Donna Doctor tells Patrick Patient that he should sell her his classic 1980 Ferrari for $20,000 (a small fraction of its market price) in consideration of her faithful service as his family doctor for the past ten years. Patrick agrees to her request and drafts a sales contract under the stated terms. If he later changes his mind and refuses to go through with the contract, his best defense would be:

a) fraud in the inducement

b) fraud in the execution

c) duress

d) undue influence

Bonnie tells Ben, "unless you sign this promissory note, I am going to tell the local newspapers about your gambling and carousing, thereby dashing your hopes for public office." Ben signs the note. This is an example of:

a) fraud in the inducement

b) fraud in the execution

c) duress

d) none of the above

Which of the following would usually be considered necessaries with regard to a minor's contract?

a) food and clothing

b) shelter and medical care

c) both a and b

d) neither a nor b

Toms tells Tanya, "In consideration of your having risked your life to save me from drowning, I hereby promise to place $50,000 in trust for your son's future education." This promise:

a) contains valid consideration

b) is fully enforceable

c) gives rise to a binding unilateral contract

d) all of the above

e) none of the above

An offer to sell pork belly futures (a highly volatile market) will probably lapse if it is not accepted within:

a) less than an hour

b) one day

c) ten days

d) thirty days