Types of Contracts and Basic Elements of Contracts (business law test #2)

Select all of the following that are basic elements of a contract.

Consideration Offer Acceptance

The doctrine of promissory estoppel requires consideration

FALSE

Alejandro makes an offer to sell 500 television sets to Lenora. Lenora is the __________.

Offeree

Which of the following is true regarding consideration?

A promisor's promise not to commit a crime or a tort can never be consideration

James, a farmer, offers to sell 15 bushels of peaches to Alman for $25 a bushel. Alman responds to the offer, saying, "I'll take all 15 bushels along with the baskets, and the delivery is included for no additional fee." Which of the following is true?

Alman's statement is an offer back to James because his purported acceptance is not the mirror image of James's offer.

Consideration can have legal value if the promisee:

Does something he or she had no prior legal duty to do in exchange for the promisor's promise

Khalid offers in writing to sell his house to Lenora for $300,000, knowing it is only worth $110,000. Khalid also knows Lenora is very inexperienced in real estate sales. Lenora accepts the offer in writing. This contract is invalid because of the gross inadequacy of consideration.

FALSE

If an offer does not state a time for acceptance, it is valid:

For a reasonable time, which depends on the circumstances of the offer

Suppose that Franco offers to sell his vintage stereo system to Frederica for $2,000. In the room are Franco's friend Talmadge, Franco's acquaintance Alberto, and Frederica's sister, Luciana. Who may accept Franco's offer? (Select all of the individuals who may accept the offer)

Frederica

Website advertisements for the sale of goods or services are generally considered as:

Invitations for others to make offers

Jake had grown tired of working on the family farm and was considering moving away. However, his parents told him, "If you'll stay and help us, we'll leave you the farm when we die." As a result, Jake decided to stay on the farm and worked there for the next twenty years. When his parents died, Jake learned that they had left the farm to his brother, Nathan. Jake filed suit against his parents' estate to enforce their promise of leaving him the farm. Which of the following is most likely true in this case?

Jake's parents' promise would be enforceable under the doctrine of promissory estoppel

When two parties have directly, but orally, stated all the terms of a contract at the time it was formed, they have:

Made an express contract

Carl wants to sell his old iPhone to Ed. Carl tells Dan that he is willing to take $300 for it. Dan calls Ed and tells him this. Excited, Ed immediately calls Carl and exclaims "I accept!" is there a contract?

No, because Carl never communicated the offer to Ed

Mary writes the following email to Paul: I hereby offer to sell to you my used iPhone X for $250. Let me know ASAP if you are interested! -Mary While Paul is thinking it over, Mary learns that iPhones are skyrocketing in price because of a supply shortage in the manufacturing facility. Quickly she writes the following letter and puts it in the mail: Dear Paul, I hereby revoke my offer to you dated January 1, 2021 wherein I offered to sell my iPhone to you. That offer is now null and void. Sincerely, Mary The next day, while the letter is in transit, Paul visits Mary. Right when Mary opens the door, Paul exclaims, "I accept your offer!" Do the parties have a binding contract?

No, because Mary's revocation was effective when the letter was dispatched

Mark pays Jeanette to mow his lawn, but Jeanette mows Sue's lawn by mistake. Sue looks out her window and sees Jeanette mowing, yet she says nothing to Jeanette about her mistake, since Sue needs to have her lawn mowed anyway. When Jeanette approaches Sue for payment, Sue refuses, arguing that she had never asked Jeanette to mow her lawn. Under these circumstances, Sue can potentially recover payment from Jeanette on a(n) __________ basis.

Quasi Contract

Jay and Mark write and sign the following: This contract is dated September 1, 2021. Whereas Jay is desirous of contributing the sum of $250 toward Mark's purchase of an iPhone Model X on or before December 25, 2021, the undersigned, Jay, hereby agrees to pay Mark the said sum of $250 on or before October 1, 2021. Executed this 1st day of September, 2021 by: Jay Mark Which of the following is true:

This is likely not a valid contract because of lack of consideration

A "voidable" contract is one __________.

Where either party has the right to terminate the agreement if the party chooses to do so