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An ad in the morning paper read: "Brand new 2011 Ford Focus $19,499. No payment until January 2012. We make your first payment." This is an example of which of the following?
Invitation to treat.
If you owe Mr. Storr $900 for goods received and Mr. Storr agrees to take $800 in full satisfaction of the debt, which of the following is true?
Many jurisdictions have passed legislation preventing Mr. Storr from suing you for the difference if he actually takes the $800.
Indicate which of the following is the correct statement about the effect of promissory estoppel on a promisor.
Promissory estoppel can be used as a defence only against a promisor who reneges on his promise.
Which of the following statements is correct with respect to promissory estoppel (equitable estoppel)?
Where Hank and Jim have a contract and Hank releases Jim from part of Jim's obligation, Jim can use that release, even though it was given without consideration, as a defence if Hank sues for breach of contract.
Which of the following could not be used as consideration?
Work that was done in the past.
Which of the following shows the use of the doctrine of promissory (equitable) estoppel?
Lee, a defendant, can use this doctrine as a defence against a plaintiff insisting on his full legal right when he had promised to forgive Lee some of Lee's legal obligation and Lee relied on that promise.
George contracted with Bob to have a racing bike modified for him to be delivered on February 20, 2011, for a race on February 22. The price for the modification was agreed on $100. About February 10, George became nervous about the bike being finished on time and went to see Bob. Bob said that he was very busy, but if he really wanted to be sure that it would be finished on time, George would have to pay him an extra $25 so he could pay his employees overtime. George agreed and Bob completed the modifications as requested, on time. How much does George legally owe?
Only $100 because Bob had an existing duty to modify the bike and the price was settled.
Which of the following is false with regard to contract law?
A newspaper notice offering to pay a reward for the return of lost kittens is an invitation to treat.
XYZ company, a distributor of auto parts, is in debt to the bank for $35,000 due on February 25, 2012. The company is having difficult times and wants to negotiate with the bank to pay only $33,000 as payment in full. With these facts in mind, which of the following statements of the law is false?
At common law, if the bank accepted the $33,000 as payment in full, even absent additional consideration, it could not later sue for the remainder because such promises are always binding.
" Quantum meruit" means:
"as much as deserved".
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