Please choose the best answer

Under common law the power of an offeree to accept an offer is terminated through:

Group of answer choices

A. revocation of the offer by the offeror

B. counteroffer by the offeree

C. rejection of the offer by the offeree

D. (All of the above)

E. (A and B only)

Sally sends an offer to Bud to purchase Bud's cabin for $55,000.After sleeping on the idea, she changes her mind and sends Bud a letter revoking her offer.Her revocation is effective when:

Group of answer choices

A.Bud receives it.

B. She mails it.

C. She signs it.

D. (None of the above)

Which of the following contracts could not be completely disaffirmed by a minor?

Group of answer choices

A. A written contract for the purchase of a piece of land.

B. A contract which requires the minor to paint a house.

C. An oral contract for the purchase of food.

D. A credit card payment contract

Which of the following contracts could not be completely disaffirmed by a minor?

Group of answer choices

A. A written contract for the purchase of a piece of land.

B. A contract which requires the minor to paint a house.

C. An oral contract for the purchase of food.

D. A credit card payment contract

Felix is very fond of his neighbor, Lois.He sends Lois the following written statement, "When you turn 30 years of age, I will transfer title to my sailboat to you." When Lois turns 30 she shows Felix the written statement and asks him to follow through with the title transfer.Felix refuses and Lois sues.The court will most likely:

Group of answer choices

A. specifically enforce the agreement.

B. award Lois the market value of the sailboat.

C. not enforce the agreement because it was a voidable contract.

D. not enforce the agreement because it lacks consideration.

Jarod and Allen both attend La Grande High School.Jarod is a bully and is constantly punching Allen whenever the teacher isn't looking.Allen's mother finds out about the bullying when she notices a large bruise on Allen's arm.Allen's mother calls up Jarod and agrees to pay him $200 if he does not touch Allen for the rest of the school year.Jarod agrees and fulfills his end of the bargain.At the end of the school year, Jarod tries to collect the $200 and Allen's mother refuses to pay.Jarod sues.The agreement is most likely:

Group of answer choices

A. not enforceable because it lacked consideration.

B. not enforceable because of the statute of frauds.

C. enforceable even though it is not written.

D. enforceable because it was ratified by Jarod.

The ____________ requires that certain types of contracts be written to be enforceable.

Group of answer choices

A. Statute of Frauds

B. Notary Act

C. Parole Evidence Rule

D. Mailbox Rule

Agnus hires Ben, her neighbor, to mow her lawn once a week for the months of June and July.Ben will receive $20 each time he mows her lawn.After signing the contract, Ben delegates his duties under the contract to a professional yard maintenance company, Greenwillow.Which of the following istrue?

Group of answer choices

A. Agnus may refuse to accept performance by Greenwillow.

B. Ben must also assign his rights under the contract to Greenwillow.

C. Ben remains liable under the contract if Greenwillow fails to perform.

D. Agnus is a third party beneficiary under the contract.

A contract created by a minor:

Group of answer choices

A. is voidable.

B. can not be enforced by either party.

C. may not be completely disaffirmed if it involves necessities.

D. (All of the above)

E. A and C only.

Spokes Inc. manufactures bicycles and Buycycle is a small store which sells bicycles.Spokes Inc. sends Buycycle the following signed offer: "Spokes Inc. will sell Buycycle our Model J unit for $100.This offer is open for 30 days from the date of this letter.Payment for orders is due on delivery."Buycycle responds with an acceptance memo which orders 22 Model J units.Included in the acceptance memo is the term "Seller agrees to accept payment by check or money order." Which of the following istrue?

Group of answer choices

A. Spokes Inc. can revoke its offer at any time.

B. The common law would be applicable to this contract.

C. Buycycle's acceptance does not develop contract.

D. The additional term will become part of the contract unless it is rejected by Spokes Inc.

Paul is a commercial fisherman.He sends an offer to Something Fishy, a fish wholesaler, which states: "Paul will sell his catch of Herring caught during the first two weeks in November to Something Fishy for 45 cents a pound." Something Fishy sends an acceptance on a preprinted form which contains the following additional term in small print, "Something Fishy will only accept delivery of fish on weekdays between the hours of 7am and 4pm."Which of the following istrue?

Group of answer choices

A. The common law applies because it is a sale of a good.

B. The additional term is a condition subsequent.

C. The additional term is treated as a proposal for an addition to the contract.

D. The additional term will become part of the contract if it does not materially alter the contract.

Softtouch Hardware is opening a new store and plans a week long celebration beginning on December 2 to honor the occasion.In preparation, Softtouch pays Spangled Banners $300 to make a large banner with the wording "Grand Opening." The terms of their contract include a clause that requires Spangled Banners to deliver the banner by December 2 or pay Softtouch $100 a day for each day after December 2 that it fails to deliver the banner.Because of material shortages Spangled Banners does not deliver the banner until December 4th.Softtouch sues Spangled Banners for $200.Which of the following istrue?

Group of answer choices

A. Softtouch is seeking incidental damages

B. Softtouch is seeking liquidated damages.

C. The contract involves a condition subsequent

Kim and Jeff went to college together at E.O.U. Kim moves to Portland after graduation and Jeff remains in La Grande.Kim starts a successful business and during a telephone conference tells Jeff that she is shorthanded and would pay him union scale if he came to work for her.Jeff quits his job in La Grande, rents a U-Haul and moves to Portland.However, when he shows up at Kim's office, she informs him that she just lost a major customer and cannot hire any new employees at present.Jeff sues to enforce their agreement.A court will most likely hold that the agreement:

Group of answer choices

A. was unenforceable because of the parole evidence rule.

B. was unenforceable because it was not put into writing.

C. was enforceable under the U.C.C.

D. was enforceable based on promissory estoppel.

Which of the following is not a requirement of an effective offer?

Group of answer choices

A. Reasonably definite terms

B. Communication to the offeree

C. Intent to be bound

D. Signed by the offeror

Tony offers to paintNancy's fence for $100.Nancy says the price is too high but she will pay $75 to have the fence painted.Tony refuses.Later in the day, Nancy tells Tony she accepts Tony's offer to paint the fence and tenders a $100 bill.Tony says that he has changed his mind and wants to get out of the painting business.In an action to enforce the agreement:

Group of answer choices

A. Nancy will prevail because she accepted the offer in a reasonable time.

B. Nancy will prevail if $100 is adequate consideration for painting the fence.

C. Tony will prevail because no contract was formed.

D. Tony will prevail only if he can prove he entered into the agreement under duress.

D. The contract contains a condition precedent.