Give the FIRST exception to the general rule that: If the consideration of the contract consists partly in money and partly in another thing, the transaction is characterized by the manifest intention of the parties. * Answer in one complete sentence only.
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- Give the SECOND exception to the general rule that: If the consideration of the contract consists partly in money and partly in another thing, the transaction is characterized by the manifest intention of the parties. * Answer in one complete sentence only.Which of the following is not a condition in the determination of when a valid contract exists: O The payment terms are identified. O The contract has to be in writing. O The parties have approved the contract. O It is probable that the consideration will be collected.Is there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.
- Formalities in a contract can be self-imposed by the parties to a contract. Select one: True FalseFirst Statement: If the words of the contract are clear and leave no doubt on the intention of the parties, interpretation of contracts may be proper. Second Statement: In case of gratuitous contracts, doubts shall be resolved in favor of greatest reciprocity of interest. a.The first statement is true; the second is false b.Both are false c.Both are true d.The first statement is false; second is trueIt’s a contract whereby a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. a. Contract of agency b. Contract of barter or exchange c. Contract for a piece of work d. None of the above
- Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law?What is the meaning of “counter-offer” in relation to the law of contract?9. Which one of the following is not a condition for a valid contract? A. There must be no known reasons to prevent its completion. B. There must be at least two competent and identifiable parties. C. It must involve the transfer of a specified amount of cash. D. The terms and conditions must be specified.
- The contract of sale is a consensual contract. a. True b. FalseDetermine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.Which of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choices