[Book Sale] Veronica offered to sell PJ a used NASA space book for $100. She told him that he could use it in his upcoming astrology class. However, there was a problem with the book; it was several editions old. PJ was not aware of that fact, and neither was Veronica. When PJ took the book to class and realized the problem, he went back to Veronica requesting a refund. Veronica refused to return his money. She claimed that she did not commit fraud because subjectively she thought that the book was correct, and that a binding contract existed. The book, however, is outdated and cannot be appropriately used in the class.

1. Which of the following would describe Veronica's role in the transaction?

• She was the offeror.
• She was the offeree.
• She was the assentor.
• She was the assentee.
• She was the offeree and the assentee.

2. Which of the following describes PJ's role in the transaction?

• He was the offeror.
• He was the offeree.
• He was the assentor.
• He was the assentee.
• He was the offeree and the assentee.

3. The $100 to be provided by PJ in exchange for the book to be provided by Veronica is considered to be ________blank under contract law.

• consideration
• material obligations
• contractual capacity
• provisions
• equitable remedies

4. Which of the following is true regarding Veronica's claim that she subjectively believed the book was an appropriate edition and that an enforceable contract, therefore, existed?

• She is correct because contract law is based upon a subjective theory of contracts.
• She is correct because her genuinely held belief establishes that she did not commit fraud.
• She is correct because agreements for the sale of goods are based on a subjective theory.
• She is incorrect because her subjective belief would not be the basis for a determination of whether the contract would be enforced in this case and also because fraud is not necessary in order to find a breach of contract.
• She is correct, but only if PJ subjectively believed the same as she did.

5. Which analysis of the effect of the discovery that PJ has a book that is not appropriate for the class would be correct?

• PJ is stuck with the book because he objectively agreed to purchase it.
• PJ is stuck with the book because Veronica did not commit fraud.
• PJ is stuck with the book because Veronica subjectively thought it was the correct book, and PJ did not openly disagree before the contract was executed.
• Because the parties had a mutual misunderstanding, the parties did not come to a meeting of the minds, and there is no contract.
• Because both parties were mistaken, at PJ's option he may return the book; but only half of the purchase price would be required as a refund from Veronica because she is not guilty of fraud.