Richland College – Business Law: ASSIGNMENT #2 (25 POINTS) – DUE: Oct. 29, 2019 (before TEST #2) CHAPT. 8 – Agreement and Consideration in Contracts 1. A bilatera l contract in one in which: Two promises are exchanged. A promise is given in return for an act. A third party guarantees the promise of one of the parties. A unilateral contract accompanies an exchange of promises. 2. Which of the following elements need not be proved to establish that an implied contract exists? The defendant could have rejected the goods or services but did not. The defendant was unable to and could not have rejected the goods or services. The plaintiff provided some good or service to the defendant. The plaintiff expected payment for some good or service and the defendant should have known this. 3. Ordinarily, an agreement is evidenced by: An offer alone. An offer plus an acceptance of that offer. A valid acceptance only. Legal capacity. 4. If Kim tells George, “You know, I’ve been thinking about selling my iPod for under $100,” this constitutes: A valid offer. A counteroffer. A preliminary negotiation. A statement of intent. 5. Filomena offers to sell Rhonda her rare book collection for $3,500. Rhonda states, I like your book collection but I will not pay $3,500 for it, Ill only pay $2,750, what would Rhondas statement be called? A revocation. A rejection. A contingent offer. A counteroffer. 6. A shrink-wrap agreement is one whose terms are: disclosed on the outside of a shrink-wrapped product so that the buyer can review them before purchasing the product. typically favorable to the buyer so that the seller does not have to contend with returned, unwrapped packages. found inside a box in which the goods are packaged. an agreement wrapped in a plastic substance. 7. Consideration is usually broken down into two parts, something of legally sufficient value and : Some kind of income redistribution. Some kind of coercive behavior. A clear moral hazard. A bargained-for exchange. 8. Rescission may be defined as: The substitution of one contract party for another. The revision of contract terms to reflect trade usage. The full performance of a contract. The unmaking of a contract to return the contract parties to the positions they occupied before the contract was made. 9. In order for a court to apply the doctrine of promissory estoppel , four requirements must be met. Which of the following elements is not required? Justice must not be served by enforcing the promise. There must be a clear and definite promise. There must have been substantial reliance on this promise. The promisee must have justifiably relied on the promise. CHAPT. 9 – Capacity, Legality, and Enforceability 1. A definition of the term contractual capacity would be: The ability to enter into a void contract. The ability to enter into a contractual relationship. The ability to mitigate contractual damages. The ability to physically write a contract. 2. The general rule with respect to minors who enter into contracts is: All such contracts are void. All such contracts are valid. Some contracts may be avoided by the minor. Such contracts may be avoided by the adult party to the contract. 3. A usurious contract is one that involves: Hazardous chemical materials. An illegally high rate of interest. Prostitution. Surrogate motherhood contracts. 4. In an exculpatory clause : One party agrees that the other party is not mentally incompetent. One party releases the other party from liability in the event of monetary or physical injury, no matter who is at fault. One party is able to sue the other party based on the clear fault of the other party. Both parties agree to use arbitration, not adjudic…
Looking for a solution written from scratch with No plagiarism and No AI?
WHY CHOOSE US?
We deliver quality original papers |
Our experts write quality original papers using academic databases.We dont use AI in our work. We refund your money if AI is detected |
Free revisions |
We offer our clients multiple free revisions just to ensure you get what you want. |
Discounted prices |
All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount |
100% originality |
We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity.We have ZERO TOLERANCE TO USE OF AI |
On-time delivery |
We will deliver your paper on time even on short notice or short deadline, overnight essay or even an urgent essay |