Which of the following is an example of an implied contract?
A. Alberto visits his physician to be treated for a sinus infection. They do not discuss payment, but the following week Alberto receives a bill from his physician for services rendered.
B. Midori offers to sell a necklace to Patricia for $50; Patricia agrees to pay $50 for the necklace.
C. Amy tells her neighbor Tom, "If you rake up my leaves, I'll bake you a batch of brownies." Tom accepts the offer.
D. Miguel wants to purchase his first home. When he found the perfect place, he signed a contract for purchase and closed on the home within a month.
Answer: A
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Builders Construction files a voluntary petition for bankruptcy. In listing its as-sets, Builders in¬tentionally omits certain assets, including plots of undeveloped real estate. After Builders is granted a discharge, Commercial Electric Company, one of Builders' unsecured creditors whose claims were discharged, learns of the fraud. Commercial Electric can
a. do nothing. b. enforce its claim against Builders. c. file an involuntary petition for bankruptcy against Builders. d. take possession of the stones with or without a breach of the peace.
Which of the following statements about eligibility requirements for homeowners insurance is (are) true?
I. A contract can be written on a twenty-unit apartment complex as long as the tenants are families. II. Separate forms are available for renters and condominium owners. A) I only B) II only C) both I and II D) neither I nor II c
Acti Manufacturing Corporation is estimating the following raw material purchases for the final four months of the year: September$830,000??October$940,000November$860,000December$780,000?At Acti, 40% of raw materials purchases are normally paid for in the month of purchase. The remaining 60% is paid for in the month following the purchase.?How much cash should Acti expect to pay out for raw material purchases during November?
A. $564,000 B. $438,000 C. $908,000 D. $344,000
The 1933 Act prohibits fraud only in transactions involving registered securities.
Answer the following statement true (T) or false (F)