A voidable contractMultiple ChoiceOAllows the parties to enforce it if they wishDoes not permit enforcement because it does not existDoes not exist from the outsetIs valid only if there is consent between the parties

Contracts are legally binding agreements that require the consent of all parties involved. However,…

Answered: A voidable contract Multiple Choice O O…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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A meeting of the minds occurs when both parties actually assent to a contract’s terms. It mayalso highlight the time of a mutual agreement, although the acts of this agreement need notoccur simultaneously. A subjective meeting of the minds was traditionally required when it cameto the assent of contract theory but modern law dictates that a meeting of the minds must beobjective1In relation to the requirement for a consensus to form a valid contract, explain 4 factors thatVitiate/affect consensus.
13. What does it mean to say that a contract term is ambiguous? It means that the term was added unilaterally at some time during the life of the contract It means that the term is vague and subject to multiple, reasonable interpretations It means that its performance will greatly disadvantage one of the parties.
Discuss the legal implications of illegality in terminating a contract..
Identify FOUR (4) ways to terminate a contract, esplain it briefly and include examples
What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.
Use a clear example to demonstrate when a valid and legal contract can be declared void and explain the reasons behind such a decision.
Emilio'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.
If the contract is silent as to the party who is to appropriate the goods__________. Select one: a. goods seller is to be appropriate b. the buyer is to appropriate c. the party who under the contract is first to act is to appropriate d. any party may appropriate
Describe the difference between/among the following terms. May vs shall Equal, substantially equal, relatively equal Bidder vs applicant Determines vs deems
Conditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediately
A contract becomes binding for the parties to the contract only when it satisfies some essential prerequisites. Discuss.
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A voidable contract Multiple Choice O O O Allows the parties to enforce it if they wish Does not permit enforcement because it does not exist Does not exist from the outset Is valid only if there is consent between the parties.