Law Assignment Help questions and Answers Part 8

Law Assignment Help questions and Answers Part 8

1.       A and B have a written contract whereby A agrees to sell B a plot of land for $100,000. Later, without terminating the first contract, the parties modify the deal so that A sells B the same plot of land for $125,000.  The second agreement:

            A)   Is not a contract because there is no consideration for A's promise.

            B)   Is not a contract because there is no consideration for B's promise.

            C)   Is not a contract because A's promise is illusory.

            D)   Is not a contract because written contracts for the sale of land cannot be modified.

2.       A and B agree that A will sell B all B's requirements of coal at a stated price per ton.  This agreement:

            A)   Is not binding for lack of consideration, because it contains an illusory promise.

            B)   Is not binding for lack of consideration, because it is a composition agreement.

            C)   Is binding, so long as B's requirements are in good faith, and are not disproportionate to any estimate in the contract or to B's normal previous requirements.

            D)   Is binding.

3.       X and Y contract for X to build Y a house for $150,000. Later, without terminating the first contract, X and Y modify that contract so that Y will pay X $175,000.  In return, X promises to build exactly the same house, but one day earlier than in the previous contract. Assume that all the other elements of a contract besides consideration are present; this is a consideration question. This second contract:

            A)   Is not binding because it is unliquidated.

            B)   Is not binding because X is promising to perform a preexisting legal obligation.

            C)   Is not binding because the earlier completion date is inadequate consideration for $25,000.

            D)   Is a binding contract.

4.A finance company may reject an applicant for a loan on the grounds that the applicant is:

       a. married.

       b. sixty-five or older.

       c. divorced.

       d. none of the above.

5. The Fair Credit Reporting Act applies to:

a- consumer credit.

b. commercial credit.

c. business credit.

d. consumer and commercial credit.

6.  Anyone promoting the sale of a real estate development that is divided into fifty (50) or more parcels of   less  than five (5) acres each must file a(n) _ statement with the secretary of Housing and Urban     Development.

a. developmental impact

b. development

c. environmental impact

d. destructive impact

7. Under which organizational structure would the death of the owner have no iegal effect?

a. a partnership

b. a corporation

c. a sole proprietorship

d. all of the above

8.. In the absence of a fixed duration provision, a joint venture wiii ordinarily terrninate:

a. upon completion of the project.

b. at the will of any participant.

c. as specified in the joint venture agreement.

d. all of the above.

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