Richland College – Business Law:
ASSIGNMENT #2 (25 POINTS) – DUE: Oct. 29, 2019 (before TEST #2)
CHAPT. 8 – Agreement and Consideration in Contracts
1. A bilateral contract in one in which:
2. Which of the following elements need not be proved to establish that an implied contract exists?
3. Ordinarily, an agreement is evidenced by:
4. If Kim tells George, “You know, I’ve been thinking about selling my iPod for under $100,” this constitutes:
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, I’ll only pay $2,750,” what would Rhonda’s statement be called?
6. A shrink-wrap agreement is one whose terms are:
7. Consideration is usually broken down into two parts, something of legally sufficient value and:
8. Rescission may be defined as:
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?
CHAPT. 9 – Capacity, Legality, and Enforceability
1. A definition of the term contractual capacity would be:
2. The general rule with respect to minors who enter into contracts is:
3. A usurious contract is one that involves:
4. In an exculpatory clause:
5. Mistakes of fact occur in two forms. What are they?
6. Which of the following is not an element of fraud?
7. If a party to a contract has an intent to deceive the other party, this is known as:
8. Which of the following is not covered by the Statute of Frauds?
CHAPT. 10 – Contract Performance, Breach, and Remedies
1. The transfer of contract rights to a third person is known as:
2. When you transfer contractual duties to someone else, this is known as:
3. An intended third party beneficiary cannot enforce a contract against the original parties:
4. The most common way to discharge, or terminate, contractual duties is by:
5. If, three weeks before you and Lester are supposed to close your deal for the sale a twenty-acre tract of land, Lester calls you and says, “The deal is off!” Lester has:
6. Suppose that William and Laverne did not cancel their contract, but Laverne’s house burned down before William could paint it. In this case, the contract:
7. Consequential damages are:
8. Liquidated damages may be defined as:
1. Suppose that Jennifer agrees to tutor Sal’s children during the summer. After one week, Jennifer decides that she can’t handle the children and refuses to tutor them any longer. If Sal sues Jennifer for specific performance, as opposed to seeking damages for Jennifer’s alleged breach, what would a court likely do or order and explain why? (HINT: review pp. 297-298 of text).
2. Cody signs and returns a letter from Dora, referring to her sale of the Bar-D Ranch and its price. When Cody attempts to complete the deal, Dora refuses, claiming that they have no contract. Cody claims they do have a contract because both he and Dora intended to enter into an enforceable contract. What standard would a court use to determine whether these parties intended to enter into an enforceable and valid contract? (HINT: review pp. 217-218 of text)
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