive the $200 unpaid balance. What will be the result? Adele will win because she provided consideration for Beatrice’s new promise. Adele will win because the debt was unliquidated. Beatrice will win because of the pre-existing contractual obligation rule. Beatrice will win because debt was liquidated. Adhesion contracts are sometimes held to be unconscionable, but their use is often justified. An adhesion contract is most appropriate if a seller has few transactions. drafts a standard contract containing extremely favorable terms and refuses to negotiate with buyers who wish to alter its terms. thereby realizes efficiencies that reduce transaction costs. has substantially greater bargainin...
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This test prep was uploaded on 03/29/2014 for the course BUL 3130 taught by Professor Schupp during the Fall '12 term at UNF.

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