Answer the following questions

Amy tells Cassie during a phone call that she will buy her textbook from last semester for $65. Cassie agrees. These parties have a. no contract b.a quasi contract. can express contract. d.an implied contract. 2. The parties in the following scenario are having a dispute: Randy is a racehorse owner who sells a horse to Tim for $1,000. Both Randy and Tim think that the horse is too slow to win any races. After buying the horse, Tim enters it into a race, and it wins easily. He enters it in more races, and the horse soon wins more than $100,000. When Randy realizes the horse's ability, he tries to rescind the contract to sell the horse, claiming that it was worth more than $1,000. In this case, the court will a. cancel the contract due to the difference between the contract price and the horse's true value. b.cancel the contract due to Randy's failure to know the horse's value. c enforce the contract as is. d.cancel the contract due to Tim's failure to know the horse's price. 3. Trent sells steroids over the Internet. He is arrested and charged with the sale of a controlled substance. This is a cyber crime, which is a. no crime. b.a crime that occurs the virtual community of the Internet. ca new category of crime that is not related to older types of crime. d.a crime that is less real than the same crime in the physical world. 4. Expert Builders enter into a contract with Dave to remodel Kathy's Home Store, using products from Construction Supplies. Java Cafe is next to Kathy's Home Store and will benefit from the remodeling of the store. The remodeling is a gift from Dave to Kathy. In this scenario, Kathy is a. a delegatee. b.an assignce. can intended beneficiary. d.an incidental beneficiary. 5. Tony and Josh are riding their horses. Tony jokingly comments that Josh's horse is too slow. Josh laughs and jokingly responds "Yes, he is too slow! I would sell him for $50!" Tony hands Josh $50. This is a. not a valid acceptance because Josh's horse is worth more than $50. ba valid acceptance because there is consideration on both sides. ca valid acceptance because Tony gave Josh the money in a reasonable time. d. not a valid acceptance because Josh's offer was made as a joke. 6. Andy owns two second-hand cars, worth $4,000 and $5,000, respectively. Glen agrees to buy the car, believing in good faith that he is buying the $4,000 car but Andy believes, in good faith, that he is selling the $5,000 car. In this situation a. Glen is entitled to the $4.000 car.b. Glen must buy both cars for $9,000. ~ there is no contract. d. Andy is entitled to $5.000 for the car. 7. Rob is a farmer whose crop is destroyed by bad weather. In such a case, his obligation to deliver vegetables to Allied Grocery Store under an outstanding contract with them is a. enforceable only to the extent of transferring to the next year's crop. b. discharged. c enforceable only to the extent of finding an alternative supply. d.completely enforceable. 8. Shortly before his 18th birthday, Kyle entered into a contract to buy a computer on a two month payment plan from the Office Retailers Company. Soon after reaching the age of majority, Kyle attempts to disaffirm the contract so Office Retailers file a lawsuit against him. The court will most likely consider the contract to be ratified if it is a. executed. b. express or implied. emancipated. d.exculpatory. 9. Ultimate Limited enters into a contract with Mike for him to manage the operations of their accounting office for one year, renewable for continued one-year terms as agreed by the parties. If this contract is discharged like most contracts, it will be a. altered. b. rescinded. c performed. d. breached. 10. In certain situations, the Statute of Frauds will be applicable. Shane and Francine orally agree to several different oral contracts. The Statute of Frauds will bar enforcement of an oral contract for a. a sale of land. ba sale of goods for $100. ca deal that will be performed within a year. d.a primary obligation. ABC 11. Vince, the CEO of TelComp, enters into a contract with Just App to create an app for the firm. To fulfill the contract, Just App hires Chris and ten other student interns. With respect to the contract, Chris is a. an incidental beneficiary. ba delegatee. can intended beneficiary. d.an assignee