1. In the case of Raffles vs. Wichelhaus, the English court held that a contract for the sale of cotton was 1. Void. 2. Voidable because both parties were mistaken about which ship named Peerless would be carrying the cotton from India to England. 3. Voidable because the English company mistakenly agreed to pay too much for the cotton. 4. Fully enforceable.

A quasi contract is a contract which is implied by law

	1.	to avoid unjust enrichment.
	2.	to carry out the express agreement of the parties.
	3.	to punish a wrongdoer.
	4.	to reward the vigilant, not those who sit on their rights.

1. The rejection of an offer is effective when

   	1.	the offeror revokes the offer.
   	2.	the offeree rejects the offer and the offeror receives the rejection.
   	3.	the offeree accepts the offer.
   	4.	the offeree asks for more time to consider the offer.

2 points

QUESTION 24

1. Doug offers to sell his home to Mary for $350,000. Mary responds: "Your price seems a little high. Can you do any better?" Mary's response is

   	1.	a counter-offer.
   	2.	a rejection of the original offer and a new offer.
   	3.	the creation of a new offer only.
   	4.	an invitation for further negotiations.