Business Law; True or False
1. Most contracts need to be performed only to the satisfaction of a reasonable person unless they expressly state otherwise.
2. A compromise that arises out of a dispute over the obligations under a contract may be substituted for the original contract.
3. Emil enters into a contract to buy Foley's cultivated bottomland and hill and bench acreage if County AgriCredit will lend Emil the funds to pay for the land. Emil's duty to perform is
a. absolute
b. irresolute
c. conditional
d. manifest
4. Gilly agrees to buy Howard's Bakery on the express condition that the bakery's suppliers extend the same credit terms to Gilly that the suppliers currently extend to Howard. This approval is
a. an implied condition
b. a condition subsequent
c. a condition precedent
d. a concurrent condition