John places a classified ad in the local newspaper and online as follows: "For Sale: To the first person who appears at my house with $1,000.00, cash only, I will sell my 2004 Honda motorcycle. It's only been driven once. is in excellent condition, and runs great. Must sell; I am leaving the country. . John Doe, 123 Maple Street Springfield, NJ. Suppose you are interested in the motorcycle and you call John having obtained his telephone 2. number on the internet. You tell him that you will buy his motorcycle. Have you created a legally contract? binding a. No, because it does not identify who can accept the offer. Without this level of specficity, John's simply an advertisement and not an offer. b. No, John's ad is not specific as to what will be the focus of the contract c. Yes, because any action or conduct by you saying you accept the offer will sufficient to create a lega binding contract No, because you have not accepted the offer in the terms specified in the offer. In order to accept, must comply with the terms set forth in the offer by John. d. 9. O n April 1, Al Nextbestplayerinbaseball, sends a letter to the New York Yankees offering to play for them for 500,000.00 per season for the first 3 seasons. The offer states that the team has one week to accept the offer The Yankees receive the offer by regular mail on April 4. On April 10, the Yankees send Al an acceptance by U.S mail. Al receives the acceptance on April 15th. The likely result under the mailbox rule is: Although Al received the acceptance 4 days past the deadline for acceptance, a valid contract has been formed because the Yankees dispatched their acceptance within the stated time period within which the acceptance was required to be sent. a. b. Although Al received the acceptance 4 days past the deadline for acceptance, a valid contract has not c. The acceptance is late because it was received by Al past the deadline and under the mailbox rule this d. The acceptance should have been sent by a faster method of communication to be effective under the been formed because the Yankees dispatched their acceptance after the stated time period wit the acceptance was required to be sent. would invalidate the acceptance so no valid contract can be considered formed. mailbox rule, thus no valid contract can be considered formed. Hawkins took his son to the doctor and asked the doctor to operate on the son's injured hand. The doctor said the boy would be in the hospital for three or four days and that the hand would probably heal a few days later. The son's hand did not heal for a month. If the father sued the doctor for breach of contract, the likely result would be: 15. The father would win the lawsuit for breach of contract since his son's hand did not heal a few days after the three or four day hospital stay. The father would win the lawsuit for beach of contract since the doctor made a specific promise when the son's hand would heal and it did not heal in that time period. The father would lose the breach of contract lawsuit since the doctor did not make an offer to heal th son's hand in three or four days, he merely expressed an opinion as to when the hand would heal. a. b. c. 21. Robert says to his son, "In consideration of the fact that you are not as wealthy as your brothers, I will pay you $5,000.00 by Friday of next week." Is there consideration in this transaction? a. Yes, especially since Robert used the word "consideration" is his statement b. Yes, Robert's promise is enforceable as a "bargained-for-exchange" and since it is between a father and son contract law does not look for the son to have to do anything to receive the $5,000.00 promised and does not need to give Robert something of legal value in return for the promise of $5,000.00 c. No, Robe not do anything to receive the $5,000.00 promised. There is no requirement that the s of legal value in return for the promise made by Robert. rt's promise is unenforceable because there is no "bargained-for-exchange" because the son need on give Robert something 22. Jamil Blackmon became friends with Allen Iverson when lverson was a high school student who showed tremendous promise as an athlete. Blackmon suggested that Iverson use "The Answer" as a nickname in the league tournaments and said that Iverson would be "The Answer" to the National Basketball Association's declining attendance. Later Iverson said he would give Blackmon 25% of any proceeds from the merchandising of products that used "The Answer" as a logo or a slogan. Is Iverson's promise enforceable? a. Yes, because a valid oral contract had been made between Blackmon and lverson with all required elemen b. Yes, because Iverson's promise was made in return for past consideration, and past consideration is c. No, because Iverson's promise was made in return for past consideration so it was enforceable. In effe d. Yes, because even though iverson's promise was made in return for past consideration, it was not Ivers of a contract present. enforceable especially where one party makes a profit. Iverson stated his intention to give Blackmon a gift. ntention to give Blackmon a gift fhn food She wanted to eat at a fanc