Business Law Final Cochran ACCT 2700 Questions And Answers Already Graded A+
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Course
Business Law Cochran ACCT 2700
Institution
Business Law Cochran ACCT 2700
T/F upscale Condos in Auburn were worth $500,000 and the bank was holding an
auction without reserve. Only one person showed up and bought them for $25,000. The
buyer would win in court because only the bank made a mistake. - ️️true
Phi Mu contracts Park Band to play at formal for $10,000 bu...
Business Law Final Cochran ACCT 2700
T/F upscale Condos in Auburn were worth $500,000 and the bank was holding an
auction without reserve. Only one person showed up and bought them for $25,000. The
buyer would win in court because only the bank made a mistake. - ✔️✔️true
Phi Mu contracts Park Band to play at formal for $10,000 but they are really drunk and
sick and only play for 15 minutes. We don't want to pay them anything but they were
really funny since they were so drunk so we say we will pay them $1000. Is this an
accord? - ✔️✔️Yes
T/F the assent of parties to enter into a contract must be voluntary - ✔️✔️true
T/F the intent to enter into a contract depends upon what the parties think about the
contract- - ✔️✔️false
T/F you are looking to buy a ticket for the Iron bowl and notice someone is selling one
for$150. You offer $150 for the ticket but the person rejects your offer. You would win in
court if you present a lawsuit. - ✔️✔️false
T/F An offeree's revocation of an offer is effective when received by the offeror. And the
offeree's rejection of an offer is effective when received by an offeror. - ✔️✔️true
Generally consideration must be legally sufficient value and bargain for exchange -
✔️✔️true
T/F Courts generally consider the adequacy of consideration in a contract. - ✔️✔️false
T/F Gift contracts are simply a transfer of wealth and unenforceable. - ✔️✔️true
T/F past consideration is not consideration - ✔️✔️true
Joe, a minor, buys a new car for $25,000 and a week later at a stop light some
challenges him to a street races someone. In a moment of passion, Joe does acid and
then street races. Since he was impaired he wrecked his car and now it is only
worth$500. He goes back to the dealership and wants the full amount back. Can he get
it? - ✔️✔️No
T/F A guarantor pays if the primary doesn't pay - ✔️✔️true
Whats another name for guarantor? - ✔️✔️surety
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