1) Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating that it was the final offer, it was valid for one month, and that he would not alter it. Two days later, Kent replied by saying that he was willing to pay $60,000 for the farm. A week after Luke received Kent's offer, Luke declined it. Ten days after that, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor?

Select one:

a.

Luke's original offer of $75,000 is still valid, even though rejected.

b.

Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid

c.

Kent's acceptance was past the set time period in the offer.

d.

Kent acted in an incompetent manner with regards to the offer.

2) Franchises developed in the mid-nineteenth century. Isaac Singer, the inventor of the sewing machine, created franchises to distribute his machines more effectively to larger areas.

Select one:

True

False

3) In order for an agreement to be valid, there must be mutual assent by the parties.

Select one:

True

False

4) If Afaf losses KD50,000 on the stock market, which of the following applies?

Select one:

a.She may void the contract based on the general gambling rule.

b.She can't does anything. A loss, in this case, is a loss

c.She may void the contract because stock market transactions are against public policy.

d.She may appeal to her governor for clemency .

5) As applied to a contract, the terms "bilateral" and "unilateral" are based on ________.

Select one:

a.the goods or services involved in the contract

b.

the number of attempts made to form a contract

c.

the number of parties who make a promise in the formation of a contract

d.the number of attempts it took for a contract to be successfully performed

6) under the Kuwaiti labour law : After the end of the maternity leave, the employer may give the working woman, at her request, an unpaid leave for a period not exceeding six months to take care of the baby.

Select one:

True

False