Contract Questions

A bob must pay the additional 500 b arthur has given

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Unformatted text preview: must pay the additional $500. b. Arthur has given no additional consideration, and under the common law must perform at the agreed upon original price. c. The substitute agreement is an illusory contract. d. The debt is a disputed one, and therefore Bob is obligated to pay the additional money. 142. Arthur has offered to take Bob into his accounting firm as a partner upon payment of $5,000 cash. In response, Bob says, “I’ll give you $3,000 cash now and I will pay you the remainder in two months after I see whether things are working out as a partnership.” a. Bob has made a counteroffer and hence there is no contract. b. Bob has rejected the terms of the original offer, but there is still a contract. c. Under Article 2 of the UCC, Arthur is a merchant making a firm offer. Hence there is a contract. d. Any indefinite provisions in the contract between Arthur and Bob will be supplied by Article 2 of the UCC. 143. Arthur mails an offer to Brian on June 15. Brian receives the offer on June 16...
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