Q1.

After you graduate from Wright State you receive a job offer in the mail that couldn't be closer to your dream job. You draft and sign a letter of acceptance and run to the mail box to send it off in the 9:00 a.m. post. You go out to celebrate with your buddies and return home very late to find a message recorded at 10:00 a.m. on your answering machine from the company's HR department saying: "... we are very sorry but we must revoke our offer at the present time." Solely under these facts and the mailbox rules what best describes the outcome? Your job offer has been effectively terminated. Your job offer has been terminated because they revoked their offer before they had received your acceptance. Your job offer was not terminated because you weren't home to receive the message. Your acceptance is effective when sent, and you are finally glad you took Law 3000.Assume that you own a fancy restaurant frequented by WSU students. You want to expand your trade by offering delicious desserts but can't afford a pastry chef. Sara Leoni operates a cottage industry making and selling pastries. She makes an offer-- which you accept-- to supply you all the desserts that you will require for the first year of your operation. You both sign a written deal. Under these facts and the UCC: ()You have an illusory contract because the quantity of goods to be provided is not specific. You have an option contract under the UCC You have an invalid contract without consideration. You have a valid requirements contract under the UCC.You have entered into a valid binding bilateral contract to buy a painting in a private collection by the famous Dutch painter, Vermeer, for 11 million dollars. It is a rare item and a rare price. Before you can take possession, the seller tells you that he is refusing to honor the contract because he has a much, much better offer from the Tate Gallery in London. The breach of contract remedy that will allow you to obtain the painting itself rather than any monetary damages is which of the following? Consequential Damages Compensatory Damages Specific Performance .Punitive DamagesYour Manufacturing Company receives a call from a long-time Client telling you to begin work ASAP on 1,000 widgets at $500 per unit to be made to the Client's highly unusual specifications. You buy raw materials and immediately begin the manufacturing process. Because of the Client's specifications, these widgets have no ready market. Subsequently, Client calls and says "Sorry, we changed our mind...oh, and don't bother suing for breach of contract we only had a verbal agreement. There is no contract you can enforce!!" What best describes the legal obligations in this fact pattern? Is there an exception to the Statute of Frauds that helps you out? Or are you stuck with these white elephants that can't be sold? . The Statute of Frauds requires contracts for the sale of good greater than $500 must be in writing to be enforceable; therefore, the Manufacturing Company is out of luck. An exception to the Statute of Frauds allows Manufacturing Company to enforce the verbal contract but only if the goods had already been delivered. An exception to the Statute of Frauds allows Manufacturing Company to enforce the verbal contract even if work had not been done of the order. An exception to the Statute of Frauds allows Manufacturing Company to enforce the verbal contract because they are specially manufactured goods and work has already begun.Merchant A offers to sell certain goods greater than $500 to Merchant B, and further promises that he'll keep the deal open until June 1. Merchant B meant to get around to sending a confirming memo or acceptance but never did. He wakes up in the middle of the night of June Ist in a cold sweat and realizes his mistake. He immediately faxes his acceptance to Merchant A. The fax machine's time stamp reads: 2:32 AM, June 2. Merchant B is left sitting in the dark worrying about his legal situation, trying to remember his Law 3000 days. Which rule of contract formation controls the outcome of this situation? Revocation is effective upon receipt. Acceptance is valid when received. An offer will terminate upon its expiration date. UCC does not require extra consideration to keep an offer open.Which of the following is NOT a true statement about offers, acceptance and consideration? An offer can always be counteroffered. A counteroffer allows for the person receiving it to accept it, reject it or counteroffer. Once a party has rejected the offer, s/he no longer has the ability to accept the original offer. An option contract never requires considerationSuppose that A offers to sell B his land, and further promises to keep the offer open for 90 days. While B is thinking it over. A decides that he will revoke the original offer. Which statement is most true about the formation of an option contract? B has 90 days to decide whether or not he paid any consideration A cannot revoke because he made the promise. B can enforce the promise. OB paid no consideration to keep the promise open; therefore he cannot hold A to his promise. )Sine this is a contract governed by the UCC, B does not need to pay any consideration to keep the offer open.Suppose X was offering to sell land to Y, and further promises to keep the offer open for 60 days. Y pays $1,000 as consideration to keep the promise open for 60 days. Which statement regarding the formation of option contracts is NOT true? Y does not have to buy the land. OX cannot revoke the offer within the 60 day period. Y can sell his option to a third party If Y doesn't exercise the option contract (i.e., he decides not to buy) he will get his money back.Farmer A leased over 5,000 acres of farm land in west Texas for one year. Subsequently he signed a second 1 year lease. During each year he harvested the crops and prepared the land for the next season's crops. During negotiations for the next lease, he began preparation of the land for planting, as was the local custom. He expended a significant amount to prepare the land. Unfortunately Farmer A and his landlord couldn't come to terms and the third year's lease was never signed. In other words, no contract exists. Under these facts, what is A's best theory of recovery of the value of the land preparations he made? A should sue in quasi-contract to recovery the value of the work he did in preparing the land for planting in the third year to avoid the landlord being unjustly enriched. A should sue for breach of contract to recover his lost profits for the crops he didn't get to plant. A should sue for promissory estoppel because he was relying on the third year's lease to make his living. )A has no remedy in contract law because he should have been more careful about working the land before he had a binding contract