Lucy and rick sign a contract in which lucy agrees to

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Chapter 14 / Exercise 2
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8. Lucy and Rick sign a contract in which Lucy agrees to deliver 10 boxes of chocolates in exchange for Rick's promise to pay $5 per box. Lucy delivers the candy. Rick pays for the goods. This contract is fully executory.a. Trueb. False
ANSWER:POINTS:False1DIFFICULTY: Difficulty: ModerateNATIONAL STANDARDS: United States- BUSPROG: AnalyticSTATE STANDARDS: United States- NC- AICPA: BE-Critical ThinkingTOPICS: KEYWORDS:A-Head: Types ofContractsBloom's: Analysis9. All oral contracts are quasi-contracts until they are completely executed.
ANSWER:POINTS:DIFFICULTY:False1Difficulty: ChallengingNATIONAL STANDARDS: United States- BUSPROG: AnalyticSTATE STANDARDS: United States- NC- AICPA: BE-Critical ThinkingTOPICS: KEYWORDS:A-Head: Types of ContractsBloom's: Synthesis
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Chapter 14 / Exercise 2
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10. Mary goes into Honest Harry's Electronics and purchases a TV. Mary agrees to pay for the TV in 30 days on store's "30 days same as cash" plan. This is an executory contract.the
ANSWER:POINTS:DIFFICULTY:True1Difficulty:EasyNATIONAL STANDARDS: United States- BUSPROG: AnalyticSTATE STANDARDS: United States- NC- AICPA: BE-Critical ThinkingTOPICS: KEYWORDS:A-Head: Types of ContractsBloom's: Comprehension11. Valerie promises Teresa that she will pay Teresa $75 ifTeresa will clean Valerie's house by noon on Saturday. Teresa cleans the house by noon on Saturday and Valerie pays the $75, then this is an implied, bilateral, executorycontract.If
ANSWER:POINTS:False1DIFFICULTY: Difficulty: ModerateNATIONAL STANDARDS: United States- BUSPROG: AnalyticSTATE STANDARDS: United States- NC- AICPA: BE-Critical ThinkingTOPICS: KEYWORDS:A-Head: Types of ContractsBloom's: Analysis12. Upon the recommendation of a friend, Hope hires Joey to rewire her kitchen and he completes the work within thetime agreed. Then Hope fmds out that Joey is not a licensed electrician, and she refuses to pay him for the work. court will enforce the agreement because otherwise Hope would be unjustly enriched.Aa. Trueb. False
ANSWER:POINTS:True1DIFFICULTY: Difficulty: ModerateNATIONAL STANDARDS: United States- BUSPROG: AnalyticSTATE STANDARDS: United States- NC- AICPA: BE-Critical ThinkingTOPICS: KEYWORDS:A-Head: Types of ContractsBloom's: Application
13. When promissory estoppel is used by the courts, it is because there is NOT a valid contract present.
ANSWER:POINTS:DIFFICULTY:True1Difficulty:EasyNATIONAL STANDARDS: United States- BUSPROG: AnalyticSTATE STANDARDS: United States- NC- AICPA: BE-Critical ThinkingTOPICS: KEYWORDS:A-Head: Types of ContractsBloom's: Knowledge

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