Which one of the following terms is best defined as the

Reference no: EM13601057

Lisa informed Misty she would buy her a new wardrobe for her upcoming 15th birthday. Essentially, Lisa and Misty have entered into a legal contractual situation, the terms of which are enforceable under the law. In the event that Lisa fails to purchase the promised wardrobe,

1.Misty can seek legal remedy against Lisa through the courts.
a. true
b. false

2.Which of the following is described as a contract remedy in which the parties involved must relinquish what was transferred in the contract?
a. Rescission
b. Injunction
c. Supremacy
d. Precedent

3.For a contract to be valid under the law it must contain an offer and acceptance of said offer, consideration given from all involved parties and the performance of the contractual requirements must be of a legal nature.
a. true
b. false

4.In the world of business, all agreements both written and oral are considered to be contracts that are enforceable by law.
a. true
b. false

5.A/An ______________ contract is one that is formed when a promise is given in exchange for a promise.
a. express
b. executory
c. bilateral
d. quasi

6. When the duties called for under a contract have been fully performed by the parties, it is called https://ecourse.amberton.edu/grad/MGT6106E1/Exam 2.htm 1 of 8 9/24/2012 6:20 PM
a/an _______________ contract.
a. unilateral
b. executory
c. implied
d. executed

7.An employment contract in which the wages agreed upon are specifically in exchange for certain work performance is a/an _______________ contract.
a. express
b. quasi
c. bilateral
d. implied

8.Seeking medical advice or assistance, with the unspoken knowledge that the physician's services are to be paid for, is an example of a/an ______________ contract.
a. promissory estoppel
b. unilateral
c. implied
d. express

9. The process of forming a contract begins with a/an ________________.
a. written communication
b. consideration
c. acceptance
d. offer

10.Which one of the following terms is best defined as the doctrine that assures that a promise will be binding as, otherwise, an offeree would be harmed by relying on the promise made?
a. rescission
b. novation
c. promissory estoppel
d. illusory promise
This is the thing or act of value provided in exchange for a promise, which is required for a validcontract to be formed.

Reference no: EM13601057

Questions Cloud

A controversy has developed between the partners of the two : rice and conwell is a public accounting firm that offers two primary services auditing and tax return preparation. a

A company purchased merchandise inventory at a cost of 4300 : a company purchased merchandise inventory at a cost of 4300 with credit terms 315 net 45. if the company elects to pay

Andretti company has a single product called a dak the : andretti company has a single product called a dak. the company normally produces and sells 78000 daks each year at a

During 2008 bonzi refinanced its long term debt it spent : during 2008 bonzi refinanced its long term debt. it spent 160000 to retire long term debt in two years and issued a

Which one of the following terms is best defined as the : lisa informed misty she would buy her a new wardrobe for her upcoming 15th birthday. essentially lisa and misty have

How to calculate the maturity risk premium for a 2 year : how to calculate the maturity risk premium for a 2 year security where the real risk free rate is 3 and inflation is 3

Under what circumstances might a consolidated gain be : under what circumstances might a consolidated gain be recognized on the sale of assets to a nonaffiliate when the

Windy corporation which uses the allowance method has : windy corporation which uses the allowance method has accounts receivable of 50.800 and an allowance for uncollectible

Calculate the total manufacturing costs and the cost per : medtech inc. manufactures and sells diagnostic equipment used in the medical profession. its job costing system was

User Account

All Pages