) True
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1. A contract to sell real estate is generally not enforceable unless it is in writing.
a) True | |
b) False |
Step by step
Solved in 2 steps
- State whether the following contracts are considered leases under PFRS 16. Why or why not? 1. Customer enters into a contract with an aircraft owner (supplier) for the use of an explicitly specified aircraft for a two year-period. The contract details the interior and exterior specifications for the aircraft. 2. Customer enters into a contract with a manufacturer (supplier) to purchase a particular type, quality and quantity of shirts for a three-year period.1. Analyze TWO (2) differences between express and implied terms in sale of goods.Non-compete agreements are typically held to be illegal in most states. True False
- 16) Goods means every kind of immovable property other than actionable claims and money. a) True b) False 17) Faiz meets Farhan, a car dealer and tells him that he wants a car that can move 20km/liter. Farhan promotes one of the cars in the showroom and says that it suits the purpose. Faiz buys the car by relying on Farhan's representation. Subsequently Faiz finds that the car can move 15km/liter. The above situation is an example of breach of warranty. a) True b) FalseThe personal feature of property insurance contracts means that: * A) subrogation always applies B) ambiguities in the wording will always be construed against the insurer C) insurance contracts cannot be freely transferred to other parties D) the buyer of insurance must have insurable interest in property before the policy is issuedEmilio's Italian Restaurant enters into a contract with Vino winery wherein Emilio's agrees to purchase all the wine that Vino produces for $8/bottle. a. This contract is unenforceable because it fails to specify a quantity in the contract. b. This is an enforceable contract. c. This contract will only be enforceable if every other contract terms is specified in the contract. d. This contract is unenforceable because Vino hasn't given any consideration for selling all their wine to Emilio's.
- 43. When does the buyer obtain real right over the fruits of the determinate thing sold in a contract of sale? Group of answer choices From the moment of actual delivery of the fruits of the determinate thing sold From the moment of constructive delivery of the determinate thing sold From the moment of perfection of contract of sale From the moment of full payment of the priceThe sale or transfer of a partner's transferable interest is a(n) act of the partner. Multiple Choice involuntary state-mandated voluntary federally mandatedFresh Grow Farm enters into a contract with Gourmand’s Restaurant for a sale of a certain quantity of specified vegetables. After Fresh ships the produce but before Gourmand’s receives it, the buyer declares bankruptcy. Fresh can stop delivery of the goods in transit a. only if the quantity is at least a truckload. b. regardless of the quantity. c. only if the quantity is at least 50 percent of the contract amount. d. only if the quantity is in a single “unit.” If the seller is not a merchant, and the goods are being held by the seller for the buyer to pick up, the risk of loss passes to a buyer on identification. True False To protect a buyer from surprise, a warranty can be limited only by general, ambiguous language. True False
- The following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis6. May a third person compel the creditor to accept payment or performance of an obligation? 7. When is demand by the creditor not necessary in order that delay may exist? 8. As a Business Administration Student why is it important for you to study obligation and contracts?The contract for a home purchase typically includes: I. The negotiated price II. The completion of a home inspection III. The possession date IV. The approval of a mortgage by the bank I, III and IV All the responses OI, II and IV O I, II and III