Question

True or false

Andrea owes Joe $75, due on Monday. She cannot get him the money by then. She tells him that if he waits until Thursday, she will pay him $80, and he agrees. This arrangement involves consideration.

Andrea agrees to paint Joe's house for $2000.  This contract needs to be in writing in order to be enforceable.

Andrea agrees to sell Joe a vacant lot for $400.  This contract needs to be in writing in order to be enforceable.

Answer 1

1. True. When Andrea was not able to fulfill her part, she asks him to wait till Thursday to complete the payment with an extra payment of $5. This extra payment is consideration here for late payment.

2. False. Not every contract needs to be in writing. Here when Andrea agrees to paint the house for 2000 dollars, both the parties need to fulfil their part of the contract. It can be a verbal Contract also it doesn't need to be in writing to be enforceable.

3. True. Here Andrea agrees to sell a vacant lot for four hundred dollars to joe and theere is transfer of ownership of an asset so it requires to be in writing to be enforceable.

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