Business Law Ch17 Part II: Question Preview (ID: 25295)

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Belle enters into a contract to subdivide and sell housing lots in Colin’s hillside field if Dell City annexes the property within the next year. Belle’s duty to perform is
a) conditional
b) absolute
c) illusional
d) irresolute

Jen agrees to buy Kev’s Dirt Bike business on the express condition that Valley Credit Union approves the financing. This approval is
a) a condition precedent
b) a concurrent condition
c) a condition subsequent
d) an implied condition

Elton and Florida sign a contract by which Elton agrees to deliver and install a utility sink on May 15 in exchange for Florida’s promise to pay the $150 price on May 15. The delivery and installation of the sink and the payment of the price are ex¬a
a) concurrent conditions
b) conditions precedent
c) conditions subsequent
d) implied conditions

Real Cheap Painters, Inc., agrees to paint Quint’s house, using a particular brand of “discount” paint. Real Cheap completes the job but uses a dif¬ferent brand of discounted paint. This is most likely
a) substantial performance
b) an absolute excuse for Quint's refusal to pay
c) a material breach
d) complete performance

Jane and Kelly want Lucy to replace Kelly as a party to their con¬tract. They can best accomplish this by
a) a novation
b) an alteration of the contract
c) an accord and satisfaction
d) a mutual agreement to rescind

Quito contracts with Rewind Graphix, Inc., to pay $5,000 for its work on the animated film “Song.” After Rewind performs, they sign an accord, in which Quito promises to pay $4,000 within ten days instead of $5,000 later. But Quito does not pay. Rewi
a) an accord or the original obligation
b) neither the accord nor the original obligation
c) the accord only
d) the original obligation only

Ruth contracts to provide Shelly with fifty hours of telepathic personal coaching. The state legisla¬ture sub¬sequently passes a law making tele¬pathic personal coaching illegal. This law will
a) discharge the contract
b) fulfill the contract
c) not affect the contract
d) require immediate performance of the contract.

What's the official flower of the Kentucky Derby?
a) Roses
b) Daphidales
c) Patunias
d) Carnations

A gift of fine china represents what year anniversary?
a) 20
b) 10
c) 30
d) 50

Do ants sleep?
a) yes
b) no

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