Accounting 324 Quiz Answers

.docx

School

University of South Carolina *

*We aren’t endorsed by this school

Course

324

Subject

Law

Date

Feb 20, 2024

Type

docx

Pages

4

Uploaded by ChiefDiscovery1987 on coursehero.com

CHAPTER 14 QUIZ Juan, Dwayne, and Sonia are co-workers. Juan overhears Dwayne's offer to sell an antique car to Sonia for $15,000. Under these circumstances, - Juan makes a new offer to Dwayne when he offers to buy the car for $15,000. How is an offeror’s intent to be bound by an agreement demonstrated? - The courts determine an offeror’s intent based upon how a reasonable person would interpret the offeror’s words and actions. A revocation is effective ________ - when the offeree receives it Which rule says that the terms of an acceptance must reflect the terms of an offer? - Mirror- image rule A valid offer includes: - offers communicated by the offeror to the offeree’s agent. Formation of a contract begins when the party initiating the contract, called the ________ , makes an offer to another party, called the ________ - offeror; offeree Belinda mails Harold an offer on March 2 nd . Harold receives the offer on March 4 th and immediately mails a rejection. On March 5 th , Harold changes his mind and mails Belinda an acceptance. Belinda receives the acceptance on March 6 th and the rejection on March 7 th . Is there a contract? - Yes, the acceptance is effective when mailed on March 5 th . Which of the following is not generally considered a material term in an offer? - The time the offer is to remain open CHAPTER 15 QUIZ Regarding the enforceability of a present promise, which of the following is an accurate statement regarding past consideration? - Past consideration is no consideration at all. When there is no dispute over the amount of debt or existence of debt, it is referred to as a: - liquidated debt. The preexisting duty rule means that: - performance of a duty you are obligated to do under the law is not good consideration. The ________ is the agreement while payment is the ________ in an unliquidated debt. - accord; satisfaction
In a(n) ________ debt, the parties either disagree about whether money is owed or dispute the amount. - unliquidated Suppose that Brittany agrees to purchase Kathy’s computer for $700. Brittany’s payment of $700 is the ________ that Kathy will receive for her computer. - Consideration Wanda purchases a motorcycle from her friend, Leslie. She pays Leslie $8,000. Later, Wanda realizes that the motorcycle is worth less than $4,000. If Wanda plans to sue Leslie, which of the following statements applies? - Wanda cannot sue Leslie because the court seldom considers adequacy of consideration. If the parties dispute either the existence of a debt or the amount of a debt, that debt is called a(n) ________ debt. - Unliquidated CHAPTER 16 QUIZ The term ________ refers to the fact that the agreement in question is so unfair that it is void of conscience. - unconscionable If an agreement is illegal, the contract is ________. - Void If a person who suffers from a mental illness or defect still understands the nature of the contract and his or her obligations under the contract, which of the following will result? - The contract will be considered valid. When a minor enters into a contract, the minor has which of the following rights? - The minor has the right to disaffirm the contract before or within a reasonable time of reaching the age of majority. If someone suffering from dementia has been appointed a guardian, which of the following is true regarding that person’s ability to enter into a contract? - When someone has been appointed a guardian, that person’s contracts are considered void. _____ contracts contain multiple parts that can each be performed separately and for which separate consideration is offered. - Severable In which of the following situations does an express ratification by a minor occur? - An express ratification occurs when, after reaching the age of majority, a person states orally or in writing that he or she intends to be bound by the contract entered into as a minor. When is a contract voidable? - When the contract is entered into by a minor
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help