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Question
Sue Sandon and Joe Rhine have concluded their agreement in all substantial matters of their contract for goods offer like price, quantity, and mode of delivery but the formal written agreement has not been signed yet. Is there a binding contract at present?
A. Yes, because an oral contract should suffice.
B. Yes, because a contract is formed at the time the agreement is concluded.
C. No, because the minor terms also need to be taken care of.
D. No, because the agreement is not yet signed and thus, legally unenforceable.
Answer
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Related questions
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B. 1970
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Which of the following was the earliest federal legislation enacted to protect water bodies against pollution?
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B. Section 3
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A. Section 7 of the Clayton Act
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Q:
The maximum penalty for a criminal violation of the 1933 Act is a:
A. $20,000 fine and one year imprisonment.
B. $10,000 fine and five years' imprisonment.
C. $20,000 fine and five years' imprisonment.
D. $10,000 fine and one year imprisonment.
Q:
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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Q:
In which of the following contexts is a professional most likely to experience a nonclient action?
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C. A securities broker who provides investment advice to retail investors.
D. An attorney who advises companies on corporation and business laws.