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Business Law Final Cochran ACCT 2700
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass.
T/F the assent of parties to enter into a contract must be voluntary - Answer✔true
T/F the intent to enter into a contract depends upon what the parties think about the contract-
- Answer✔false
T/F you are looking to buy a ticket for the Iron bowl and notice someone is selling one for$150.
You offer $150 for the ticket but the person rejects your offer. You would win in court if you
present a lawsuit. - Answer✔false
T/F upscale Condos in Auburn were worth $500,000 and the bank was holding an auction
without reserve. Only one person showed up and bought them for $25,000. The buyer would
win in court because only the bank made a mistake. - Answer✔true
T/F An offeree's revocation of an offer is effective when received by the offeror. And the
offeree's rejection of an offer is effective when received by an offeror. - Answer✔true
Generally consideration must be legally sufficient value and bargain for exchange -
Answer✔true
T/F Courts generally consider the adequacy of consideration in a contract. - Answer✔false
T/F Gift contracts are simply a transfer of wealth and unenforceable. - Answer✔true
T/F past consideration is not consideration - Answer✔true
Phi Mu contracts Park Band to play at formal for $10,000 but they are really drunk and sick and
only play for 15 minutes. We don't want to pay them anything but they were really funny since
they were so drunk so we say we will pay them $1000. Is this an accord? - Answer✔Yes
Joe, a minor, buys a new car for $25,000 and a week later at a stop light some challenges him to
a street races someone. In a moment of passion, Joe does acid and then street races. Since he
1
Business Law Final Cochran ACCT 2700
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass.
T/F the assent of parties to enter into a contract must be voluntary - Answer✔true
T/F the intent to enter into a contract depends upon what the parties think about the contract-
- Answer✔false
T/F you are looking to buy a ticket for the Iron bowl and notice someone is selling one for$150.
You offer $150 for the ticket but the person rejects your offer. You would win in court if you
present a lawsuit. - Answer✔false
T/F upscale Condos in Auburn were worth $500,000 and the bank was holding an auction
without reserve. Only one person showed up and bought them for $25,000. The buyer would
win in court because only the bank made a mistake. - Answer✔true
T/F An offeree's revocation of an offer is effective when received by the offeror. And the
offeree's rejection of an offer is effective when received by an offeror. - Answer✔true
Generally consideration must be legally sufficient value and bargain for exchange -
Answer✔true
T/F Courts generally consider the adequacy of consideration in a contract. - Answer✔false
T/F Gift contracts are simply a transfer of wealth and unenforceable. - Answer✔true
T/F past consideration is not consideration - Answer✔true
Phi Mu contracts Park Band to play at formal for $10,000 but they are really drunk and sick and
only play for 15 minutes. We don't want to pay them anything but they were really funny since
they were so drunk so we say we will pay them $1000. Is this an accord? - Answer✔Yes
Joe, a minor, buys a new car for $25,000 and a week later at a stop light some challenges him to
a street races someone. In a moment of passion, Joe does acid and then street races. Since he
1
