Question 4 2 pts A letter of intent summarizes progress made during business negotiations, but more importantly, it creates implied agreement that the parties will agree. quasi contract an assurance that the parties are serious about negotiations, an agreement in principle. Question 5 2 pts Reese promised to sell his auto to lan, a 17-year-old. Reese later refused to complete the sale. If Ian sues to enforce the contract, lan will win because minors can only avoid contracts for the sale of land. lose, because the promise made by Reese is not enforceable. lose, because the contract is voidable only at Reese' option. win because the contract is not voidable by Reese. None of the other answers are correct. Question 6 2 pts Art had a glass of wine and fell dizzy. He made a deal with Nia to buy her computer repair business. Nia can enforce the agreement If Nia consumed any alcohol, either party can avoid the agreement, whether they were intoxicated or not. Whether the parties have a valid agreement depends on whether the agreement was written, The agreement is most likely voidable. Question 7 2 pts Mary goes into Honest Harry's Electronics and purchases a TV. Mary agrees to pay for the TV in 30 days on the store's "30 days same as cash" plan. This is implied contract express contract. an executed contract. contract that requires a writing