Chapter 11 Flashcards by Matthew Scopes

Q

All parties entering into a contract must possess characteristics that qualify each party as competent for a valid contract to exist.

A

True

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Q

A unilateral contract is defined as a promise given in exchange for a promise.

A

False

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Q

Once an offer is made, the offeror cannot revoke it.

A

False

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Q

Movers, LLC promises to deliver a certain couch to Nora, who promises to pay for the service. If Movers does not perform, it may be required to:

A

pay damages to nora

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Q

Mary offers to sell her iPad for $100 to Noreen. Noreen promises to pay Mary the price. Later, they exchange the iPad for the money. A contract was created when:

A

Noreen promised to pay

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