Exam 10: Nature and Classification

Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule, if the contract's writing is clear and unequivocal, the meaning of the terms must be determined from

A bilateral contract comes into existence at the moment promises are exchanged.

Expert Pavers, Inc., contracts with Fabricated Building Corporation to repave Fabricated's parking lot for which Fabricated agrees to pay.The requirements of this, and any other, contract do not include

In contract law, intent is determined by the secret, subjective intent, or belief, of a party.

Some promises are not legally binding.

Jessie, a nurse practitioner, renders aid to Kruz, who is injured and unconscious. Jessie can recover the cost of the aid from Kruz

Mallory promises to buy illegal digital copies of movies from Nick, who promises to deliver on October 31. These promises are most likely

Jack promises to buy Lizette’s used textbook for $60. Jack is

Jonathon promises to pay child support and alimony to his ex-wife every month after their divorce. Jonathon has

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

Wilson buys a lottery ticket at his local gas station. Wilson has accepted an offer for

Every contract involves at least three parties.

Clay offers to pay Dot $50 for a golf lesson for Eula. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have

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

Contract law assures the parties to private agreements that the promises they make will be enforceable.

An executed contract is one that has been fully performed.

A quasi contract is not enforceable by a court.

Sunny enters into a contract with Trey to act as his personal sports trainer. If a dispute later arises and the contract contains un-clear terms, the rules of contract interpretation will give effect to

Cody signs and returns a letter from Dora, referring to Dora's Bar-D Ranch and its price. When Cody attempts to complete the deal, Dora re-fuses, claiming that they have no con-tract. Cody claims they do. What standard determines whether these parties have a contract?

All contracts must be in writing to be enforceable.