44. Which of the following is not a requirement of a firm offer. A) Written offer B) An amount over $500 for sale of goods C) Offer made between Merchants D) Cannot last longer than 90 days

45. The purpose of awarding damages in a contract case is to A) Punish the offending party B) Protect society from fraud C) fulfill the reasonable expectations of non-breaching parties D) Deter and discourage future breaches of contract

46. Agreed upon damages are enforced by the courts so long as they are not __________. A) Ancillary B) Repetitive C) Punitive D)Compensatory

47. What principle allows the court to declare certain contract terms unenforceable be-cause they are unfair. A) Unconscionability principle. B) Last clear chance principle. C) Mitigation of Damages Principle. D) None of the above.

48. Eric went to a tailor or a suit, they agreed orally that Eric would pay the tailor $1000 for the finished suit. When he returned to try on the finished suit. Eric asked the tailor to alter the suit so that it would be double breasted. The tailor said he would do it but would have to charge Eric extra. Eric refused to pay for the suit so the tailor sued him. What rule most readily applies? A)Parol Evidence Rule C)Confirmation Exception B)Rule of Hadley D)Specially made goods exception.

49. Which is an exception to the Parol Evidence Rule. A) Ambiguous terms C) Specially made goods B) Open Terms D) Confirmations between Merchants

50. An Option contract is a contract which creates. A) An irrevocable offer B) A clause allowing the offeree to add terms at a later date C) A financial right to financial credits D) None of the above.