Contract Questions

Assume that all the other elements of a contract

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Unformatted text preview: in writing to pay a debt barred by the statute of limitations is binding without new consideration. Charitable subscriptions are not binding unless consideration is clearly present. 569. X, a manufacturer of pencils, offers to sell Y 1,000,000 pencils for $1 million. The offer, which is signed by X’s president, says that it will remain open for six months. The offer does not request that Y pay any consideration for the promise to keep the offer open, and Y does not pay X any consideration. When can X revoke the offer? a. At any time, because there is no consideration for X’s option promise b. After three months c. After six months d. After a reasonable time 570. X and Y contract for X to build Y a house for $150,000. Later, without terminating the first contract, X and Y modify that contract so that Y will pay X $175,000. In return, X promises to build exactly the same house, but one day earlier than in the previous contract. Assume that all the other elements of a contract besides consideration are present; this is a consid...
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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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