Law Final Exam Questions And Answers Graded A+

the occurrence of an event before initiation of contractual duties. {Ans: condition precedent}highest bid wins. {Ans: auction without reserve}T/F: The intent to enter into a contract depends on what the parties think about the contract {Ans: False (matters what a reasonable person thinks about the contract)}The most important reason courts enforce contracts is/are: A. "a person's word is their bond." (It's the moral thing to do.) B. the law says one will keep one's promises, so you must obey the law C. contracts are a foundation of our economy D. keeping one's promises shows you can be trusted {Ans: C}An oral contract for the sale of land is: a. Void b. Enforceable c. Voidable d. Unenforceable e. Implied {Ans: D}T/F: Richie's Roofers, Inc. doesn't want to perform their contract with you because they can get 2 times the money from someone else to work for them. You agree with Richie's Roofers, Inc. to meet the other party's price because you are desperate to get Richie's Roofers, Inc. work completed for your project. The new contract in enforceable as an Accord and Satisfaction {Ans: False}