LSB 3213 Exam 2 Study Guide with Complete Solutions
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Course
LSB 3213
Institution
LSB 3213
LSB 3213 Exam 2 Study Guide with
Complete Solutions
Retail Outlets, Inc., contracts with Smooth Paving Inc. to grade and pave a
parking lot. Smooth assigns the contract to Tough Road Company, which
has a poor record of completing projects. Retail could most successfully
argue that the contract...
LSB 3213 Exam 2 Study Guide with
Complete Solutions
Retail Outlets, Inc., contracts with Smooth Paving Inc. to grade and pave a
parking lot. Smooth assigns the contract to Tough Road Company, which
has a poor record of completing projects. Retail could most successfully
argue that the contract cannot be assigned because - Answer✔️✔️-the
assignment will materially increase the risk of nonperformance.
In an exchange of e-mails, Rob, a landlord, and Sam agree to a lease of a
certain apartment for one year. Under the Statute of Frauds, this lease is
enforceable provided - Answer✔️✔️-the e-mail is signed by the party against
whom enforcement is sought.
Idina admires Jules's collection of guitars. July says, "I plan to sell the
collection when I get tired of it." Jules's statement is - Answer✔️✔️-not an
offer because July expressed only an intent to enter into a future contract.
On May 1 Ralph offers to cure and smoke Sam's pork. On May 3 Ralph
mails Sam a letter revoking the offer. Sam receives the letter on May 5 and
responds on May 6. Ralph's revocation of the offer - Answer✔️✔️-became
effective on May 5.
Mona is induced by her guardian Newt to sign a contract to invest her
student loan funds in OptiBank through Newt's investment firm.
Unknown to Mona, Newt realizes a commission from the investment. Most
likely, Mona may rescind the contract on the basis of - Answer✔️✔️-undue
influence.
Wally offers to repair and service a forklift for Valu Lumber Outlet, but
Wally dies before Valu accepts. Most likely, Wally's death - Answer✔️✔️-
terminates the offer.
Ready Repair Service enters into a contract to fix washers and dryers in
Scrub n' Dry Company's coin-operated laundries. If Ready Repair breaches
by only partially performing the contract, Scrub n' Dry can - Answer✔️✔️-
sue Ready Repair for compensatory and consequential damages.
A valid contract requires - Answer✔️✔️-an offer and an acceptance
Flora enters into a contract with Global Shipping, Ltd., to insure and ship a
painting from France to the United States for a certain price. Global makes
a mistake in adding the costs, which results in a contract price that is $1,000
less than the true cost. Most likely, a court would - Answer✔️✔️-allow the
parties to rescind the contract.
Lewis tells a representative of Musical Instruments, Inc., that he will pay
for Nora's trumpet if she does not. Lewis does not secure any personal
benefit for this promise. This promise is enforceable as a contract -
Answer✔️✔️-only if it is in writing.
Floyd signs a contract to buy a drum kit just before reaching the age of
majority. After reaching the age of majority, Floyd does not take possession
2
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