Can you help me understand the questions below. They each made a $10,000 profit so far, but since they've invested some back in to another house depending on the sale of that property the funds could decrease. I'm also not sure what other legal issues are present. Jamie, Louis, and Lisa form a partnership, under a written agr ...continues
Business Law - Every contract has both
1 Which of the following is true? a. Contracts can be classified as either voluntary or involuntary. b. All contracts are legally enforceable. c. The terms of a valid contract become private law between the parties. d. Contract promises are generally not enforced by the c ...continues
Business Law - To create an enforceable contract, which of the following is(are) needed?
To create an enforceable contract, which of the following is(are) needed? a. Agreement b. Agreement and consideration c. Agreement, consideration and contractual capacity d. Agreement, consideration, contractual capacity and a lawful objective 4 The basic concept that both pa ...continues
Which of the following are necessary to meet the requirements of a definite offer?
Which of the following are necessary to meet the requirements of a definite offer? a. Identification of the parties, subject matter, and quantity. b. Consideration to be paid. c. Time of performance. d. A, B, and C. e. A and B only. 6 In order for an offer to be valid, the follow ...continues
In order for a contract to be valid, it must
7. In order for a contract to be valid, it must a. Be made by a writing signed by adults. b. Be fully performed on both sides. c. Contain an offer, acceptance, and consideration. d. Be properly filed. 8 Generally, which of the following statements relating to contractual capacity is correct ...continues
What is the effect of one party being mistaken about the subject matter of a contract?
What is the effect of one party being mistaken about the subject matter of a contract? a. The mistaken party can rescind the contract. b. Either party can rescind the contract. c. Either party can rescind the contract, and the mistaken party can recover damages. d. Either party can rescind the contract and/or recover damag ...continues
Mary is hired by Acme business forms.
Mary is hired by Acme business forms. Acme sells forms only in one state and Mary's territory is the Northern half of the state. Mary signs an employment contract that has the following clause. In the event Mary resigns her position with Acme, she shall not engage in selling business forms for any other company located a ...continues
Unilateral Contract/LLC Partnership
1. When there is a unilateral mistake, in what three types of situations may a contract not be enforced? Explain your answer. 2. Discuss which entity has less potential liability and greater tax advantages, a partnership or an LLC? Discuss in detail.
Joe Bob promised his wife he would aerate the lawn this weekend. So, Joe Bob hoes to Eddie’s Rentals and signs an equipment lease for the day for a grass dethatcher, sometimes called a verti-cutter. The contract contains this clause: “Lessor disclaims all liability arising from injuries caused by use of this equipment.” Joe B ...continues
Grocery and Online Contracts and Advertisements
Please assist with this question: Grocery has recently developed an online ordering service for home delivery within a 10 mile radius of each its stores. In order to use the service, Grocery requires customers to agree to terms and conditions of a contract the first time a customer enters an online order. The contract specifi ...continues
