The Plaza Hotel contracts with EZ Lawn to have EZ mow the grass on the Plaza grounds for the next 10 years. However, there is a clause in the contract that states if the hotel chooses, the contract may be terminated provided Plaza pays EZ $2,000 on termination. Which of the following is correct?
a. The contract is unenforceable because the option to cancel clause makes the contract an illusory promise.
b. The contract is unenforceable because the $2,000 is past consideration.
c. The contract is unenforceable because only one party has the option to cancel.
d. The contract is enforceable because the option to cancel clause is supported by consideration.
d
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The main advisors of the Chairman of the Federal Reserve Board of Governors are
A. private economists hired as consultants. B. the Council of Economic Advisors. C. the U.S. Treasury Department. D. the directors of the three staff divisions of the Board.
Which of the following statements is true about a minitrial?
A. A minitrial involves a six-member mock jury empaneled by the court that hears a shortened presentation of the case by the lawyers for each side and renders an advisory verdict. B. A minitrial differs from mediation in that the third-party to whom the dispute is submitted decides the outcome. C. A minitrial often involves a neutral third-party advisor who will render a nonbinding opinion, if a settlement is not reached, regarding how a dispute is likely to be resolved if it goes to trial. D. A minitrial is conducted under court guidance.
You engage in a short sale when you
A) sell shares of stock you do not own. B) sell a put. C) sell options on a stock for future sale. D) sell stock to cover a margin call.
Small claims courts are: A) federal specialty courts
B) also known as probate courts. C) also known as courts of claim. D) part of the state court system.