Legal Aspects of Business I LAW 304 - Assignment #1 Question 1: Baxter, a retailer of ne china, made the following offer to Le Restaurant: \"1 will sell you one hundred complete dinner sets of ne china at the manufacturer's list price and I may toss in some of candle holders.\" Is this a valid offer? Why or why not? Question 2: You receive a letter from ABC Company which makes an offer of employment to you for your services for one year for $50,000. You respond in writing by saying \"I like your offer and would accept for $55,000.\" You hear nothing in response to your letter so after 10 days you write another letter which states \"I accept your offer of $50,000.\" Is there a contract? If so, why? If not, why not? Question 3: Ann sends a valid, written offer to Bill in the mail whereby she offers to sell Bill her season tickets to the opera for $200. Bill writes a letter in response in which he states \"I accept your offer to buy the season tickets for $200.\" The next day Ann sees Bill and w \"the offer is off, I'm keeping the tickets.\" Three days later the letter Bill wrote shows up at Ann's house. Is there a contract? Why or why not? Question 4: Zih, discussed selling his men's clothing store, Zach's Pants, to Lucy. After a 40 minute discussion over the rst draft of their contract, Zach signed a second draft stating \"I hereby agree to sell my business, Zach's Pants, to Lucy for $300,000.\" Lucy agreed to purchase the business on these terms. Thereafter, Zach refused to transfer his ownership of the business to Lucy and claimed that he made the contract for sale as a joke and never intended to actuallysell his business to Lucy. Is there a valid contract between Zach and Lucy? If s__o why? If not, why not? Question 5: Ernie was an employee at Acme Company with a contract to work for the company for one year at a salary of $50,000. Beta Company, an Acme Competitor, I offered Ernie a salary of $60,000 a year if he would immediately leave his job at Acme and come to work for Beta. Ernie went to the owner of Acme and informed him that he would stay at Acme if the company would match Beta's offer and agree to pay him $60,000 for the year. Acme, not wanting to lose Ernie, promised him that they would pay him $60,000 for the year if he would stay and Ernie accepted. After the year's end, Ernie had only been paid $50,000 and he broughtusuij; against Acme for the additional $10,000. Is Acme's promise for a full $60,000 enforceable? If so, why? If not, why not? Question 6: Judy was a good student who usually got an \"A\" in every class she took. Last semester Judy got an \"A\" in Biology and this semester she was enrolled in Chemistry. Her grandfather, Jerry, was very proud of her and he promised that he would give her $100 for the \"A\" that she got in Biology and another $100 if she got an \"A\" in Chemistry. Judy happily accepted both promises. Are each of these m enforceable? Why or why not