Exam 9: Nature of Traditional and E-Contracts

Mike says to Aimee,"If you come to my home once a week and dust,vacuum and clean,I'll pay you $80.00 each time." Aimee shows up the following week,performs the three duties and Mike pays her the $80.00.The next week when Aimee fails to show up,Mike calls her and she tells him that she no longer wishes to do housework for him.Mike claims they have a contract and Aimee says,"Sue me!" If Mike in fact sued,what would the outcome be and why?

A contract that has not been performed by both sides is called an executed contract.

Which of the following is not characteristic of a valid contract?

What are the three major sources of contract law and how do they affect contract law?

The fact that a contract is legally enforceable means that the police can be called to make the other party live up to the terms of the contract.

A unilateral contract is:

Alan decides that the best way to get a promotion would be to have his supervisor killed.He hires a "hit man" to have the supervisor killed.This contract would be described as:

Hilda Homeowner said to her neighbor,Paulette Painter,"If you paint my house,I'll pay you $1,500.All you must do is finish by the end of the next month.My price assumes that you will pay for all of the paint and any needed supplies." Paulette decided to paint the house.She purchased some supplies as well as enough custom-colored paint to complete the job.On the morning that Paulette was about to begin painting,Hilda told her that she had changed her mind and would not pay Paulette to paint the house.Discuss the rights of the parties in this situation.

On November 12^th, Mike orally agrees to sell his organ to Betty for $200.00, including delivery. Betty orally accepts the offer and pays Mike the $200.00 on November 13^th. Mike, however, is very busy and is unable to deliver the organ until November 19^th. Which of the following is correct?

The offeree is the party who makes an offer to enter into a contract.

Equity courts,whether separate or merged into law courts,can decide contract disputes.

If you are found unconscious and taken to the hospital where doctors save your life,you will be obligated to pay the bill even though you never agreed to the service based on an implied-in-fact contract.

The reasonable person standard is used to decide whether an express contract exists under:

A contract remains executory as long as any party to the contract has not fully performed.

A contract where the consideration exceeds $1,000 is automatically considered a formal contract.

Letters of credit are governed by the Uniform Commercial Code.

The doctrine that applies when one person confers a benefit on another person who retains the benefit in a situation where it would be unjust to allow the recipient to retain the benefit without paying for it is known as:

One requirement of an express contract is that it be in writing.

According to the Restatement (Second)of Contracts: "A contract is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty."

The Restatement of the Law of Contracts is not law.