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Business Law Final Cochran ACCT 2700 Exam Study Guide Solutions $11.49   Add to cart

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Business Law Final Cochran ACCT 2700 Exam Study Guide Solutions

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Business Law Final Cochran ACCT 2700 Exam Study Guide Solutions T/F the assent of parties to enter into a contract must be voluntary - ANSWER-true T/F the intent to enter into a contract depends upon what the parties think about the contract- - ANSWER-false T/F you are looking to buy a ticket ...

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  • November 12, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
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EmilyCharlene
Business Law Final Cochran ACCT
2700 Exam Study Guide Solutions

T/F the assent of parties to enter into a contract must be voluntary - ANSWER✔✔-true


T/F the intent to enter into a contract depends upon what the parties think about the

contract- - ANSWER✔✔-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. - ANSWER✔✔-false


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. - ANSWER✔✔-true


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. -

ANSWER✔✔-true


Generally consideration must be legally sufficient value and bargain for exchange -

ANSWER✔✔-true



Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 1/6

, T/F Courts generally consider the adequacy of consideration in a contract. -

ANSWER✔✔-false


T/F Gift contracts are simply a transfer of wealth and unenforceable. - ANSWER✔✔-

true


T/F past consideration is not consideration - ANSWER✔✔-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? - ANSWER✔✔-Yes


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? - ANSWER✔✔-

No


T/F A guarantor pays if the primary doesn't pay - ANSWER✔✔-true


Whats another name for guarantor? - ANSWER✔✔-surety


What are the amounts for a covenant not to compete? - ANSWER✔✔-2 years, 75 miles,

same type of business


T/F if the mistake is unilateral, you can't get out - ANSWER✔✔-true
Copyright ©EMILYCHARLENE2025. ALL RIGHTS RESERVED
Page 2/6

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