Contract Questions

Where the parties mutually agree to terminate the

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Unformatted text preview: to an item once it was sold out. 448. a. b. c. d. To be effective, an offer must be definite and complete. Which of the following is correct? All terms in the offer must be expressed. Absolute definiteness is required. The acceptance cannot be used to meet the definiteness requirement. Only reasonable definiteness is necessary. 449. a. b. c. d. To constitute consideration, a promise must be: under seal. binding. in writing. dated. 450. To which of the following situations does the common law “pre-existing duty” rule not apply? a. Where the alleged promise to perform a pre-existing duty really contains some new obligation, no matter how small b. Where unforeseen and unforeseeable circumstances make performance of the pre-existing obligation far more difficult than originally believed c. Where the parties mutually agree to terminate the first contract between them d. All of the above 451. Today, under the UCC, a person buying goods from a minor may not transfer valid title to a good faith purchaser for value. a. True b. F...
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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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