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Question
Frank and Jesse are operating as a general partnership. A question has arisen not covered under their partnership agreement and also not addressed by the Revised Uniform Partnership Act. What will the courts do to resolve the situation?A.dissolve the partnership and allow them to reform
B.look to foreign partnership laws because RUPA encompasses all U.S. partnership law
C.look to the common law
D.look to the UCC for a gap filler
Answer
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Related questions
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Which of the following involves a third party substitution?
A.novation
B.accord and satisfaction
C.substitute agreement/modification
D.rescission
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In Mobil Oil Exploration & Producing Southeast, Inc. v. United States:
A.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the original contract amounting to repudiation by the United States.
B.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the contract, barring certain types of oil exploration, frustrating Mobil's contractual purpose.
C.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
D.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, it did not substantially change the terms of the original contract.
Q:
Each of the following is a discharge by mutual consent except:
A.accord and satisfaction.
B.novation.
C.rescission.
D.frustration of purpose.
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In an assignment or delegation, any third party rights or duties occur after the contract is formed.
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When an assignment is made, the assignee has the right to reform the contract and change the obligor's rights and duties as they wish.
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Unless a contract for services calls for unique personal services, that contract cannot be discharged by impossibility.
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When the parties perform their obligations in good faith in order to complete the contract, this completion is called _______.
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What does the parole evidence rule say and how does it affect contracts?
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Why is it so important that the law of contracts be so ordered and strong with regard particularly to the business world?
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Alan lives in a beach front home and one morning discovers an adult woman who has washed up on shore and is unconscious. Alan takes her into his home and administers aid to her. She awakens after a few hours but has amnesia, not knowing who she is or how she ended up washed ashore on his property. Alan cares for her for two weeks when her memory returns. She fell overboard while sailing with her wealthy parents on their yacht. She tells him that her name is April and she provides him with contact information for her parents. Naturally, when Alan calls they are ecstatic. They tell Alan that they will fly in to pick her up the next day and that he should tally up his expenses and that they will reimburse him for his costs. When they arrive, Alan gives them the cost sheet which they refuse to pay. Does Alan have any rights against the parents? Does Alan have any rights against April?
Q:
In Lucy v. Zehmer, the two parties were drinking in a bar when Lucy offers to buy Zehmer's farm. After some negotiation a written contract was executed. Zehmer claimed that the whole episode was only a joke and he never intended to sell the farm. The court determined that:
A.since Zehmer claimed to be "high as a Georgia pine" and it was only the liquor talking, there was no contract.
B.since the contract was written without lawyers present, it was likely not really serious so no contract was actually formed.
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Q:
Which of the following promises ordinarily need not be in writing to be enforceable?
A.Promises made as a part of a prenuptial agreement.
B.An agreement to sell of a car for $1,500.
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Q:
A professor tells a student that if she writes a 5,000 word paper on the evils of plagiarism by May 13th, he will pay the student $750.00.
A.the offer is for a unilateral contract
B.if the student gives the paper to the professor on May 14th, the money is owed because the student came close and did get the paper done
C.this contract is only enforceable if it's in writing
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A.this was a unilateral contract
B.this was a bilateral contract
C.this was an implied contract
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Hillary is a nerdy bookworm couch potato who rarely goes out of her home except to go to work as a deskbound CPA. She wears a sweater almost every day including during the summer and is always complaining about being cold. Edmund, a coworker, tells Hillary that he will give her $1M if she climbs Mt. Everest. Edmund doesn't believe that she'd even give the offer a second thought. Hillary, without saying anything to anyone, starts an intensive training program to whip herself into shape and six months later, during her vacation, in fact, climbs Mt. Everest. Upon returning to work, she presents Edmund a picture of herself on the summit of Mt. Everest and demands her $1M. Edmund tells her that they never had a contract so he owes her nothing and Hillary claims that the money is owed based on promissory estoppel.
A.promissory estoppel only applies if Edmund was very rich because $1M is a lot of money
B.promissory estoppel applies whether Edmund was rich or not
C.promissory estoppel does not apply because Edmond had no reason to believe that Mary would rely on his promise
D.promissory estoppel does not apply because Mary must announce that she accepts his offer for it to create an obligation to pay
Q:
The legal detriments exchanged by the parties must be equal, or reasonably close to equal, for consideration to be valid.
Q:
If you give a truthful answer to a question during contract negotiations, but something then happens that makes that answer now false, you are not obligated to notify the other party unless they ask the question again.
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After an offer is made, the offeror may revoke that offer at any time, even if the offeree has not been given a reasonable period of time to decide whether or not to accept.
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All bilateral contracts are express.
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