1.Odette, a certified public accountant, agrees to perform an audit for Personnel Inc. These parties are most likely to follow the rules of contract law in order to

a. satisfy a moral obligation.

b. acquire business acumen.

c. avoid potential disputes.

d. obtain confidential information.

2

Khe says, I plan to sell my Apple stock. This is not an offer because

a. a statement of future intent to do something in the future is not an offer.

b. the offeror has only committed to negotiate the terms in good faith.

c. the statement is not addressed to a specific offeree.

d.

an expression of opinion does not indicate an intent to enter into a deal.

3.

Onsite Restoration Inc. begins renovating houses for Property Company under a contract for a stated amount per house. After six months, Onsite demands an extra $20,000 per house, stating no reason for the extra $20,000, but asserting that it will stop work if it is not paid. The agreement is

a. unenforceable as an illusory promise.

b. enforceable as the consideration is past.

c. unenforceable due to the preexisting duty rule.

d. enforceable due to unforeseen difficulties.

4

Holes Inc. begins digging a foundation at a construction site for Investment Company under a contract for a certain price. After six months, Holes demands a higher price because of extraordinary difficulties that were totally unforeseen at the time the contract was formed. An agreement to pay the higher price is

a. unenforceable as an illusory promise.

b. unenforceable due to the preexisting duty rule.

c. enforceable due to unforeseen difficulties.

d. enforceable as the consideration is past.

5

A fire threatens to engulf a commercial building in Middletown. The buildings owner promises a cash reward to the Middletown Fire Department to extinguish the blaze. The firefighters cannot claim the reward because

a. the promise of a cash reward is illusory.

b. extinguishing the fire represents past consideration.

c. extinguishing the fire is the firefighters preexisting duty.

d. extinguishing the fire is a foreseen difficulty.

6.

Les, a minor, enters into a contract to buy a dirt bike from Motocross LLC. Les can ordinarily disaffirm the contract

a. for a reasonable time after coming of age.

b. in a timely manner.

c. all of the choices.

d. at any time during minority.