Carlos Entered into a Contract with Keisha

question 21

Multiple Choice

Carlos entered into a contract with Keisha.He promised to design a computer system for her business and she promised to pay $50 000 to his brother, Mikey.When that contract was created, Keisha agreed that Carlos would receive her promise on trust for Mikey.Which of the following statements is TRUE?

• A)Because of the trust, Mikey is entitled to enforce Keisha's promise even though he did not provide any consideration.
• B)Because Carlos and Keisha agreed to create a trust, their contract is valid even without consideration.
• C)Keisha is the trustee of a trust.
• D)The facts illustrate the concept of vicarious performance.
• E)Carlos is the beneficiary of a trust.

Understand the classification of jobs into primary, secondary, and tertiary sectors and their characteristics.

Recognize the different economic systems and their key features, such as capitalism and socialism.

Identify the characteristics of professional employment and its regulatory bodies.

Understand the implications of industrialization and post-industrialization on society and the economy.

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Definitions:

Partnership Property

Assets or property acquired by a partnership firm, owned collectively by the partners and used for the business's purposes, subject to the partnership agreement.

RUPA

Stands for the Revised Uniform Partnership Act, which is a set of laws adopted by many states to govern the operation of partnerships.

Mentally Incompetent

A legal status indicating that an individual is not capable of making decisions for themselves due to mental incapacity or illness.

Breach of Contract

The failure to perform as specified in a contract without a legitimate legal excuse.