Old Test

According to the mailbox rule, acceptance of an offer is effective when sent unless the acceptance: A. follows rejection B. is sent by electronic methods C. is sent by authorized means D. All of the above are effective when sent

A

In which of the following does the offer remain effective as of October 31? A. on Sept. 1st Lowes provides a firm offer to Logan Construction for building supplies but does not state when the offer expires. After a hurricane the coast of building supplies increases and on Oct. 1st Lowes revokes its offer to Logan Construction. B. On Sept. 1st, Matthew and Alexandra enter into an Option Contract by which Matthew grants Alexandra the right to buy his farm for $100,000 for 90 days. On Oct. 1, oil is discovered on the farm and Matthew revokes the offer based upon mutual mistake. C. On Sept. 1st, Samuel offers to sell his used living room suit to Lily for $400. On Oct. 1st, Samuel's house burns, destroying all of the contents. D. A and B only E. All of the above

A and B only

Article 2 of the Uniform Commercial Code deals with what type of property? A. real property B. intangible property C. Personal property D. Business rights

A.Real Property

In forming or attempting to form a contract, certain conduct can invalidate mutual assent. Which of the following is most often exercised from a confidential relationship or where one party has a position of dominance? a. Duress B. Undue influence C. Fraud D. Mistake

B.

The Uniform Commercial Code would be applicable to which of the following situations? a. a contract for landscaping services b. a contract for sale of patent rights c. a contract for the purchase of farmland d. a contract to buy living room furniture

D. A contract to buy living room furniture

On November 8, Josh, an employee of Lowe's offers to sell a kitchen range to each of Adam, Braden, and Carlo for $400 so long as each accepts the offer before a sales contest ends on November 15. In which situation is there a valid acceptance of Lowe's offer? A. Adam immediatly tells Josh that he will pay $350, but not $400. Josh tells Adam that $350 is not acceptable, and Adam then accepts Josh's offer on November 8. B. Branden tells Josh that he would like to look at Home Depot before making the decision beaches he thinks the price is too high. After looking at Home Depot, Braden accepts the offer on Nov. 10 C. Carlo sends Josh an email on November 15 that he accepts the offer. Josh's server was not working and Josh didn't receive the email until Nov. 16. D. B and C only E. All of the above are valid because Lowe's is a merchant.

E

Kasey has 3 collector gold coins that she offers to sell to each of Allan, Braden, and Lexi for $1000 each. The offer is in writing and specifies that acceptance must be received by email by Dec. 1. In which of the following is there a valid acceptance? A. Allan sends Kasey a letter rejecting the offer by placing it in the post office drop box after 5:00 pm on November 17. Later in the evening on Nov. 17, Allan learns that the price of gold increases and Allan emails Kasey that evening that he accepts her offer. B. Braden emails Kasey on Nov. 30 that he accepts her offer. Kasey is backpacking from Dec 1- Dec.3 and does not have email service and doesn't receive the email until Dec. 3. C. Lexi emails Kasey and asks if she would consider selling the gold coin for $950 if she paid on Nov. 17. Kasey never responds to the email. On Nov. 28 Lexi emails Kasey that she accepts her offer. D. b and c E. all of the above

E.

A(n) _______ contract is one in which the parties have manifested their agreement by oral or written language. or both a. express b. executory c. implied. d. formal

a

In forming or attempting to form a contract, certain conduct can invalidate mutual assent. Which of the following most often involves the use of improper threats or acts? a. Duress B. Undue influence C. Fraud D. Mistake

a

Promissory estoppel is a contractual doctrine that includes the following consideration: A. The courts use of doctrine of promissory estoppel to enforce non-contractual promises B. the promisor reasonably expects that the promisee, in reliance on the promise, will be induced by the nature of the promise to take action or refrain from taking action and the promise does so. C. the courts will not, under any circumstance, enforce promises that do not include all four of the elements of contract. D. both a and b

a

To invalidate mutual assent based upon fraud, knowledge of falsity and intention to deceive is required. It can consist of the following except: a. Actual knowledge of falsity b. lack of belief in statement's truthfulness c. reckless indifference to its truthfulness d. reliance upon represented facts

a

Which of the following would not be supported by consideration? A. A promise to pay $10,000 for Lily's car which is worth $25,000 B. A promise to purchase all the donuts I want from Dunkin for $1 each. C. A promise to purchase all the apples that Elissa harvests for $10/bushel D. A promise to buy all the supplies from Lowe's that I need to remodel my house. E. All of the above are supported by consideration

a

On October 1, John who is a potato farmer, offers to sell 40 bushels of potatoes to Will for $10.00 per bushel. John doesn't state how long the offer remains open. Having not heard from Will by Nov. 15, John sells his potatoes at the Farmers Market. On Nov. 21, Will accepts John's offer. John alleges that the offer had expired and that there is no contract, but Will alleges a valid contract. Which is most likely the outcome? A. John wins because John's offer was not in writing B. John wins because the offer expired after a reasonable period of time C. Will wins because John is a merchant and the offer stays open for 90 days. D. Will wins because it is an output contract.

b

Steven intentionally makes a material misrepresentation of fact regarding his motorcycle to Thelma who agrees to buy the motorcycle based upon the misrepresentation. This contract is: A. void B. voidable by Sierra C. Voidable by Steven D. voidable by Sierra and Steven

b

Which of the following is not generally required in order to have a valid contract? A. mutual assent B. fairness of the bargain C. a lawful purpose D. Parties with contractual capacity

b

Taz and dana enter into an orca agreement by which tax agrees to lease dana an apartment for 3 years for $700 a month. 3 months later, Taz finds out that he can rent the apartment for $900 and sends dana a letter stating that their 3-year oral lease is unenforceable because it was not in writing and that Dana'a lease is terminated. What is the most likely result if dana sues tax?

b. Dana wins because of taz's admission that there was an oral lease

A bilateral contract is best described in which of the following: a. Jake mowing my yard in response to my offer to pay him $30 of he mows it. b. Jake agreeing to mow my yard in response to my offer to pay him $30 if he mows it c. After Jake mows my yard, I promise to pay him $30 for mowing it d. none of the above

b. Jake agreeing to mow my yard in response to my offer to pay him $30 if he mows it

A party to a contract who makes a promise is an A. promisor B. offeror C. promisee D. Executor

c

A promise against public policy: a. can be contractual b. is enforceable os the parties have capacity and mutual assent and the exchange consideration c. has no legal remedy available for breach d. both a and b

c

Lee has been declared incompetent by the court and is under the care of his sister. Without his sister's knowledge, Lee rents a moon walk inflatable for his birthday party. Lee's contract to rent the inflatable is best described as: A. valid B. voidable C. void D. a Quasi contract

c

On Nov. 1 Graham offers to sell Taz a pair of brown chaos, but doesn't specify how long the offer is good for. In March, Taz accepts the offer but Graham has sold the Chacos to Nick. What is the likely outcome if Taz sues Graham? A. Taz wins because Graham never revoked his offer and it was still in effect. B. Taz wins because Taz never counteroffer and Graham's offer was still in effect C. Graham wins because his offer expired by the passage of time D. both a and b

c

Which of the following is a valid offer to David? A. Conner offers to buy any Lady Buffs cross country runners' old jersey for $25 while in David's presence and David wants to accept his offer. b. Finding his car has a second flat tire this week, Nick tells David that he can buy his car for $100 and a bag of candy. David wants to accept Nick's offer. c. Megan offers to sell Davis her gold clubs for the fair market value and David wants to accept Megan's offer. d. Graham offers to buy David's book in the future for $25 and David accepts Graham's offer to sell his book to Graham.

c. Megan offers to sell David her golf clubs for the fair market value and David wants to accept her offer.

In which of the following would my promise be unenforceable because there is not valid consideration. A. Although Jake promised to mow my yard, Logan realizes that Jake is not going to mow it because he is studying for a business law test. Logan mows my yard and I promise to give him $30. B. I owe Conner $500 but collection is barred by the Statue of Limitations. I reassure Connor that I will pay the debt as soon as I have the funds. C. I owed Lowell $500, but I filed for bankruptcy and the debt was discharged. Based upon my friendship, I promise to [ay her after I get a bonus check. D. None of the above has valid consideration because each of them utilizes past consideration.

d

which of the following does not cause a discharge of a contract? a. performance by the parties b. material breach by one or both parties c. agreement of the parties d. lapse of time

d