Singapore American School ECON 102 Quiz for lecture 3 1)Michael, age 17, bought a Canada Goose coat which his parents said he had to return, even though it was snowing in Vancouver where he was. When he tried to return it, the clerk said: He can’t return it as the sign said all sales were final A coat is a necessity so he is bound to the contract Only infants under 16 are not bound to sales and he is 17 He can return it Todd entered into an agreement with his accountant that she would help him evade taxes, and in return she would get 20% of the money she had saved him. Now he is refusing to share the savings with her. Advise her as to which of the following is correct: They have a binding contract she can enforce The contract is void The contract is contrary to public policy A contract for evasion may be illegal so it is voidable at the option of either party Minnie had an agreement with her firm not to practice law elsewhere in Canada for 10 years, and she says she is not bound by

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Singapore American School ECON 102 Quiz for lecture 3 1)Michael, age 17, bought a Canada Goose coat which his parents said he had to return, even though it was snowing in Vancouver where he was

Economics Jun 02, 2021

Singapore American School

ECON 102

Quiz for lecture 3

1)Michael, age 17, bought a Canada Goose coat which his parents said he had to return, even though it was snowing in Vancouver where he was. When he tried to return it, the clerk said:

1. He can’t return it as the sign said all sales were final
2. A coat is a necessity so he is bound to the contract
3. Only infants under 16 are not bound to sales and he is 17
4. He can return it

Todd entered into an agreement with his accountant that she would help him evade taxes, and in return she would get 20% of the money she had saved him. Now he is refusing to share the savings with her. Advise her as to which of the following is correct:

1. They have a binding contract she can enforce
2. The contract is void
3. The contract is contrary to public policy
4. A contract for evasion may be illegal so it is voidable at the option of either party

Minnie had an agreement with her firm not to practice law elsewhere in Canada for 10 years, and she says she is not bound by it. She has come to you for advice. Which is correct?
1. It is a covenant in restraint of trade and is binding since she agreed to it
2. It could be set aside if the geographical area is too big but not the time limit
3. As long as there is a proprietary interest to protect it is enforceable
4. It is prima facie void

Which is correct?
1. if you agree to pay more for a paint job already under an existing contract, and initialed the change in price, you are bound to pay the increased price
2. if the contractor says if you agree to pay $300 more for a job being done, they will bring you coffee each morning, so the agreement is binding
3. the promisor does not need to get anything new in return for a promise as long as they have agreed to pay more for an existing contract
4. Using a seal would not make a promise to pay more binding

Which is correct?
1. If your parents promise to pay your school fees, their promise is binding
2. If you find an item you just purchased on sale elsewhere for less, you can always return the goods you purchased if done so the same day
3. Donations are considered gratuitous unless under seal or something is given or done in response
4. Creditors are not bound to an agreement to accept a lesser sum in full satisfaction of a debt once the full agreed upon amount has been paid.

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