Question

1. Phil agrees to work for Vacation Resorts, Inc., as a chef. In determining whether a contract has been formed, an element of prime importance is

   		the parties' intent.
   		Phil's rate of pay.
   		the duration of the work.
   		Vacation Resorts's facilities.

Question 2

1. Mary promises to pay her assistant Ned $10,000 in consideration of the services he provided over the years. Mary never pays Ned. Mary is

   		liable for payment of the $10,000.
   		liable only if Ned still works for Mary.
   		not liable, because the consideration is in the past.
   		not liable, because the consideration was unintentional.

2. Grandiloquent Properties, Inc., and Investment Capital Corporation enter into a contract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at

   		more than $500.
   		more than $5,000.
   		more than $50,000.
   		any price.

3. Jim is an appliance salesperson. To make a sale, he asserts that a certain model of a Kitchen Helper refrigerator is the "best one ever made." This is

   		fraud if the statement is the truth.
   		fraud if Jim believes that this statement is not true.
   		fraud if Jim is stating his opinion, not the facts.
   		not fraud.

4. Refer to Fact Pattern 2-1A. Resolving the dispute between Java and Kaffe by having a neutral third party render a binding decision is one of the advantages of (Fact Pattern 3-1A Mac and Nan engage in a business transaction from which a dispute arises. Mac initiates a lawsuit against Nan by filing a complaint).

   		arbitration.
   		conciliation.
   		intervention.
   		mediation.

5. The Motor Vehicle Insurance Association wants the federal government to spend money to build a new highway. Congress can spend revenues

   		only to carry out Congress's enumerated powers.
   		to promote any objective that Congress deems worthwhile.
   		without regard to whether the expense violates the Bill of Rights.
   		without regard to whether the expense violates the Constitution. Question 7

6. Mona asserts that a deal she entered into with Nate is an unenforceable contract. Defenses to the enforcement of a contract include

   		a desire not to perform.
   		adverse economic consequences.
   		results that do not match expectations.
   		the lack of a party's voluntary consent.

7. Question 8

8. In an action against Elin, Frank obtains a remedy. This is

   		an administrative agency's enforcement of its rule.
   		a principle of the law derived from earlier court cases.
   		a statute enacted by a state legislature or Congress.
   		the legal means to recover a right or to redress a wrong.

9. During a trial in Gene's suit against Homer over the use of Gene's lakeside cabin, Gene's attorney asks questions of the plaintiff's witness Illya. This is

   		a cross-examination.
   		a deposition.
   		a direct examination.
   		an interrogatory.

10. Question 10

11. Herm promises to pay Nixie to work as an assistant buyer for his Organic Foods stores. Nixie agrees and quits her job with Pic-U Grocery, but Herm does not hire her. Herm is most likely liable to Nixie under

    		the concept of accord and satisfaction.
    		the doctrine of promissory estoppel.
    		the preexisting duty rule.
    		no circumstances.

Business law.

Answer 1

The answer for Question 1 is attached in below picture

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Question- Answer: a) The parties intent. Reason: A agreement will become contract when the essential element "Intension to create legal retation" exist. The contract is considered as informal unless the parties entered anto legal relationship. Thus the intension to create legal relationship is prime importance element of contract. The other options such as - Phil's rate of pay, duration of work, facilities in resort are mere Al part of negotiation between partice They aren't element which turn agreement to contract