In Day VFortune Hi-Tech Marketing,Inc

question 13

Multiple Choice

In Day v.Fortune Hi-Tech Marketing,Inc. ,the case in the text,the court held that:

• A)the agreement had adequate consideration because there was no modification of the arbitration clause at any point during the relevant time period.
• B)the agreement had adequate consideration because both parties were bound by the agreement.
• C)the promise was illusory because it did not have legal value.
• D)the promise was illusory because the defendant had the option to modify the contract at its discretion.

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Definitions:

Writing Requirement

A legal principle that certain kinds of contracts or agreements must be memorialized in a signed writing to be enforceable.

Apparent Agency

A situation where a principal appears to the public to have granted authority to an agent, even if no actual authority was granted.

Expressed Agency

A legal relationship where an agent has the explicit authorization by the principal to act on their behalf.

Agency by Ratification

The process where a principal approves and legitimizes the unauthorized acts done by an agent on their behalf, thereby giving these actions full legal effect.