On November 12^th, Mike Orally Agrees to Sell His Organ

question 109

Multiple Choice

On November 12^th, Mike orally agrees to sell his organ to Betty for $200.00, including delivery. Betty orally accepts the offer and pays Mike the $200.00 on November 13^th. Mike, however, is very busy and is unable to deliver the organ until November 19^th. Which of the following is correct?

• A) On November 13^th, the contract was executory.
• B) On November 20^th the contract will be executed, assuming Mike delivers the organ on November 19^th.
• C) This is an informal contract.
• D) As of November 13^th, this is an informal, executory contract, and it will be an executed contract on November 20^th, assuming Mike delivers the organ on November 19^th.
• E) There is not contract in this case, since Mike did not fulfill the "benefit of the bargain on November 13^th.

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Definitions:

Premise

A claim or assertion that leads to another being concluded or drawn as a logical consequence.

Definition

A statement that explains the meaning of a word or phrase.

Invalid Argument

A logical fallacy where the conclusion does not logically follow from the premises, regardless of the truth of the premises.

Arguments By Elimination

A method of reasoning where options are systematically rejected until only one option remains as the solution or answer.