QuestionQuestions T/F: Each contract should cover a

Questions T/F: Each contract should cover a singular promise and if multiple promises are involved, multiple contracts should be created T/F: Boris sky dives out of a plane and gets hung up in a tree, hopelessly suspended and swinging precariously in his parachute from the branches of the tree. Natasha sees that be is in trouble and comes to his rescue. Once Boris is safely on the ground, he gratefully promises to give Natasha half of his life savings account. When he changes his mind, Natasha will probably be unsuccessful in enforcing his promise T/F: Most oral agreements will be enforceable as contracts by courts T/F: An option contract has to do with a contract that gives one of the parties a choice of consideration to accept T/F: Duress must be based on a physical threat and not an economic one T/F: An option contract refers to the choices that one has when entering into a contract T/F: Larry has had a few beers and is starting to get a bit drunk. He isn’t acting strange and he’s conducting conversations with others slurring only an occasional word or two. Larry, should he enter into a contract in this state would be considered mentally incompetent and his contract would be void T/F: Generally, mutual mistakes will often lead to the court allowing an avoidance of a contract; however, a unilateral mistake is not usually grounds to cancel a contract T/F: Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted’s promise is enforceable as long as he goes to the bank, declares his promise to guarantee Amanda’s loan in front of witnesses and shakes hands on the deal giving his word T/F: Contractual consideration is defined as the thought process a party uses to decide whether or not to accept the offer and enter into a contract T/F: The legal detriments exchanged by the parties must be equal, or reasonably close to equal, for consideration to be valid Helen’s cat Fluffy has run away and she places reward posters throughout her neighborhood. Mark sees the reward poster and spends the next six hours searching for Fluffy. While Mark is searching the neighborhood, Fluffy gets hungry and comes home, what type of contract is this and what is Mark entitled to for his work? Where a promise can only be accepted by the performance of the person to whom it is offered is an example of what type of contract? If the offer specifies no time limit in which to accept how much time does the offeree have to accept? Josh is negotiating the sale of his car with Jonathan. Jonathan asks if the car has ever been in an accident and Josh replies, “No, it has never been in an accident.” In fact, the car was nearly totaled the year before when Sheila, Josh’s girlfriend, driving Josh’s car, hit a wet spot and skidded into a pole. She had it repaired without telling him about the accident. Josh has committed what? Brandi orally tells landscaper Mike “If you trim my bush I’ll pay you $50.00.” Mike trims her bush. What type of contract was this? Bud calls Lou and says, “I’ll sell you my car for a thousand bucks, interested?” Lou says, “I’ll look it up on the Internet. If the Blue Book price is close, I’ll pay you $1000 in the morning.” At sunrise Lou shows up with $1000.00; What is Bud required to do according to the laws of contracts? What type of contract is formed to remedy unjust enrichment? Mike is walking through a parking lot and finds Kathy lying unconscious. He puts her in his car and takes her to the hospital. The hospital saves her life and when she becomes conscious they present her with a bill, Kathy will be required to pay based on what type of contract? With regard to the court, adequacy of consideration means? Dick has made a statement that the average person would realize is puffery. Dick is guilty of? In Leonard v. Pepsico, the court ruled against Leonard and refused to enforce the purchase of a Harrier Jet because? Abel sends Baker a letter: “I offer to perform consulting services for six months at $100/month.” Baker signs “I agree.” This contract fits into which category? A contract in which one party may either disaffirm or enforce a contract is? Helsel goes to see a physician concerning a particularly harsh flu. The doctor examines him prescribes medication, and gives him a bill for medical services. This agreement falls into which category of contracts? The owner of an office building hires an architect to produce renovation plans for a $5,000 fee. The owner retains the plans once the fee is paid. What source of law governs this contract? Digital signatures are recognized under state statutes that have passed what act? Hyde hires an arsonist to set a warehouse on fire for $1,000. This agreement is legally? Holmes Hats agrees to sell 100 top hats to a formal wear store and deliver them no later than April. This agreement falls into what category of contracts? The owner of a warehouse contracts with Satellite Services for the purchase and installation of satellite dishes at the warehouse. the contract allocated $8,000 for the satellite and $2,000 for installation. Which source of law governs this contract? When two parties agree to use an electronic-commerce method for a transaction, what sets out procedural guidelines that recognize electronic records and signatures under the law? A contract that meets all of the statutory requirements to form a contract but is subject to a legal defense is what kind of an agreement? Cardozo Candies agrees to sell 100 boxes of chocolate to a retail store and deliver them in one week. This agreement falls into what category of contracts? What actions by parties are events of termination of an offer? What events of termination of an offer via operation of law? T/F: When a party successfully sues for an equitable remedy for a breach of contract, they do not receive a monetary award T/F: When an accord and satisfaction is agreed to, the original obligation subject to the accord is immediately discharged T/F: Nominal damages are rarely awarded in contract cases T/F: Craig is a licensed plumber and has a contract to install a replacement toilet for Mary. When Craig realizes that he has booked two appointments simultaneously, he calls Brian, another licensed plumber and asks him to install Mary’s toilet. Craig has assigned his duties to Brian T/F: A party to a co

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