Answered: A contract that only one of the parties…

Business

Accounting

A contract that only one of the parties can enforce in a court is not valid. True False

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter12: Contracts And Sales:introduction And Formation

Section12.5: Formation Of Contracts

Problem 5.2CQ

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

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A contract that only one of the parties can enforce in a court is not valid. True False

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the effect of the doctrine of privity of contract is that a. a person who is not a party to a contract cannot obtain benefits or rights under it b. a unilateral contract is unenforceable against parties who have privity c. parties to a contract are protectred by the law d. a person can obtain rights under a contract for which he or she is not a party
What is one of the drawbacks of the parol evidence rule? It permits the acceptance of extrinsic evidence to determine the parties' intention. It is a basis for relieving parties from their contractual obligations. It results in contractual quantum meruit. It may prohibit parties from enforcing oral promises.
Please solve it asap and giving answer appropriately
Explain whether the following statement is true: “Duress is an unlawful threat of harm or injury made by one contracting party or someone acting for thatparty and which causes the other party to enter into the contract. It results in no consensus betweenthe parties and a void contract.”
TRUE OR FALSE An instrument payable out of a contingency is not negotiable even if the contingency happened. The drawee in a promissory note must be named or otherwise indicated therein with reasonable certainty. An endorsement cannot be stricken out. A person who signed an instrument without indicating in what capacity he signs shall be considered an endorser. The defense that the instrument is undelivered and was completed without authority is a real defense.
Explain when exculpatory agreements, agreements involving the commitment of a tort, and agreements involving public officials will be held to be illegal.
A lawsuit is an example of a contingent liability for the defendant. O True False
Suppose the obligation of the debtor is to do something and he fails to do it or performs it in contravention of the agreement, what are the the remedies available to the creditor?
Which of the following mistakes that does NOT render an agreement defective? A) identity of the party or parties B) identity of the subject matter C) terms of the contract D) existence of the subject matter
Either party can choose to the contract in cases where both partiess to a contract are mistaken about either a current or a past material fact. O Refute O Confirm Rescind O Disclaim O Uphold
In case the debtor does not make the application of payment nor the creditor does not also state in which application of payment of payment is made, then application is made by operation of law. True False
Which of the following statements is incorrect? O a. If the occurrence of the obligation is in doubt, there is no need to account for the liability. O b. A liability is a present obligation, arising from past transaction, which probably has to be paid. O c. Damages awarded by court against the business may be ignored because it will be appealed. O d. A liability has to be accounted for at the best reliable estimate even if the amount is not certain.