State True or False for the Following Contract Law Definitions Flashcards

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40 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
1. One purpose of contract law is to make business matters more predictable.
T
2. The elements of a contract are agreement, consideration, legality, and capacity.
T
3. Paid surrogacy contracts are viewed by the legislative majority in all states as immoral and illegal.
F
4. Robert offers to buy a car from Jane for $400. Jane must accept this offer in order to form an enforceable contract.
T
5. Strawly Corp. wants to sell land which has toxic waste underground. It may shift all the responsibility for environmental cleanup to the buyer by including such a provision in the sales contract.
F
6. Contracts for the sale of fabric, automobiles, computers, furniture, and paper clips would all be governed by Article 2 of the Uniform Commercial Code.
T
7. A valid contract can legally be voided by either party.
F
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.
F
9. A quasi-contract is the same as an oral contract.
F
10. Mary goes into Honest Harry's Electronics and purchases a TV. Mary agrees to pay for the TV in 30 days on the store's "30 days same as cash" plan. This is an executory contract.
T
11. Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday. If Teresa cleans the house by noon on Saturday and Valerie pays the $75, then this is an implied, bilateral, executory contract.
F
12. Upon the recommendation of a friend, Hope hires Joey to rewire her kitchen and he completes the work within the time agreed. Then Hope finds out that Joey is not a licensed electrician, and she refuses to pay him for the work. A court will enforce the agreement because otherwise Hope would be unjustly enriched.
F
13. When promissory estoppel is used by the courts, it is because there is NOT an enforceable contract present.
T
14. Under a contract, Danielle is required to make a set of draperies out of fabric chosen by the homeowners, the Flynns. After Danielle makes the draperies according to the contract requirements, her duties under the contract are discharged.
T

15. Alex promises to pay $100 to anyone who finds his lost watch. Kate finds and returns the watch to Alex after hearing of the reward money. Alex and Kate have an enforceable unilateral contract.
T