Karson Orally Agrees to Pay Jaime to Plant and Harvest

question 38

Multiple Choice

Karson orally agrees to pay Jaime to plant and harvest a quarter of Karson's farm acreage for four corn-planting seasons. After Jaime prepares the land and plants the first crop, Karson says that their deal is off. Jaime can most likely recover

• A) in quasi contract.
• B) in reformation.
• C) in restitution.
• D) on the parties' existing contract.

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Definitions:

Ledger

A comprehensive collection of a company's financial transactions, organized by account.

Alphabetical Order

A method of sorting by arranging items according to the sequence of letters in the alphabet.

Credits

In accounting, credits are entries that decrease assets or increase liabilities and equity on a company's balance sheet, corresponding to the double-entry bookkeeping system.

Debits

Entries made on the left-hand side of an account record in double-entry bookkeeping, indicating increases in assets or expense accounts, or decreases in liabilities, equity, or revenue accounts.