Samuel Tate Enters into a Contract with Bill Smith Under

question 57

Multiple Choice

Samuel Tate enters into a contract with Bill Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage, repair a boat, and build a doghouse. If the doghouse has not yet been built, which term describes the type of contract in existence?

• A) Quasi contract.
• B) Executed contract.
• C) Illusory contract.
• D) Executory contract.

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Definitions:

Buyer to Take Possession

The obligation of a buyer to take control or ownership of purchased goods or property.

Used Car Problems

Issues or defects associated with purchasing a pre-owned vehicle, often concerning its condition, history, and reliability.

Voidable Title

A legal concept where a title to property or goods can be declared void at the discretion of a court, often due to issues like fraud.

UCC

Short for Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, aimed at harmonizing laws across states.