A) Courtesy
B) Respect
C) Performance
D) Discharge
E) Value
G) All of the above
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A) a contract to lease a basement apartment in an area that does not allow basement apartments
B) a contract to distribute child pornography
C) a contract to provide services to a terrorist organization
D) a $500 pay day loan in Ontario that charges a 400% annual interest rate
E) None of the above contracts would be enforced by the courts
G) A) and C)
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A) a contract for the sale of a house must be in writing to be valid
B) most contracts must be in writing to be valid
C) a mortgage on a condominium must be in writing to be valid
D) it is always a good idea to put a contract in writing even it is not a legal requirement
E) on-line contracts are legally valid contracts
G) A) and C)
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B
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A) On January 30, shares in Bonanza are $120. If Gecko exercises his option, he will have broken even.
B) On January 30, Bonanza has gone down to $80. Gecko does not exercise his option. He has lost $1,000.
C) There is no change in the price of the shares between January 20 and 30. If Gecko exercises his option, he will have broken even.
D) There is no change in the price of the shares between January 20 and 30. Gecko declines to exercise his option. He has lost $1,000.
E) Both C and D
G) C) and E)
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A) Seth's parents will be responsible for the balance of the payments.
B) Seth must return the motorcycle and is then entitled to a full refund of his money.
C) Seth must honour the contract because Mike honestly believed him to be over the age of majority at the time the contract was made.
D) Seth must return the motorcycle and is entitled to a refund of his money subject to some reasonable rental payment for the time the motorcycle was used.
E) Seth may not cancel the contract because he has used the motorcycle for three months.
G) A) and B)
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A) The parties to a valid contract must have the legal capacity to contract
B) Each party to the contract must offer consideration
C) The purpose of the contract must not be for an illegal object
D) Each party to the contract must have a serious intention to create a contract
E) All of the above
G) All of the above
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A) Anyone can make a contract.
B) A person can make a contract to do anything.
C) Every agreement is a contract.
D) Standard form contracts are regularly used by businesses and consumers.
E) All of the above.
G) A) and E)
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A) Future consideration can be valid consideration.
B) Past consideration is not valid consideration.
C) A contract that is sealed satisfies the courts concern for consideration
D) Each party to a contract must receive consideration of equal or similar value.
E) Consideration can be in the form of goods, services or money.
TRUE/FALSE QUESTIONS
G) A) and B)
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A) There was not an enforceable agreement because the agreement to sell the shares was not in writing.
B) There was not an enforceable agreement because some terms were expressly left to be decided later.
C) There was not an enforceable agreement because there was no consideration.
D) There was an enforceable agreement because all the essential terms were included.
E) There was not an enforceable agreement because the price of the shares had changed significantly after the initial offer to purchase was made
G) A) and B)
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A) That the impairment was so serious so that the person did not understand the nature and consequences of his actions.
B) That the contract is not one for necessities
C) That the other party knew of the impairment at the time the contract was made
D) That the agreement was cancelled within a reasonable time by the drunk or mentally incompetent person.
E) That the price paid under the contract was high
G) D) and E)
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A) Yes. GMG cannot rely on their promise to pay $20,000,000. That is past consideration.
B) Yes. Preventing Shanks from taking the other job is restraint of trade.
C) Yes. Because the contract was not under seal, the consideration flowing from GMG was not valid.
D) Yes. Shanks can rely on the doctrine of detrimental reliance: he relied, to his clear ability to make another picture.
E) No. Shanks was given consideration to make the picture for GMG and has no right to demand more money now.
G) B) and E)
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A) The provisions for electronic (i.e., by computer) acceptance of an offer.
B) The banning of negative option marketing - i.e. the practice of making a consumer "opt out" of a contract.
C) The enactment of a cooling off period, allowing a purchaser to back out of a contract if he changes his mind within a specific period of time
D) Both B and C
E) All of the above
G) A) and C)
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B) False
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A) An option to purchase.
B) An offer to purchase.
C) A conditional term
D) A real estate tender
E) A counter-offer
G) B) and D)
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E
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A) Consideration
B) Legality
C) Fairness
D) Capacity
E) Consensus
G) A) and E)
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C
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A) the sale of a $200,000 painting
B) a third party guarantee of another person's debt
C) a marriage contract
D) a 4 year lease of an apartment
E) all of the above must be in writing to be valid
G) A) and B)
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A) Necessary to protect the business
B) Restricted to a one mile radius
C) Not against the public interest
D) Both A and C
E) All of the above
G) A) and C)
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A) Food is always a necessity (necessary) .
B) If a minor buys a necessity (necessary) and overpays, there is nothing the minor can do about it.
C) If a student is a minor when taking out a student loan, she won't have to pay it back, but her parents might.
D) If a minor signs a contract for a cell phone, the courts will not let the minor out of the agreement.
E) None of the above
G) B) and D)
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A) The listing of the house for sale is called an invitation to treat.
B) The return of the agreement by Dorothy with the purchase price changed to $190,000 is called a counter-offer.
C) The initialing of the change by Linda and the addition of the drapery clause is an acceptance.
D) Both A and B
E) All of the above
G) A) and C)
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A) Arnie must pay because he is no longer a minor.
B) Arnie must pay because a minor must honour a contract for necessities (necessaries) .
C) An apprenticeship contract is considered a necessity (necessary) and can be enforced against Arnie.
D) If Suzanne proves the apprenticeship contract was beneficial to Arnie he will have to pay a reasonable price for it.
E) Suzanne must only prove the apprenticeship contract was to Arnie's benefit to get her money
G) A) and C)
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