BL

1. A minor is liable for necessities and for the agreed price. a. True b. False

False

1. A minor is not liable for his torts. a. True b. False

False

1. A minor may disaffirm a conveyance of land prior to reaching majority or within a reasonable time after doing so. a. True b. False

False

1. A makes B an offer for the sale of land. The offer says that B "must accept by registered letter." B accepts the offer with a regular letter. Which of the following is true? a. There is no acceptance and no contract. b. A contract was formed at the time B dispatched the letter. c. A contract was formed at the time A received the letter. d. A contract was formed midway between the time B dispatched the letter and A received it.

a. There is no acceptance and no contract.

1. A major distributor of popular sportswear offers a franchise agreement to retail stores. The contract is prepared on a standard form and offers terms on a take-it-or-leave-it basis. Such a contract is called: a. exculpatory. b. a usurious contract. c. an illegal restraint of trade. d. an adhesion contract.

an adhesion contract.

1. A newspaper advertisement made to the general public: a. usually is an offer. b. can be revoked by using a similar newspaper advertisement. c. can only be rejected by using a similar newspaper advertisement. d. is a firm offer that cannot be revoked.

can be revoked by using a similar newspaper advertisement.

1. A letter of acceptance, in answer to an offer made by letter, is effective when a. deposited in the mail. b. received by the offeror. c. signed by the offeree. d. written. e. none of the above.

deposited in the mail.

1. A letter of revocation for an existing offer takes effect when: a. dated by offeror. b. received by offeree. c. mailed by offeree. d. signed by the offeror.

received by offeree.

1. A person may ratify a contract a. anytime. b. up until his 18th birthday plus a reasonable period of time. c. only after his 18th birthday. d. only if it is for necessaries.

only after his 18th birthday.

1. A offers to pay B $10,000 if B will cut down all the trees in a wooded area on A's land. B promises to cut down the trees and then begins work. A reasonable time to complete the job is ten days. After three days B has cut down 50% of the trees. Then, A walks up to B and says: "I revoke." To this, B says "Screw you," and eventually finishes the job eight days after A made his original offer. Which of the following is most true? Assume that an offer for a unilateral contract normally is accepted by full performance of the requested act. a. A is not bound under any theory because he revoked before B finished the job. b. A is not bound contractually because B behaved unreasonably by continuing to cut down the trees even after being told not to. c. A is bound contractually because B accepted by promising to cut down the trees. d. A is bound contractually because, under one of several possible approaches, he could not revoke on these facts, and because B finished the job in time.

. A is bound contractually because, under one of several possible approaches, he could not revoke on these facts, and because B finished the job in time.

1. A makes an offer to sell B a computer by testing B the offer. The offer says nothing about authorized or stipulated means of acceptance. Which of the following is true? a. The acceptance is effective upon dispatch if a regular U.S. Mail is used. b. The acceptance is effective upon dispatch if it is by any reasonable means of communication. c. The acceptance is effective upon dispatch in all cases. d. The acceptance cannot be effective upon dispatch, because A did not authorize or stipulate any particular means of communication.

The acceptance is effective upon dispatch if it is by any reasonable means of communication.

1. A orally offers to sell B 100 premium-grade fountain pens but neglects to state the price. B orally accepts. Immediately thereafter, A tries to back out of the deal. At this point in time, which of the following is most likely to be true? a. There is no offer and no contract because the offer is indefinite. b. There is no offer and no contract because the offer must be in writing. c. There is a contract, if the parties intended to make a contract and there is a reasonably certain basis for determining the price. d. There is a contract, because the offer contained all material terms.

There is a contract, if the parties intended to make a contract and there is a reasonably certain basis for determining the price.

1. A moral obligation is generally not deemed to be consideration. a. True b. False

True

1. A minor may NOT disaffirm a contract for a. purchase of food. b. sale of land. c. purchase of land. d. a and b. e. a and c.

a and b.

1. A minor, M, has obtained necessaries on credit. It is correct to say that a. he can be made to pay the contract price for them. b. his parents must pay the contract price. c. he is only liable for the reasonable value of the necessaries. d. neither he nor his parents have to pay anything.

he is only liable for the reasonable value of the necessaries.

1. A nominal consideration is usually not consideration because: a. it is inadequate legal value for the legal value received in exchange. b. it is illusory. c. it suggests the absence of a genuine bargain. d. it is unliquidated.

it suggests the absence of a genuine bargain.

1. A large grocery store advertised a gourmet type of ham for $5.00 a pound. It usually sold for $9.00. P went to the store and demanded 500 pounds of the particular ham. The store refused to sell P any, and P sues. P would a. win; there was an offer, and he accepted it by going to the store. b. win; there was no offer, but he could recover on quasi-contract. c. lose; there was no offer; hence, he could not accept. d. lose because an advertisement can never be an offer under any circumstances and no matter how clear and definitely worded.

lose; there was no offer; hence, he could not accept.

1. A minor generally is liable for the reasonable value of a. insurance. b. necessaries. c. transportation. d. education.

necessaries.

1. A orders 100 19-inch color television sets from B, and requests prompt shipment of the goods. B promptly ships A 100 21-inch color TVs. B did not tell A that the shipment of nonconforming TVs was in accommodation. In this case: a. there is no acceptance because B's shipment materially differed from the terms of the offer. b. there is a good acceptance, and A is bound to pay the reasonable value of the 21-inch TVs. c. there is a good acceptance, but B has breached the contract by shipping nonconforming TVs. d. by shipping the nonconforming TVs, B has made a counter-offer which A can accept or reject.

there is a good acceptance, but B has breached the contract by shipping nonconforming TVs.

1. A minor's contract is ordinarily a. void. b. voidable. c. unenforceable by either party. d. valid if in writing.

voidable.