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All of the following are true of contracts EXCEPT that they _____.
An expressed contract:
Charles made an oral offer to sell his lawn mower to Daniel for $20 if Daniel would agree not to operate it before 10 AM on weekends. Daniel accepted the offer. This agreement is:
I. an expressed contract
II. a contract for forbearance
III. a parol contract
Contracts between adults and minors (children) are usually treated by law as ___
Which of the following, when given as the consideration in a contract, would NOT be a valuable consideration?
Jim wrote a letter to Allan in which he offered to sell Allan his home for $100,000. Under the terms of this offer: I. Jim is the offeror II. Allan is the offeree
When Sue sold her home to Sally, she was unaware that the house was infested with termites. This was later discovered by Sally. Sue was guilty of: I. fraud II. innocent misrepresentation III. mistake
Which of the following need NOT be in writing in order to be an enforceable contract?
Fraud can result from:
I. giving false information
II. withholding relevant information
III. innocently giving mistaken information
Which of the following types of contracts could NOT be assigned even though they did not contain an anti-assignment clause?
Under an option, which of the following statements is true?
Blue gave Red an option for thirty days to purchase her property for a consideration of $500. There was no anti-assignment clause in the option. Which of the following statements is NOT correct?
An action brought to compel the defaulting party to perform according to the terms of a contract is known as a suit for: I. liquidated damages II. specific performance
An installment contract may also be known as a:
I. land contract
II. contract for deed
The purchaser pays for the property and receives a deed at settlement when real property is sold under a:
I. contract for deed
II. contract of sale
What does is mean when a contract is bilateral?