1. Briefly describe the four exceptions to oral contracts that must be in writing. 2. Explain the difference between a void contract and a voidable contract. 3. Explain the term performance as it relates to contracts. 4. List the five possible ways to end a contract. 5. From a business perspective, what is the purpose of intention? Explain your answer. 6. Why should you never lie on a Life Insurance Application? Fully explain your answer. 7. Andrew has his used truck for sale and has lied saying that it has never previously been in an accident. What might happen to this contract for the sale of Andrew's truck if the purchaser finds out afterwards that the truck had previously been in an accident? Explain your answer. CASE STUDIES 8. A friend buys you a cup of coffee at Tim Horton's during "Roll Up the Rim" time. You roll up the rim and win the grand prize. Is the prize yours to keep? Do you and your friend have to share the prize? Is the prize your friend's to keep? 9. Grand Island Development Corporation owned several cottage lots on Vancouver Island, and on September 10 sent a letter to Onshore Construction Company offering to sell the lots for $300,000. Onshore Construction Company sent a reply by return mail on September 13 offering to buy the lots for $250,000. Grand Island Development Corporation did not respond immediately, but a week later, on September 20, the President of Grand Island Development Corporation met the President of Onshore Construction Company at a charity dinner, at which time the President of Onshore Construction Company indicated that his company was still interested in the purchase of the cottage lots, and enquired if Grand Island Development would be willing to reduce the price of the lots. The President of Grand Island Development stated that the $300,000 price was 'firm'. On September 23 the Onshore Construction Company sent a letter to Grand Island Development Corporation accepting its offer to sell the cottage lots for $300,000. Due to a delay in the delivery of the mail, the letter was not received at the office of Grand Island Development Corporation until September 28. In the meantime, when Grand Island Development Corporation had not heard from Onshore Construction Company by September 26, it accepted an offer to purchase the lots from Cottage Contracting Ltd. Identify the various rights and liabilities that arise from the negotiations. 10. Andrew is a 15 years old orphan and staying at the North Bay Orphanage Centre. Andrew signed an agreement to stay for 2 years where his lodging, food, and clothing will be provided for. Andrew pays $1,900 per month for these services. After 1 year, Andrew decides to move in with a friend and leave the North Bay Orphanage Centre with no further payments made by Andrew. The North Bay Orphanage Centre takes Andrew to court to enforce the contract. Does the Orphanage have a case? Explain