Exam 7: Nature and Terminology

Smith & Jones, Accountants, agrees to perform an audit for Brick & Mortar Stores, Inc. Whether or not this agreement meets all of the requirements of a contract, the parties are likely to follow the rules of contract law because they

In contract law, intent is determined by the subjective theory of contracts.

Wilson buys a lottery ticket. Wilson has accepted an offer for

An express contract must be in writing.

Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is

A check is a formal contract.

Moe asserts that a deal he entered into with Nina to sponsor and host a motivational conference for independent sales representatives is an unenforceable contract. Defenses to the enforcement of a contract include

A letter-of-credit agreement between Rural Feed Corporation and Soy Farms, Inc., requires Rural's bank to pay Soy on receipt of invoices. This is

Jim tells Dana that he will take her out to lunch on Thursday. Jim has made Dana​

All contracts must be in writing to be enforceable.

Robin claims that her contract with Stroud for tennis lessons is voidable. If their contract is avoided​

An offer may not be revoked until it is accepted.