BUS 263 Test 2- Updated Questions and Answers
Fred agrees to assume a debt owed by Guitars Inc. to Home Bank. The agreement is not in writing. To be enforceable under the "main purpose" rule, the promise must be for the benefit of
a. Home Bank.
b. Fred.
c. any third party, such as a Guitars Inc...
Fred agrees to assume a debt owed by Guitars Inc. to Home B
ank. The agreement is not in writing. To be enforceable under t
he "main purpose" rule, the promise must be for the benefit of
a. Home Bank.
b. Fred.
c. any third party, such as a Guitars Inc. customer.
d. Guitars Inc.
Answer:Fred.
Duane and Evan orally agree to a transfer of forty acres of farm
land. Evan asks Finance Bank to lend him the funds to buy the l
and. Under the Statute of Frauds, the agreement between Dua
ne and Evan is enforceable by
a. Finance Bank.
b. Duane, Evan, or Finance Bank.
c. Duane or Evan.
d. none of the choices.
Answer:none of the choices.
Main St. Markets Inc. and Nature's Food Corporation discuss th
e terms of a contract. They exchange "signed" e-mails that sum
,marize the terms on which they agree. Main St. begins to perfor
m, but Nature's refuses to pay. Between Main St. and Nature's,
the e-mails are
a. a pre-contract.
b. no contract.
c. a written contract.
d. an oral contract.
Answer:a written contract.
Alice and Bart enter into a contract for the sale of Canyon Ranc
h. To be enforceable, this contract must be
a. signed in a sufficient manner by both parties.
b. in writing or evidenced by a written memorandum.
c. substantiated by reliable, external evidence. d. all of the choi
ces.
Answer:in writing or evidenced by a written memorandum.
Air Flo, Inc., and Banyan Grove Apartments enter into an oral c
ontract in which Air Flo agrees to provide air-conditioning and h
eating maintenance for Banyan Grove's facilities for two years.
This contract is enforceable by
a. any third party, such as a HVAC supplies provider.
b. Air Flo.
c. none of the choices.
,d. Banyan Grove.
Answer:none of the choices.
Oscar orally agrees with Papa's Pizza Restaurant to provide del
ivery service to its customers for nine months. This contract is e
nforceable by
a. either Oscar or Papa's.
b. Papa's only.
c. none of the choices.
d. any interested third party, such as a Papa's customer.
Answer:either Oscar or Papa's.
Physicians Clinic orders by phone seven boxes of single-use lat
ex gloves from Quality Medical Supplies, Inc. After three boxes
are delivered and accepted, Physicians Clinic repudiates the co
ntract. Quality Medical can enforce the contract to
a. no extent because the order was placed orally.
b. the extent of the three accepted boxes.
c. any extent because the order was placed orally.
d. the extent of the four undelivered boxes.
Answer:the extent of the three accepted boxes.
Builders Corporation files a suit against Concrete Company to e
nforce a written contract. If the court finds that the parties inten
, ded the contract to be the final statement of their agreement, pa
rol evidence can be admitted to prove
a. terms discussed before the contract but not contained in it.
b. terms discussed at the time of the contract that contradict the
written terms.
c. nothing.
d. an orally agreed-on condition.
Answer:an orally agreed-on condition.
Gold Mines Inc. sells stock in a nonexistent gold mine to Harry i
n violation of a blue-sky law. Harry can sue the seller to recover
a.the profit that the seller realized from all investors in the mine.
b.the purchase price of stock.
c.nothing.
d.the value of the investment if it did exist.
Answer:the purchase price of stock.
Rosa signs a covenant not to compete with her employer, Sale
s Corporation. A court decides that the covenant is unreasonabl
y restrictive. Most likely, the court will
a.enforce it.
b.reform it to prevent any undue burden.
c.refuse to enforce it unless the employer pays additional consi
deration.
d.evaluate its effect over time.
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