ACCT 315 Exam 3 (CH 15,16,16,18,23,28) With Complete Solutions 2024

Hardware Store Company and Indestructible Tools Inc. sign a written contract for a sale of goods. To be enforceable, this written contract must include - correct answer-a quantity term, such as "50 hammers" or "100 boxes of assorted nails." Oscar orally agrees with Poppy's Pizza to provide delivery service to its customers for nine months. This contract is enforceable by - correct answer-either Oscar or Poppy's. Merl buys a tablet for $500, running shoes for $200, and a set of the Game of Crowns books for $100. To be enforceable as a contract, a writing is required for the purchase of - correct answer-the tablet only 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 - correct answer-$500 Builders Corporation files a suit against Concrete Company to enforce a written contract. If the court finds that the parties intended the contract to be the final statement of their agreement, parol evidence can be admitted to prove - correct answer-an orally agreed-on condition. Lew tells a representative of Music Inc. that he will pay for Nora's trumpet if she does not. Lew does not secure any personal benefit for this promise. This promise is enforceable as a contract - correct answer-only if it is in writing 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 - correct answer-Fred. Daredevil Rides Inc. owes debts to Equipment Company and Food Supplies, Inc. Equipment orally agrees to assume Daredevil's debt to Food to prevent the concessionaire from filing a suit against Daredevil. This agreement is enforceable by - correct answer-Daredevil, Equipment, or Food Rough Canyon Adventures Inc. and Swampcraft Inc. enter into an oral contract for Swampcraft's sale to Rough of five rafts for $2,000 each. Before Rough takes possession of the rafts, this contract is enforceable by - correct answer-none of the choices Ben makes an appointment for a $50 haircut, buys a bike for $250, and agrees to work for Coding Associates for one year for $5,000 per month, starting at the beginning of next month. To be enforceable, a writing is required for - correct answer-the purchase. Don enters into a contract to buy Ezra's office building for a certain price subject to an appraiser's evaluation that the structure's condition is not substandard. If the appraiser deems the condition to be substandard, the parties' obligations will be - correct answer-discharged. A novation requires - correct answer-the existence of a previous, valid obligation. Juan and Isidro enter into a contract to buy, restore, and reopen the Coastal Park Carousel. Before either party begins to perform, they make a new agreement to rescind their deal. This - correct answer-discharges the original contract. Emil enters into a contract to buy Foley's cultivated bottomland if County AgriCredit will lend Emil the funds to pay for the land. Emil's duty to perform is - correct answer-conditional Build-It Construction LLC contracts to build a warehouse for Corporate Storage Inc. Corporate does not have to pay Build-It if the warehouse is not built. Their respective promises are - correct answer-not conditioned Fern, who owns and operates Garden Farm, agrees to sell Harvest Grocery a minimum quantity of fresh fruits and vegetables every week for three months. If bad weather destroys Fern's crops, the obligation to deliver produce to Harvest is - correct answer-discharged. City Delivery, Inc., enters into a contract to deliver furniture to Damien's house with payment due on July 4. On July 4, Damien's bank is closed, and for this reason, he claims that he cannot pay on time. In this situation - correct answer-Damien is in breach. Inez hires Josh to paint her portrait to her satisfaction for $4,000. When Josh finishes the portrait, Inez announces that she is not satisfied with it. Inez - correct answer-does not have to pay Josh. Debt Collection Service enters into a contract to employ Emma as a billing manager for two years. During the first year, Emma is often absent without explanation and when present fails to adequately do her job. This - correct answer-discharges the employer from the contract. Discharging a contract by executing a new agreement with performance different from what was originally promised is - correct answer-an accord and satisfaction. Bagels Bakery enters into a contract with Cineplex for discounted tickets for Bagels's employees. When Cineplex does not provide the tickets, Bagels enters into a contract with DigiMovies for the same service at a lower price. In a suit for breach, Bagels might