ACCT 315 test 2 t/f(All Accurately solved)

ACCT 315 test 2 t/f(All Accurately solved)
some promises are not legally binding correct answers true

the person who makes a promise is the promisee correct answers false

a promise is a declaration that something will or will not happen in the future correct answers
true

a contract is an agreement that can be enforced in court correct answers true

if a contractual promise is not fulfilled, the person who made it may be required to perform the
promised act correct answers true

contract law assures the parties to private agreements that the promises they make will be
enforceable correct answers true

the element of intent is of prime importance in determining whether a contract has been formed
correct answers false

a contractual law, intent is determined by the subjective theory of contracts correct answers false

in contract law, intent is determined by the secret, subjective intent, or belief, of a party correct
answers false

a contract is valid only if both of the parties entering into it have the capacity to do so correct
answers true

one of the requirements of a valid contract is an adequate price correct answers false

the term consideration refers to the legality of the subject matter of a contract correct answers
false

the only requirement of a valid contract is that it be voluntarily entered into correct answers false

all contracts must be in writing to be enforceable correct answers false

a bilateral contract comes into existence at the moment promises are exchanged correct answers
true

an offeree is a person who makes an offer correct answers false

every contract involves at least three parties correct answers false

a unilateral contract is formed at the moment when the contract is performed correct answers true

an offer may not be revoked before it is accepted correct answers false

, informal contracts are usually based on their sub-stance rather than their form correct answers
true

informal contracts include all contracts other than formal contracts correct answers true

a check is a formal contract correct answers true

an express contract must be in writing correct answers true

in an express contract, the terms are fully and explicitly stated in words correct answers true

an implied contract is not an actual contract correct answers false

all contracts include an implied covenant of good faith and fair dealing correct answers true

an unenforceable contract is one that cannot be enforced because of certain legal defenses against
it correct answers true

if a voidable contract is ratified, the parties must fully perform their respective legal obligations
correct answers true

an executed contract is one that has been fully performed correct answers true

a quasi contract is not enforceable by a court correct answers true

a quasi contract is a fictional contract correct answers true

when a contracts writing is not clear, a court will not consider evidence outside the contract to
interpret its terms correct answers false

a court will normally interpret the language of a contract according to what the parties claim their
intent was when they made it correct answers false

if a contract term is ambiguous a court can consider outside evidence correct answers true

one necessary element for an effective offer is a reasonable price related to market value correct
answers false

the first requirement for an effective offer is a serious intent on the part of the offeror correct
answers true

an offer does not need to be communicated to the offeree to become effective correct answers
false

an agreement is evidenced by one event: an offer correct answers false