ACCT 315 Ch 15, 16, 17 Quizzes(with solved solutions)
CH 15 Elena offers to invest a certain amount in Fran's business if Fran marries Elena's son
Glen. This promise is enforceable
a. under no circumstances.
b.only if Glen agrees to marry Fran.
c.only if the amount of the investment is more than $500.
d.only if it is in writing. correct answers D
CH 15 Maya and Nick enter into a contract. To be enforceable, the contract must include
a.the signature of the party who is seeking enforcement.
b.the signature of the party against whom enforcement is sought.
c.no particular signatures.
d.the signatures of both Maya and Nick. correct answers B
Fred agrees to assume a debt owed by Guitars Inc. to Home Bank. The agreement is not in
writing. To be enforceable under the "main purpose" rule, the promise must be for the benefit of
a.Guitars Inc.
b.Fred.
c.Home Bank.
d.any third party, such as a Guitars Inc. customer. correct answers B
CH 15 Representatives of Oil Inc. and Petro Corporation discuss the terms of a contract for
shipments of refined oil. Petro e-mails Oil a note that summarizes the points on which they
agreed. Between these parties, there is
a.no contract.
b.an oral contract only.
c.a tentative contract only.
d.a written contract. correct answers D
CH 15 Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance
Bank to lend him the funds to buy the land. Under the Statute of Frauds, the agreement between
Duane and Evan is enforceable by
a.none of the choices.
b.Duane, Evan, or Finance Bank.
c.Finance Bank.
d.Duane or Evan. correct answers A
CH 15 Mako and Nico agree to buy and develop certain real estate. The parties intend their
written contract to be a final statement of the terms, which are complex, lengthy, and subject to
many conditions. This writing is
a.a partially divisible contract.
, b.a completely severable contract.
c.a partially integrated contract.
d.a completely integrated contract. correct answers D
Ch 15 To cater a holiday banquet, Food Service LLC agrees to buy one hundred pumpkin pies
from Great Desserts Inc. To be enforceable, the agreement must be in writing if the pies cost at
least
a.$499.
b.$100.
c.$250.
d.$500. correct answers D
CH 15 Lumber LLC files a suit against Mill Company to enforce an oral contract that would
otherwise be unenforceable under the Statute of Frauds. The court could enforce such a contract
if
a.Lumber foreseeably and justifiably relied on Mill's promise.
b.the deal does not involve customized goods.
c.Mill denies the existence of any contract.
d.neither party has begun to perform. correct answers A
CH 15 Real Quick Food Inc. and Spud Farm discuss periodic deliveries of potatoes. Despite the
absence of an invoice or other writing evidencing the terms of a deal, Spud begins to perform,
and Real accepts the deliveries but refuses to pay. As a contract, this arrangement is most likely
enforceable against
a.Real only.
b.Spud and Real, at least to the extent of the performance.
c.neither party.
d.Spud only. correct answers B
CH 15 Gusher Irrigation Inc. and Heartland Farm enter into a contract for a sale of irrigation
equipment for $50,000. To be enforceable, the contract should be in writing and identify
a.the price.
b.the source of payment.
c.the terms of payment.
d.the quantity. correct answers D
CH 16 Security Company enters into a contract with Tower Apartments to deliver and install an
alarm system for a certain price. Both parties perform the acts as promised. The contract is
a.excused.
b.suspended.
c.terminated.
CH 15 Elena offers to invest a certain amount in Fran's business if Fran marries Elena's son
Glen. This promise is enforceable
a. under no circumstances.
b.only if Glen agrees to marry Fran.
c.only if the amount of the investment is more than $500.
d.only if it is in writing. correct answers D
CH 15 Maya and Nick enter into a contract. To be enforceable, the contract must include
a.the signature of the party who is seeking enforcement.
b.the signature of the party against whom enforcement is sought.
c.no particular signatures.
d.the signatures of both Maya and Nick. correct answers B
Fred agrees to assume a debt owed by Guitars Inc. to Home Bank. The agreement is not in
writing. To be enforceable under the "main purpose" rule, the promise must be for the benefit of
a.Guitars Inc.
b.Fred.
c.Home Bank.
d.any third party, such as a Guitars Inc. customer. correct answers B
CH 15 Representatives of Oil Inc. and Petro Corporation discuss the terms of a contract for
shipments of refined oil. Petro e-mails Oil a note that summarizes the points on which they
agreed. Between these parties, there is
a.no contract.
b.an oral contract only.
c.a tentative contract only.
d.a written contract. correct answers D
CH 15 Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance
Bank to lend him the funds to buy the land. Under the Statute of Frauds, the agreement between
Duane and Evan is enforceable by
a.none of the choices.
b.Duane, Evan, or Finance Bank.
c.Finance Bank.
d.Duane or Evan. correct answers A
CH 15 Mako and Nico agree to buy and develop certain real estate. The parties intend their
written contract to be a final statement of the terms, which are complex, lengthy, and subject to
many conditions. This writing is
a.a partially divisible contract.
, b.a completely severable contract.
c.a partially integrated contract.
d.a completely integrated contract. correct answers D
Ch 15 To cater a holiday banquet, Food Service LLC agrees to buy one hundred pumpkin pies
from Great Desserts Inc. To be enforceable, the agreement must be in writing if the pies cost at
least
a.$499.
b.$100.
c.$250.
d.$500. correct answers D
CH 15 Lumber LLC files a suit against Mill Company to enforce an oral contract that would
otherwise be unenforceable under the Statute of Frauds. The court could enforce such a contract
if
a.Lumber foreseeably and justifiably relied on Mill's promise.
b.the deal does not involve customized goods.
c.Mill denies the existence of any contract.
d.neither party has begun to perform. correct answers A
CH 15 Real Quick Food Inc. and Spud Farm discuss periodic deliveries of potatoes. Despite the
absence of an invoice or other writing evidencing the terms of a deal, Spud begins to perform,
and Real accepts the deliveries but refuses to pay. As a contract, this arrangement is most likely
enforceable against
a.Real only.
b.Spud and Real, at least to the extent of the performance.
c.neither party.
d.Spud only. correct answers B
CH 15 Gusher Irrigation Inc. and Heartland Farm enter into a contract for a sale of irrigation
equipment for $50,000. To be enforceable, the contract should be in writing and identify
a.the price.
b.the source of payment.
c.the terms of payment.
d.the quantity. correct answers D
CH 16 Security Company enters into a contract with Tower Apartments to deliver and install an
alarm system for a certain price. Both parties perform the acts as promised. The contract is
a.excused.
b.suspended.
c.terminated.
