Mike and Ike Agreed Orally That Mike Would Tutor Ike

question 53

Multiple Choice

Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for 3 hours.After Mike has done the 3 hours of tutoring,but before Ike pays him next week,this contract is:

• A) executed
• B) implied-in-fact
• C) executory
• D) performed
• E) quasi-executed

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Definitions:

Guarantee

A formal assurance or promise, often related to the quality or durability of a product, or the fulfillment of a contract.

Guaranteed

Promised with certainty or underwritten with a promise of payment or performance.

Defaulted

Refers to the failure to meet a legal obligation or agreement, especially failing to make required payments on a loan.

Personal Property Security Act

Legislation that governs the creation and registration of security interests in personal property, aside from real estate, to secure payment or performance of an obligation.