Homework answers / question archive / 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

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

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1. 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

3. 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

4. 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

5. 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.