Margaret and Levi enter into a contract in which Margaret agrees to wash Levi's car once a week as long as Levi tutors Margaret's son in Chemistry and Junior never comes home with a grade below a B. This is an example of which type of conditional contract? Condition Precedent Implied condition Condition Concurrent Condition Subsequent

What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.

Social media sites such as Tik Tok, Facebook and Instagram all require users agree to their Terms of Service before they can proceed to the site. These Terms of Service are examples of unconscionable usury exculpatory O adhesion contracts.

If a loan shark promises you $500 if you will rough up one of his nonpaying customers to encourage prompt repayment, what sort of contract is this? a.​Valid b.​Void c.​Voidable d.​Enforceable

Simon purchased both a call and a put on 280,000 bushels of lentils. Both options have a strike price of $5.00/bushel and a common expiration date. Lentils contracts are based on 5,000 bushels. The price of lentils on the expiration date is $5.38/bushel. A. Ignoring all costs, calculate Simon's total option payoff for these two contracts. B. Assuming that a call costs Simon $0.15 per bushel and a put costs $0.11 per bushel, calculate Simon's total profit or loss on the two positions.

Illinois Accident and Health Producer General - Shayaan Shaikh Offer, acceptance, and consideration are necessary elements of: OA. OB. OC. OD. a warranty a representation a contract insurable interest Time Remaining Flag fo

Business contracts may contain exclusion clauses as a means of limiting or excluding liabilities. Explain what is meant by the term “exclusion clause” and how case law and statutes regulate the use of such clauses in business contracts.

Dimitri lends his brother, Calvin, $1,800. Calvin and Willa agree that Calvin will build a new pool deck for Willa in exchange for Willa paying Dimitri $1,800. Calvin builds the pool deck, but Willa refuses to pay Dimitri any money. Can Dimitri sue for payment? O No, because Dimitri was not a party to the contract. O No. because Dimitri did not build the pool deck. O Yes, because Dimitri is a donee beneficiary. O No, because Dimitri is an incidental beneficiary. Yes, because Dimitri is a creditor beneficiary.

What is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.

Which of the following represents an agency relationship?     1)  Horace wants to sell his farm and hires Marcie as his realtor. The two agree that if Marcie finds a buyer for the farm at Horace's price, then Horace will pay Marcie 7% of the price he receives.   2)  Bob dies and leaves his assets in a trust for his minor child, Lilly. In the trust, Bob appoints Reggie as the trustee to act for Lilly's benefit. Since Reggie has a fiduciary duty to Lilly as trustee, Reggie is Lilly's agent.   3)  Lucy contracts to sell her car to Tony for $5,000. Tony purchases the car only to find it not in the condition that Lucy described it. Tony is claiming that Lucy violated her fiduciary duty to him as his agent under the agreement.   4)  Hunt is an attorney of questionable ethics. Roger, one of Hunt's clients, is arrested for DUI, but appears to be too intoxicated to consent to a breath test. Hunt is contacted by…