Asked by Jordan Thompson on Jul 15, 2024
Verified
As of Tuesday when Jackson and Gina agreed upon the price for the job, what was the status of the agreement?
A) The contract was executory.
B) The contract was executed.
C) The contract was novated.
D) The contract was formal.
E) The contract was a recognizance contract.
Executory Contract
A contract under which both parties to the agreement have outstanding obligations or performance yet to be completed.
Novated
The process of replacing an original contract with a new one, transferring rights and obligations to another party.
- Achieve insight into the variances between express, implied, and quasi contracts, particularly how errors influence the enforcement of contracts.
Verified Answer
EM
Ellen MartinezJul 17, 2024
Final Answer :
A
Explanation :
The contract was executory because it was agreed upon but the work (painting the deck) had not yet been performed. An executed contract is one where all parties have fulfilled their obligations, which was not the case here.
Learning Objectives
- Achieve insight into the variances between express, implied, and quasi contracts, particularly how errors influence the enforcement of contracts.