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Question
Calvin tells Sara that he will sell her his car for $5,000. Sara agrees. The exchange is to take place in 10 days. The contract between Calvin and Sara is now:
A. unilateral, executory, and valid.
B. bilateral, executed, and voidable.
C. bilateral, executory, and express.
D. bilateral, executory, and implied.
Answer
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Related questions
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C. $20,000 fine and five years' imprisonment.
D. $10,000 fine and one year imprisonment.
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Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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