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Commercial Law Contracts Quiz questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating
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Commercial Law Contracts Quiz questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • commercial law contracts quiz

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  • Commercial Construction
  • Commercial Construction

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Commercial Law Contracts Quiz
$800. ($6,000 - $4,200 = $800) - ANS-Pat Painter contracts to paint Harry
Homeowner's home for $6,000. Pat would supply all materials at a cost to Pat of
$1,000. Harry breaches by refusing to let Pat paint the house, which Pat found out
before spending any money on the materials. Pat is able to find another job that nets a
profit of $4,200 during that same time that Harry's house was to be painted. How much
can Pat recover from Harry in damages?

A contract will be formed only if Edie picks up the suit. - ANS-Otto approaches Edie and
says, "If you pick up my new suit for me at the mall tomorrow, I'll pay you $20." Edie
replies, "I don't know if I'll have time to get it, but I'll see if I get a chance." As a result of
this conversation:

a contract with a farmer whereby a farmer would deliver 1000 pounds of corn to Kroger
- ANS-Which contract could be assigned to another party?

Alice is free to contract with another surgeon. - ANS-Alice has a contract with a surgeon
to have a medical procedure performed on July 17. The surgeon notifies Alice on July 5
that he is in the Bahamas and will be there until the end of August and will not be able
to do the surgery. Which of the following is true at this point?

Bilateral, express, executed, valid. - ANS-Jana and Annie enter into a written agreement
whereby Jana promises to sell and Annie promises to buy a certain parcel of land for
$5,000. There is adequate consideration, the contract is legal and both parties have
contractual capacity. The contract is fully performed by both parties on Jan. 1. Which of
the following best describes this contract?

Car wash wins; this is an implied, unilateral contract that has been accepted. -
ANS-Janet pulls her car into a line for a car wash. Janet says nothing and her car is
washed by the employees there. Janet then refuses to pay for the car wash, stating that
there is no contract. What results in a lawsuit over this situation?

Enforceable, because Buyer had partly performed the contract by making payment. -
ANS-Seller and Buyer negotiate for the sale of 100 acres of land. They orally agree on a
price of $100,000, with payment to be made within 10 days and the deed delivered
within another 30 days. Buyer sends Seller a letter in which all these terms are included,
along with a check for $100,000 that the seller deposits. The seller fails to deliver a
deed and the buyer seeks to enforce the contract. This contract is:

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