Assume That All Other Requirements for a Valid Contract Are

question 154

Multiple Choice

Assume that all other requirements for a valid contract are present and indicate which of the following would be a binding agreement.

• A)Mr.Ng promises to give $25 to the Canadian Cancer Society and makes that promise under seal.The association accepts but gives him nothing in return.
• B)John,so grateful that Jim returned a lost computer disk on which John had saved a term project,promised to give Jim $50.Jim stated that he deserved $100.
• C)Len offered to sell his $300 snowboard to Chuck for $400.Chuck said no.
• D)Joe offered to pay a florist to put flowers on Marilyn's grave once a week for a whole year for $500.The florist agreed to the terms of the offer but only for 10 weeks.
• E)Nervous that the programmer would not finish the project by the time specified in the contract,the owner of the company promised to give the programmer an extra $400 if he would complete the work according to the contract.The programmer agreed.

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Definitions:

Identity Foreclosure

A psychological term referring to a state in which an individual prematurely commits to an identity without adequate exploration of other options.

Hypothetical Thinking

The ability to consider possibilities, propositions, and scenarios that are not immediately physically present or proven.

Concrete Operational Stage

A stage of cognitive development in Jean Piaget's theory where children aged about 7 to 12 years understand and apply logical operations to concrete situations but not to abstract concepts.

Sensorimotor Stage

The first stage in Piaget's theory of cognitive development, where infants learn about the world through sensory experiences and manipulating objects.