- Study guides, Class notes & Summaries

If a buyer accepts an offer containing an immaterial unilateral mistake, the resulting contract will be correct answers Valid as to both parties. Moss entered into a contract to purchase certain real property from Shinn. Which of the following statements is false? correct answers The contract is nonassignable as a matter of law. On June 15, Year 1, Alpha, Inc., contracted with Delta Manufacturing, Inc., to buy a vacant parcel of land Delta owned. Alpha intended to build a distribution ware...

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34 pages

Written in 2024/2025

Grade A+

ProPerfomer

Andrea Grove is seeking to avoid performing a promise to pay James Brook $1,500. Grove is relying on lack of consideration on Brook's part. Grove will prevail if she can establish that correct answers Prior to Grove's promise, Brook had already performed the requested act. An offer is not terminated by operation of law solely because the correct answers Subject matter is sold to a third party. Gala leases her B-25 to pilots for recreational flying. One Saturday morning, Hanna called ...

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17 pages

Written in 2024/2025

Grade A+

ProPerfomer

Accy 411 Rhodes (Ole Miss) SU 1, 2, 14 (final exam) terms || 100% ACCURATE!! Accy 411 Exam 1 || WITH 100% CORRECT ANSWERS; SCORED A+ Accy 411 exam 2 T/F || 100% CORRECT SOLUTIONS!! accy 411 contracts || QUESTIONS & ANSWERS 100% VERIFIED!! Accy 411 Rhodes SU 17 – contracts || 100% VERIFIED ANSWERS!! accy 411 17.6 || Questions with correct answers.

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17 items

ProPerfomer

Fair Credit Reporting Act correct answers Credit reporting agencies must follow reasonable procedures to assure maximum possible accuracy in reporting consumer credit histories and prohibits the agencies from including inaccurate or obsolete information in consumer reports Equal Credit Opportunity Act of 1974 correct answers Act stating that a business entity may not discriminate against a credit applicant on the basis of race, color, religion, national origin, age, sex, or marital status. ...

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2 pages

Written in 2024/2025

Grade A+

ProPerfomer

Which, if any, of the following could result in penalties against an income tax return preparer? I. Knowing or reckless disclosure or use of tax information obtained in preparing a return II. A willful attempt to understate any client's tax liability on a return or claim for refund correct answers Both I and II. In which of the following situations may the tax return preparer disclose the tax return information requested without first obtaining the consent of the taxpayer/client? correct...

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10 pages

Written in 2024/2025

Grade A+

ProPerfomer

Which of the following liens generally require(s) the lienholder to give notice of legal action before selling the debtor's property to satisfy the debt? Mechanic's Lien: Artisan's Lien: correct answers Mechanic's Lien: Yes Artisan's Lien: Yes A state homestead exemption ordinarily could exempt a debtor's equity in certain property from post-judgment collection by a creditor. To which of the following creditors will this exemption apply? Valid Home Mortgage Lien: V...

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19 pages

Written in 2024/2025

Grade A+

ProPerfomer

Express Contract correct answers a contract in which the terms of the agreement are stated, either in writing or orally bilateral contract correct answers a contract in which both parties make promises executed contract correct answers A contract that has been completely performed by both parties. statute of frauds correct answers a common law concept that does not apply to contract formation but requires certain contracts to be in writing and signed by defendant to be enforceable co...

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3 pages

Written in 2024/2025

Grade A+

ProPerfomer

Express Contract correct answers A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written. Implied-in-fact contract correct answers a contract in which agreement between parties has been inferred from their conduct Quasi Contract correct answers An obligation or contract imposed by law (a court), in the absence of an agreement, to prevent the unjust enrichment of one party. Bilateral Contract correct answers A type of contract that arises ...

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3 pages

Written in 2024/2025

Grade A+

ProPerfomer

Express Contract correct answers A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written Bilateral Contract correct answers A contract in which a promise is given for the promise of another. It becomes binding when mutual promises are communicated. Unilateral Contract correct answers Only one party makes a promise. A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not l...

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8 pages

Written in 2024/2025

Grade A+

ProPerfomer

negligence correct answers failure to make a reasonable attempt to comply with the provisions of the internal revenue laws or exercise ordinary and reasonable care in the preparation of a return fraud correct answers transactions involving willful or deliberate action with the intent to obtain an unauthorized benefit settlor (trustor) correct answers person who causes a trust to come into existence trustee correct answers holds legal title to the trust property for the benefit of the be...

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3 pages

Written in 2024/2025

Grade A+

ProPerfomer

agency correct answers describes an express or implied consensual relationship whereby 2 parties mutually agree that one party will act on behalf of the other party in dealing with 3rd parties' must have a legal purpose; the relationship itself is not a contract agent correct answers authority to act on behalf of the principal and is subject to the principal's control; must agree to act on principal's behalf as a fiduciary principal correct answers intends for the agent to act on ...

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6 pages

Written in 2024/2025

Grade A+

ProPerfomer

Bilateral correct answers BOth parties are bound by mutual promises to each other Unilateral correct answers ONe party promises a performance/forberance, and a second party, W/O promising tp do so, Acts/forbears Ex. reward for missing pet Executed contract correct answers been performed fully excetory contract correct answers has not been performed fully express contract correct answers created by the verbal or written expression of its terms by the parties involved Implies contr...

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5 pages

Written in 2024/2025

Grade A+

ProPerfomer

Wine purchased a computer using the proceeds of a loan from MJC Finance Company. Wine gave MJC a security interest in the computer. Wine executed a security agreement and financing statement, which was filed by MJC. Wine used the computer to monitor Wine's personal investments. Later, Wine sold the computer to Jacobs, who used it for family purposes. Jacobs was unaware of MJC's security interest. Wine now is in default under the MJC loan. May MJC repossess the computer from Jacobs?...

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4 pages

Written in 2024/2025

Grade A+

ProPerfomer

D, E, F, and G formed a general partnership. Their written partnership agreement provides that the profits will be divided so that D will receive 40%; E, 30%; F, 20%; and G, 10%. There is no provision for allocating losses. At the end of its first year, the partnership has losses of $200,000. Before allocating losses, the partners' capital account balances are D, $120,000; E, $100,000; F, $75,000; and G, $11,000. G refuses to make any further contributions to the partnership. Ignore the effec...

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36 pages

Written in 2024/2025

Grade A+

ProPerfomer

If a buyer accepts an offer containing an immaterial unilateral mistake, the resulting contract will be correct answers Valid as to both parties. What type of conduct generally will make a contract voidable? correct answers Fraud in the inducement. The Johnson Corporation sent its only pump to the manufacturer to be repaired. It engaged Travis, a local trucking company, to deliver the pump and to redeliver it to Johnson promptly upon completion of the repair. Travis did not know that Johns...

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6 pages

Written in 2024/2025

Grade A+

ProPerfomer

express contract correct answers a contract where the terms are stated, either in writing or orally. implied in fact contract correct answers a contract where the facts indicate a contract was formed unilateral contract correct answers a contract where only one party makes a promise bilateral contract correct answers a contract where both parties make promises executory contract correct answers a contract that is not yet fully performed executed contract correct answers a contract...

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3 pages

Written in 2024/2025

Grade A+

ProPerfomer

Unless otherwise provided in the limited partnership agreement, a general partner's capital contribution may not consist of services rendered to the partnership correct answers F Unless otherwise provided in the limited partnership agreement, upon the death of a limited partner, the partnership will be dissolved correct answers F Unless otherwise provided in the limited partnership agreement, a person may own a limited partnership interest in the same partnership in which he or she is a...

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4 pages

Written in 2024/2025

Grade A+

ProPerfomer

A shareholder's fundamental right to inspect books and records of a corporation will be properly denied if the purpose of the inspection is to correct answers Obtain shareholder names for a retail mailing list A corporate shareholder is entitled to which of the following rights? correct answers Approve dissolution All of the following are legal rights of shareholders in U.S. publicly traded companies except the right to correct answers Vote on major management changes Hughes and Brod...

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2 pages

Written in 2024/2025

Grade A+

ProPerfomer