Mark, a college student, agreed to sell his horse to Henry for $1,000 . The contract required Mark to take the horse on that same day to Idlewild Stables where Henry was going to board the horse. Henry paid Mark the money, patted the horse and said, "I'm glad you're mine, you beauty," and drove off. Mark then led the horse into the trailer and set off for the two-hour drive to Idlewild. Has there
been a sale?
a. No, not until delivery to Idlewild.
b. No, not until Henry sees the horse again.
c. Yes, since Henry already paid for it.
d. Yes, since the contract was made earlier in the day.
a
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A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to
A) increase one asset, decrease another asset B) decrease an asset, decrease a liability C) increase an asset, increase a liability D) increase an asset, increase owner's equity
Which behavior am I using when I analyze and diagnose a new challenge?
A. identify adaptive challenges B. get on the balcony C. protect leadership voices from below D. work avoidance
Which of the following statements is true?
A) Restoration is what a minor is entitled to receive upon disaffirming a contract. B) Restitution is placing the other party back in the position it was in prior to the contract. C) Revocation refers to a party returning the consideration received in a contract. D) Rejection can occur only as part of a counteroffer.
Only personal contracts can be discharged by agreement of the parties
Indicate whether the statement is true or false