1.Suppose instead that, over lunch, Steve Student verbally offers to pay Valerie Dictorian $100 per 1-hour session if she will teach him in math once a week for 15 weeks during the current semester. Valerie tells Steve that she will teach him. There is mutual assent.

2. The following facts apply to the next 2 questions. Tipsy Turtle, LLC owns and operates a craft brewery in Denton, Texas that brews and distributes beer throughout the Southwest. Tipsy enters into a Supply Agreement with Earthgrains Products, Inc. Under the Supply Agreement, Earthgrains promises to sell and Tipsy promises to buy all of the barley Tipsy needs for the beer it brews for the next two years for a preferred price of $13 per bushel. Which statement best reflects the nature of the agreement?

Group of answer choices it is an illusory contract because Tipsy is not really obligated to anything it is a requirements contract under which the quantity of barley sold will be determined by the requirements of the buyer it is an output contract under which the quantity of barley sold will be determined by the production of the seller all of the above

3. Which of the following statements is true about the Supply Agreement between Tipsy and Earthgrains? Group of answer choices the Supply Agreement between Tipsy and Earthgrains does not need to be in writing to be enforceable, because writing is not one of the required elements of a contract the Supply Agreement is an agreement for the sale of an interest in land, and therefore is subject to the statute of frauds the Supply Agreement is an agreement that cannot be performed within one year, and therefore is subject to the statute of frauds the Supply Agreement is unenforceable because it violates public policy

4.Billy Businessman is in the airport and sees a shoe shine stand. Billy walks over to the stand, and without saying anything, climbs the steps and sits in the seat. The shoe shine man cleans, polishes, shines and buffs the shoes to perfection. After 8 minutes, the man tells Billy "Alright, Sir. That'll be $8.00." Billy steps down but refuses to pay. Is Billy obligated to pay for the shine? Group of answer choices yes, because there was an express contract yes, because there was an implied-in-fact contract yes, because there was an implied in law contract no, because there was no contract

5. The following facts apply to the next 2 questions: Peter Producer makes an offer to Melba Moviestar to cast Melba in Peters next movie about a suicidal schoolteacher. Nothing is said about how long Melba has to accept the offer. Melba says she will think about it. Six months later, after filming of the movie has already begun, Melba calls Peter and says she accepts the offer and wants the part. Is Peter obligated to cast Melba in the role? Group of answer choices Yes, because no time was stated for acceptance of the offer No, because suicide is illegal, and therefore the subject matter of the contract is unlawful Yes, because the doctrine of promissory estoppel applies No, because more than a reasonable time had passed, and therefore the offer terminated by lapse of time

6. Suppose instead that Peter Producer offers to cast Melba Moviestar in the movie for $5 million. Melba tells Peter she will do it for $5 million and a 5% share in the profits. Peter gets angry and tells Melba Hell no! Melba says Fine, Ill take the part for $5 million. Is Peter obligated to give her the part? Group of answer choices Yes, because Melba accepted Peters offer No, because Melba made a counteroffer that terminated Peters offer Yes, because Peters angry outburst constituted duress No, because the offer was revoked by Peter

7. The following facts apply to the next 7 questions: Billy Buyer promises to pay Steve Seller $200,000 in exchange for Steve Sellers promise to deliver clear title to Steves house on 2 acres to Billy Buyer. Closing of the sale and purchase is scheduled for 45 days after the agreement is made, at which time Steve Seller is to deliver the signed deed and Billy Buyer is to tender the purchase price. Does the agreement have to be in writing? Group of answer choices No, because oral contracts are enforceable Yes, because of the parol evidence rule No, because there was consideration Yes, because contracts for the sale of interests in land are covered by the statute of frauds

8.The contract between Billy Buyer and Steve Seller is a unilateral contract. Group of answer choices True False

9. In the sellers disclosure statement given to Billy by Steve before the agreement was made, Steve did not disclose to Billy the fact that the house had huge foundation problems that had never been fixed. Billy may be able to avoid liability under the contract because of: Group of answer choices duress undue influence mutual mistake fraud in the inducement

10. Between the time the contract is signed until the closing date, the contract is deemed to be executory. Group of answer choices True False