Lucas Offered to Purchase Baker's Snowmobile If He Could Arrange

question 32

True/False

Lucas offered to purchase Baker's snowmobile if he could arrange a loan with the bank for the funds. Lucas and Baker signed a written purchase agreement which did not mention the fact that Lucas did not have the necessary funds in his possession. If Baker claimed against Lucas for breach of the contract, Lucas could raise the agreement concerning the need for a bank loan as a collateral agreement, allowing him to avoid the contract.

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Definitions:

Engaged

refers to being actively involved or interested in a task or activity.

Physical Presence

Being physically located in a particular place or environment, as opposed to being there virtually or in thought only.

Performance Criteria

are standards or metrics used to evaluate the effectiveness or success of an activity or individual's work.

Evaluating

The process of judging or calculating the quality, importance, amount, or value of something.