Question 1

To be effective, an offer must:

Group of answer choices

None of these.

be sufficiently definite and certain.

manifest an intent to enter into a contract.

All of these.

be communicated to the offeree.

Flag question: Question 2

Question 2

1pts

Cait was riding her horse - Logan.Logan is a very expensive horse.Unfortunately for Cait, Logan spooked at a shadow and tossed Cait onto the ground.Cait was furious and screamed, "Someone buy this stupid horse.I'll sell him for 50 cents."Martha knew that Logan was worth $45,000.00 so she dashed over to Cait and handed her 50 cents.Which of the following statements is most accurate?

Group of answer choices

Cait and Martha have only entered into a contract for the sale of Logan if Martha can prove that she detrimentally relied on Cait's statement.

Cait and Martha have entered into a contract for the sale of Logan for 50 cents.

None of the above.

Cait and Martha have not entered into a contract for the sale of Logan because Cait's statement did not constitute an offer.

Flag question: Question 3

Question 3

1pts

Martha makes an offer to Brenda.If there is no time specified for Brenda to accept theoffer, when does the offer terminate?

Group of answer choices

After 48 hours from receipt of the offer.

After two weeks from dispatch of the offer.

After a reasonable period of time, which depends on the circumstances.

After 30 days from receipt of the offer.

Flag question: Question 4

Question 4

1pts

Marcia lost her diamond ring on the playground at her daughter's elementary school.She was so distraught that she posted reward signs all over looking for the ring.Jack found the ring and returned it to Marcia.Which statement is the most accurate?

Group of answer choices

None of the above.

Jack is entitled to the reward.

Jack is entitled to the reward if he knew about it when he gave the ring to Marcia.

Jack is not entitled to the reward.

Flag question: Question 5

Question 5

1pts

If there is no time specified for the acceptance of an offer, when does the offer terminate?

Group of answer choices

After two weeks from dispatch of the offer.

After 48 hours from receipt of the offer.

After 30 days from receipt of the offer.

After a reasonable period of time, which depends on the circumstances.

Flag question: Question 6

Question 6

1pts

Fred the farmer grew a lot of tomatoes.He offered to sell Bill (a tomato lover) of his tomato crop for $4,000.Bill waited 2 months before he called Fred to accept Fred's offer.Which of the following statements is most accurate?

Group of answer choices

A reasonable person in Bill's position would not have waited so long to accept the offer since the offer by Fred to sell tomatoes - which are perishable - would be found to stay open for a shorter period of time than offers for the sale of other things - such as undeveloped land.

Fred's offer would still be found to be open since he never withdrew it.

None of the above.

Fred's delay in accepting the offer is considered a counter offer.

Flag question: Question 7

Question 7

1pts

On November 1, 2016 Christine hired Jamari to show her dog in the Madison Square dog show each year for the rest of her life.Which of the following statements is most accurate?

Group of answer choices

Under the statute of frauds, this agreement does not need to be in writing because contracts of indefinite duration are excluded from the statute of frauds

None of the above.

Under the statute of frauds, this agreement must be in writing in order to be enforceable because the contract will not be performed within one year.

The statute of frauds does not apply to this type of agreement since the statute of fraud only applies to the sale of goods in excess of $500.00.

Flag question: Question 8

Question 8

1pts

Jerry went to Shawn's garage and asked him to fix a car. Shawn told Jerry that it would cost $2,500 to repair the car. Shawn wanted a guarantee that the bill would be paid before he started the work. Jerry asked his twin sister, Josephine, to vouch for him. Josephine told Shawn that she would pay for Jerry's car if Jerry failed to pay. Which is the most accurate statement?

Group of answer choices

Josephine's agreement to pay for Jerry's car is not enforceable unless it is in writing since the statute of frauds requires suretyship agreements to be in writing.

Josephine's agreement to pay for Jerry's car is not enforceable unless it is in writing since the statute of frauds requires contracts in excess of $500 to be in writing.

Josephine's agreement to pay for Jerry's car is enforceable as long as Jerry relied on it.

Josephine's agreement to pay for Jerry's car is enforceable as long as Shawn relied on it.

Flag question: Question 9

Question 9

1pts

On October 1, 2015 Garrett and Aaron entered into an oral agreement for Garrett to paint a portion of Aaron's house. Garrett told Aaron that he does not want him to start painting his house until August 1, 2016. Garrett agreed to the late start date but warned Aaron that it would take him four months to paint the house because he would be painting it by himself. Which of the following statements is most accurate?

Group of answer choices

Under the Statute of Frauds, this agreement does not need to be in writing because it will only take Garrett four months to complete the contract - significantly less than one year.

Under the statute of frauds, this agreement must be in writing in order to be enforceable because the contract will not be performed within one year.

Both the second and third answer is correct.

The Statute of Frauds only applies to goods and does not apply to services.Garrett painting the house is a service - so the statute of limitations does not apply to this contract.

Flag question: Question 10

Question 10

1pts

Kyle agreed to sell his motorcycle to Nick for $450.00.Prior to the sale of the motorcycle, Kyle agreed to install two new tires for an extra $100.00. Which of the following statements is most accurate?

Group of answer choices

In this case, the contract is enforceable since the original contract amount was less than $500.The modified contract amount is not relevant.

None of the above

In this case, the contract is enforceable since thecontract can be performed within one year.

The contract is not enforceable- as modified - since the statute of frauds requires contracts to be in writing if the agreement is for goods in excess of $500.

Flag question: Question 11

Question 11

1pts

Which of the following would be considered to be a misrepresentation of a material fact for purposes of establishing fraud in the inducement?

Group of answer choices

A statement of value, such as "This is the best car in town for the money."

"This style of jacket is going to be the most popular style next year."

"In my opinion, this is the best buy for the money."

"This car has a new radiator."

Flag question: Question 12

Question 12

1pts

Sam is a building contractor.He wanted to bid on a giant project.In the middle of his computations his 2 year old daughter fell down the stairs distracting Sam.As a result Sam submitted a bid for $10,000.00 when in fact his bid should have been for $100,000.00.Company Xena quickly accepted Sam's bid - since all the other bids were for over $100,000.00.Which is the most accurate statement?

Group of answer choices

None of the answers.

Most likely the contract between Sam and Company Xena will not be enforced by the court because Company Xena should have known that Sam had made a mistake.To hold Sam to his mistake would be unreasonable.

Most likely the contract between Sam and Company Xena is enforceable.Sam had a duty to use due care before submitting his offer. Once Company Xena accepted Sam's offer, Sam was committed to the contract.

Most likely the contract between Sam and Company Xena is enforceable because there was consideration and mutual assent.

Flag question: Question 13

Question 13

1pts

Spencer loved cats and decided to buy a cat off Craig's List.He found an ad by Lexi and contacted her.Lexi told Spencer that she had a beautiful orange cat named Simba who needed a good home.Spencer agreed to the purchase Simba from Lexi.When Spencer went to pick up Simba from Lexi, Lexi told him - pretty much as an after thought -that Simba was a rare breed of Orange longhair, white face exotic cats.Spencer was thrilled to get such a good bargain and readily took Simba home.A few weeks later Spencer found out that there is no such breed known as orange longhair, white face exotic cats.Spencer called the law firm where you are employed.The attorney who he spoke with asked your opinion about Spencer's potential law suit.Which statement is most accurate?

Group of answer choices

Spencer most likely has a law suit as long as there is an offer, acceptance and consideration.

Spencer most likely does not have a law suit against Lexi because - under the circumstances of this case - there is little to no evidence that Lexi's representation regarding the cat was material to the contract entered into between Spencer and Lexi.

Both the second and third answers are correct.

Spencer most likely has a law suit regardless of whether the breed of the cat is material.

Flag question: Question 14

Question 14

1pts

Larry is cleaning out his basement.While digging through all the clutter Larry found a few old pictures his mother gave him before she died.Larry does not know the value of the paintings but he thinks they are not worth much money.Larry, just to be on the safe side, hires a local expert in the field of art to value the pieces of art.The expert, John, quickly realizes that one of the paintings is a long lost VanCrandall - a famous painter.The painting is worth $25,000.00 at a minimum.John intentionally fails to disclose this to Larry and instead tells Larry to sell the painting to him for $25.00.Larry agrees.Which statement is the most accurate?

Group of answer choices

The contract is not enforceable because of mutual mistake.

The contract is not enforceable since John fraudulently misrepresented the value of the painting to Larry and Larry had hired John as an expert so John knew that Larry was relying on him for his expertise.

The contract is enforceable under the doctrine of assumption of the risk.

The contract is not enforceable because it lacks consideration and there is no mutual assent.

Flag question: Question 15

Question 15

1pts

Mike enters into a contract to purchase a boat from Peter.Mike believes the boat is worth $25,000 - when in fact the book value of the boat is $10,000.00.Which statement is most accurate?

Group of answer choices

The contract is not enforceable because of the doctrine of fraud in the inducement.

The contract is enforceable despite Mike's wrong belief.Mike cannot get out of the contract simply because he was mistaken as to the value of the boat.

The contract is not enforceable because of the doctrine of unilateral mistake.

The contract is not enforceable because of the doctrine of mutual mistake.

Flag question: Question 16

Question 16

1pts

Fred contracts to sell a certain tract of land to Mary for $20,000, but the contract is silent as to the time of delivery of the deed and payment of the price. In this case:

Group of answer choices

the payment of the $20,000 and the delivery of the deed are mutually dependent and, in the absence of an agreement to the contrary, are concurrent conditions.

the payment of the $20,000 is a condition precedent to the delivery of the deed.

the delivery of the deed is a condition subsequent to the payment of the $20,000.

the payment of the $20,000 and the delivery of the deed are independent of each other.

Flag question: Question 17

Question 17

1pts

Bob the Builder builds a deck for Ellen for $7,500.Bob the Builder builds the frame for the deck, installs the decking (the flooring) and builds the stairs.As a matter of fact Bob the Builder builds all of the deck except for the railing on the stairs.Which of the following statements is most accurate?

Group of answer choices

Bob the Builder has substantially performed the contract and therefore Ellen must still pay him the $7,500 she owes him.Ellen will be entitled to damages from Bob the Builder to compensate her the railing he failed to install.

Bob the Builder breached the contract and therefore Ellen does not need to pay him for the contract.

Bob the Builder breached the contract in a material manner and therefore Ellen must pay Bob the Builder for everything but for the installation of the railings.

Bob the Builder has substantially performed the contract but because Bob the Builder did not fulfill his obligations under the contract Ellen does not have to pay Bob the Builder any of the money.

Flag question: Question 18

Question 18

1pts

On December 1, 2020 Pierre entered into a contract with Julio to take pictures at Julio's wedding.Julio gave Pierre a $500 deposit.The wedding is scheduled for June of 2022.In February of 2021 Pierre told Julio that he could no longer perform at the wedding.Which statement is most accurate?

Group of answer choices

Pierre has anticipatorily repudiated the contract.Julio must wait until June of 2022 before he can sue Pierre.

Pierre has anticipatorily repudiated the contract.Julio may sue Pierre immediately.

Juliomust try to find another wedding photographer to replace Pierre and if he is not able to do so before the wedding date, then Pierre is liable to Julio for damages.

Juliomust wait until the date of the wedding to see if Pierre will perform his contractual duties and, if he does not, then Julio may sue Pierre for damages.

Flag question: Question 19

Question 19

1pts

Heather responded to an ad on Mark's List for a used woman's watch.The ad described the watch as a gold plated woman's watch with cubic zirconia.She met Jennifer in the parking lot of Dunkin Donuts to purchase the watch.After Heather bought the watch from Jennifer and was getting in her car, Jennifer shouted to Heather, "I always thought the cubic zirconia were real diamonds!"

Three days later Heather took the watch to the jeweler.Sadly, the jeweler told Heather that the "diamonds" were not diamonds and were actually cubic zirconia.

Heather knows you are taking Business Law and asked for your advice.Which statement most accurately reflects what you should tell Heather?

Group of answer choices

Heather most likely has a law suit regardless of whether cubic zironic in the watch is a material fact.

Heather most likely has a law suit as long as there is an offer, acceptance and consideration.

Heather most likely has a law suit based upon the doctrine of fraudulent misrepresentation.

Heather most likely does not have a law suit against Jennifer because - under the circumstances of this case - there is little to no evidence that Jennifer's representation regarding the watch was material to the contract entered into between Jennifer and Heather.

Flag question: Question 20

Question 20

1pts

Madelyn, a cardiologist, signed a contract to work in the cardiology department at ULM Hospital for one year.A few weeks before Madelyn was supposed to start her job at ULM hospital, she took a different job at Falbany Med.ULM Hospital is quite annoyed since Madelyn is a very experienced and well respected cardiologist.Which statement is the most accurate?

Group of answer choices

A court would not grant an order for "specific performance" but a court would likely issue an injunction to prevent Madelyn from working at Falbany Med..

A court would order that Madelyn work at ULM hospital for the year.

A court would order Madelyn to turn the money that she earned at Falbany Med to ULM Hospital under the doctrine of unjust enrichment.

A court would order Madelyn to pay ULM Hospital for the loss of money they suffered because of Madelyn's breach of contract.

Flag question: Question 21

Question 21

1pts

Sally was driving her car to work when she got a flat tire.She was so angry she stood along the side of the road and screamed, "I'll sell this $30,000 dollar car for $3.00."Your close friend (Brett) - who has been secretly reading your notes from this class runs up to Sally and "accepts" her offer.Which of the following statements is most accurate?

Group of answer choices

Sally and Brett have only entered into a contract for the sale of the car if Brett can prove that he detrimentally relied on Sally's statement.

None of the answers.

Sally and Brett have entered into a contract for the sale of the car for $3.00 because Sally made an offer and Brett accepted it.

Sally and Brett have not entered into a contract for the sale of Sally's car because Sally's statement was an excited utterance and did not constitute an offer.

Flag question: Question 22

Question 22

1pts

Thomas and Elizabeth entered into a unilateral contract.(Thomas knew it was a unilateral contract because he has taken business law.)When has Thomas accepted Elizabeth's offer?

Group of answer choices

None of the answers are correct.

When Elizabeth fully performs the contract.

When Thomas tells Elizabeth that he is going to accept the offer.

When Thomas fully performs the contract.

When Thomas starts to perform the contract.

Flag question: Question 23

Question 23

1pts

Aidan and Camile enter into a written contract.The written contract has a provision that provides - in case of a breach of contract - that the party who breached the contract pay the non-breaching party the sum of $120,000.00.Aidan and Camile agree to this amount because neither of them really trust the other one.Nine months into their contract, Camile breaches the contract.The breach of contract causes Aidan to lose about $115,000.00.Assuming that Aidan is successful in his lawsuit against Camille, which statement is most accurate?

Group of answer choices

The court will not enforce the liquidated damage clause until the parties settle the underlying lawsuit for breach of contract.

The court will not enforce the liquidated damage clause because the amount is unreasonable as compared to the actual loss.

Aidan is entitled to recover his out of pocket losses in the sum of $5,000 as well as the sum of $117,000 in liquidated damages.

The court will enforce the liquidated damage clause because the amount is reasonable as compared to the loss.

Flag question: Question 24

Question 24

1pts

John and Katrina enter into a contract for John to buy Katrina's speedboat.There is no time specified for the acceptance of an offer.Which statement best describes whenthe offer is terminated?

Group of answer choices

After 30 days from receipt of the offer.

After 48 hours from receipt of the offer.

After a reasonable period of time, which depends on the circumstances.

After two weeks from dispatch of the offer.

Flag question: Question 25

Question 25

1pts

Which of the following, if any, are requisites for fraud in the inducement?

Group of answer choices

False representation of a fact that is material.

All of these.

Representation is made with knowledge of its falsity and the intention to deceive.

Two, but not all of these.

The representation is justifiably relied on.

Flag question: Question 26

Question 26

1pts

Jeff wanted to take karate classes.The classes cost $600 a semester.Jeff did not have all the money he needed to start the class.He brought his mother, Marie, to talk to the owner of the karate studio.Jeff's mother told the owner of the studio that if Jeff did not pay the tuition that she would pay it for him.

Group of answer choices

Marie's agreement to pay for Jeff's tuition is not enforceable unless it is in writing since the statute of frauds requires suretyship agreements to be in writing.

Marie's agreement to pay for Jeff's tuition is not enforceable since the statute of frauds only applies to contracts for "goods" and not "services."The karate class is a "service" and not a "good."

Marie's agreement to pay for Jeff's tuition is not enforceable unless it is in writing since the statute of frauds requires contracts in excess of $500 to be in writing.

Marie's agreement to pay for Jeff's karate tuition is enforceable by the owner of the karate studio as long as the owner of the studio relied on it.

Flag question: Question 27

Question 27

1pts

Martha delivers a package to Sally's house.She asks Sally to sign the receipt for the package and Sally does.Little did Sally realize the "receipt" she signed was actually a promissory note requiring her to pay Martha $1,000.00.Which statement is the most accurate?

Group of answer choices

The promissory note is not enforceable because of duress.

The promissory note is not enforceable since Martha defrauded Sally.This is known as fraud in the execution.

None of the answers.

The promissory note is enforceable because Sally should have read what she was signing and failed to do so.

Flag question: Question 28

Question 28

1pts

Gail enters into a contract to purchase Sally's motorcycle for $4,500.00.Both Gail and Sally believe that the motorcycle is a Harley Davidson that has 30,000 miles on it.Gail discovers that the motorcycle is actually a Haley Peterson with 99,000 miles on it.Which statement is the most accurate?

Group of answer choices

The contract between Gail and Sally is not enforceable because of the law of unilateral mistake.

The contract between Gail and Sally is enforceable under the doctrine of assumption of the risk.

The contract between Gail and Sally is not enforceable because of the law of mutual mistake.

The contract between Gail and Sally is enforceable under the doctrine of promissory estoppel.

Flag question: Question 29

Question 29

1pts

Adam wants to buy a six-passenger car. The salesman tells him that the two-seat sports car Adam sees on the car lot would be just perfect for six people. Adam test drives the car and then buys it.

Group of answer choices

Adam would be successful in his lawsuit against the salesman since the salesman made a false statement, that was material and Adam relied upon it.

Adam would not be successful in his lawsuit because the element of scienter is missing.

Adam would be successful in his lawsuit since the salesman is in a confidential relationship with Adam.

Adam would not be successful in his lawsuit against the salesman since Adam was not justified in relying upon the salesman's representation that the car would seat six people.

Flag question: Question 30

Question 30

1pts

Frank tells Carol that he paid $250,000.00 for his farm in 2015 and that he believes it is worth twice that at the present time.Relying upon these statements, Carol buys the farm from Frank for $400,000.00.Frank did buy the farm for $250,000 in 2015 but its value has only increased to $300,000.It is not worth $400,000 - or the $500,000.00 that Frank led Carol to believe.Which statement is most accurate?

Group of answer choices

Carol most likely has no recourse against Frank because Frank's statement was his belief about what the market conditions were - and that is not a basis for fraud.

Carol can most likely get restitution from Frank since she justifiably relied on his statement regarding the increase in the value of the property.

The two of the answers are correct.

Carol most likely has no recourse against Frank because Frank's statement was not made with the knowledge that it was false.

Flag question: Question 31

Question 31

1pts

Audrey offers to pay Dominick $45 for work Dominick already did.Dominick did not expect money when he initially performed the work.Does Audrey's offer to pay Dominic $45 constitute consideration?

Group of answer choices

No, an act done before the contract is made is not consideration.

Yes in order for a contract to exist there must be consideration.The payment of $45 is sufficient consideration.

None of the answers.

No, the contract is an unilateral contract and there is no consideration for a unilateral contract.

Flag question: Question 32

Question 32

1pts

Chet says to Drew, "If I decide to buy a new laptop next year, I will buy it from you." This is an example of:

Group of answer choices

an illusory promise.

good consideration.

past consideration.

the pre-existing duty rule.

Flag question: Question 33

Question 33

1pts

Abbie offered to pay Charlie $1,000 a month if Charlie agreed to work for 8 months.At the end of the first month, Abbie told Charlie that if he worked for another 7 months she would pay him 1,500 a month.Which is the most accurate statement?

Group of answer choices

Abbie's offer to pay an additional $500 a month to Charlie is not enforceable since there is no new consideration.

Abbie's offer to pay the additional money would be enforceable if Charlie was given additional work to do.

Abbie's offer to pay the additional $500 a month to Charlie is enforceable since there is no need for additional consideration.

Two of theanswers are both correct.

Flag question: Question 34

Question 34

1pts

Mari does not like her daughter's boyfriend.She offered her daughter Hannah $500 if she did not spend her summer vacation with her boyfriend in California.Hannah agreed and took a local job for the summer.At the end of the summer Hannah asked Mari for the $500.00.Mari is giving Hannah a difficult time about paying her the money.Is there a valid contract?

Group of answer choices

Yes.The $500 offered to be paid by Mari to Hannah is sufficient consideration.Consideration will be found to exist as long as one of the sides endures a legal benefit or a legal detriment.

Yes.There is mutual assent and consideration.Mari's consideration is the payment of $500 to Hannah.Hannah's consideration is not going to California for the summer.

No.There is no enforceable contract between Mari and Hannah since both parties must have consideration in order for there to be a contract.In this case Hannah did not have any "consideration" even though Mari's agreement to pay Hannah $500 constituted consideration.

No.There is no contract between Mari and Hannah.

Flag question: Question 35

Question 35

1pts

Mariella owns and runs a home construction company. She promised Steven that she would be finished building his house by July 1st.So far Steven has paid Mariella $350,000.00 to build his house. Steven's last payment of $20,000.00 is not due until the house is finished.Steven is very anxious to move out of his apartment and settle into his new house for many reasons, including the fact that his monthly expenses will be reduced by $2,200 a month. On June 30thMariella called Steven and told him that due to unforeseen circumstances, his house would not be ready until September 1st.Steven is furious and plans on suing Mariella.Assuming that Steven is successful in suing Mariella, which statement is most accurate?

Group of answer choices

Steven is entitled to receive compensatory damages in the sum of $20,000.00.

Steven is entitled to the entire amount of the contract price back since Mariella breached the contract.

Steven is entitled to receive compensatory damages in the sum of $2,200.00.

Steven is entitled to receive compensatory damages in the sum of $4,400.00.

Flag question: Question 36

Question 36

1pts

Jamie has a dog boarding business. She charges her customers $200 a week to board a dog. Jamie's expenses to care for dogs is $70 per week, per dog. Caroline agreed to drop her dog Buttons off to Jamie's dog boarding business for a one week stay. Unfortunately for Jamie, Caroline and Buttons never showed up. Jamie sued Caroline in court.Assuming Jamie is successful in her lawsuit, which statement is most accurate?

Group of answer choices

Jamie would be entitled to damages in the amount of $200.00.

Jamie would be entitled to damages in the amount of $70.00.

Jamie would be entitled to damages in the amount of $130.00.

Jamie would not be entitled to any damages.

Flag question: Question 37

Question 37

1pts

Professor Snipe signed a contract to teach Defense Against the Dark Arts at Hagworts for a period of three years. However, just before the semester started at Hagworts, Professor Snipe accepted a job at a different school. Under contract law, Hagworts will NOT be able to ask for:

Group of answer choices

an injunction against teaching at the other school.

specific performance of Professor Snipe's contract.

liquidated damages.

payment of compensatory damages.

Flag question: Question 38

Question 38

1pts

Jenny and Oxie enter into a written contract.The written contract has the following provision: "in case of a breach of contract, the breaching party must pay the non-breaching party $50,000." Jenny and Oxie agree to this provision because they don't trust each other. Several months into their contract, Jenny breaches. The breach causes Oxie to lose $5,000. Oxie sues Jenny. Assuming Oxie is successful, which statement is most accurate?

Group of answer choices

The court will not enforce the liquidated damage clause until the parties settle the underlying lawsuit for breach of contract.

The court will enforce the liquidated damage clause if Oxie agrees to waive his out of pocket loss.

Oxie is entitled to recover his out of pocket losses in the sum of $5,000 as well as the $50,000 in liquidated damages.

The court will not enforce the liquidated damage clause because the amount is unreasonable as compared to the actual loss.

Flag question: Question 39

Question 39

1pts

Carmen enters into a contract giving Shelly the right of first refusal on a tract of land she owns. Carmen subsequently offers the land to Andre without first offering it to Shelly. An appropriate remedy for Shelly to seek would be:

Group of answer choices

reformation.

an injunction.

punitive damages.

liquidated damages.

Flag question: Question 40

Question 40

1pts

Audra and Patricia entered into a contract.Theway Audra and Patricia canshow their mutual assent is with:

Group of answer choices

an act exchanged for an act.

an offer and a counteroffer.

a proposal in words and an acceptance in words.

an offer by words or conduct and an acceptance by words or conduct.

Flag question: Question 41

Question 41

1pts

Danielle lives in the same dorm as Emily and Diane.One day while all three were in the common area, Danielle offered to sell her PS5 to Emily for $450.00.Diane overheard the offer and said, "I accept the offer.I'll buy your PS5$450.00."Which statement is most accurate?

Group of answer choices

Diane cannot accept the offer because Danielle's statement is an invitation seeking offers and not an offer.

The offer is not valid since ithas not been communicated to the offeree.

Diane's acceptance of the offer isa valid acceptance.

Diane cannot accept the offerbecause the offer wasn't made to her.

Flag question: Question 42

Question 42

1pts

Arnie offered to make Bob apartner in his lawn business if Bob was willing to pay Arnie$5,000 cash. In response to Arnie's offer, Bob said, "I'll give you $3,000 cash now and I will pay you the remainder in two months after I see whether things are working out as a partnership in the lawn business." Which statement is most accurate?

Group of answer choices

Under Article 2 of the UCC, Arnie is a merchant making a firm offer. Hence there is a contract.

Any indefinite provisions in the contract between Arnie and Bob will be supplied by Article 2 of the UCC.

Bob has rejected the terms of the original offer, but there is still a contract.

Bob has made a counteroffer and hence there is no contract.

Flag question: Question 43

Question 43

1pts

Texas Tanya (who resides in Texas) offered to sell Margaret (who resides in NY) her pet parakeet for sale for $400.00.On Monday Margaret wrote Texas Tanya a letter telling her that she did not want to buy her pet parakeet.Margaret sent the letter by regular mail.On Tuesday, Margaret reconsidered and sent Texas Tanya a letter telling her that she wanted to buy the parakeet.The second letter was sent overnight.Texas Tanya received the second letter before she received the first letter rejecting the offer. Which of the following statements is most accurate?

Group of answer choices

Margaret's actions will be interpreted by the reasonable person standard - so the court will focus on whether or not a reasonable person would have acted in the manner that Margaret did.

Margaret's actions will not be considered an acceptance of the offer because Margaret rejected the offer first.

Margaret's actions will be considered an acceptance ofTexas Tanya's offer sinceTexas Tanyareceived Margaret's letter accepting the offer before she received the letter declining the offer.

None of the above

Flag question: Question 44

Question 44

1pts

SportMart placed an ad in the local newspaper announcing a sale of their basketball backboard.The ad placed by SportMart in the circular - which described the backboard and gave a price.An ad like this would generally be considered:

Group of answer choices

a firm offer because it was made by SportMart.

an offer irrespective of who made the offer.

an offer because it was made by SportMart, but not a firm offer.

an invitation to buyers to make an offer to SportMartto buy the basketball backboard.

Flag question: Question 45

Question 45

1pts

Mark told Pat that he would pay her $55 if she cleaned his office.Which statement is most accurate?

Group of answer choices

A contract is not created until Mark pays Pat the $55 for cleaning his office.

A contract is created when Pat cleans Mark's office.

A contract is created when Mark asks Pat.

The precise time a contract is created depends upon the reasonable person standard and the time that a reasonable person would have assumed a contract was created.

Flag question: Question 46

Question 46

1pts

Mickey and Rachel entered into a contract.Mickey fully performed under the contract.Rachel fully performed as well.This contract is a(n)______________.

Group of answer choices

executory

express

executed

bilateral

Flag question: Question 47

Question 47

1pts

James and Sharon enter into a contract.James makes a promise to Sharon.Sharon makes a promise to James.The contract between James and Sharon is a(n) _______ contract

Group of answer choices

bilateral

express

unilateral

implied in fact

Flag question: Question 48

Question 48

1pts

Joyce is the president of a local college.The college has decided to start a new physical therapy department.Joyce hired Jim to as the director of the department.Jim closed his physical therapy office in anticipation of his new career at the college.Unfortunately, enrollment was not what Joyce expected, so she decided to cancel the new department.Which statement is most accurate?

Group of answer choices

All of the answers are correct.

The doctrine of promissory estoppel will assist Jim in recovering his losses.

Jim may be able to collect monetary damages since he relied on Joyce's job offer when he closed his physical therapy office.

There is no contract between Joyce and Jim.

Flag question: Question 49

Question 49

1pts

Frank is a building contractor.He was out one night and started talking to the man sitting next to him at the bar, Sam.Sam and Frank hit it off right away because they had a lot in common.They spent the evening drinking beer and chatting about their respective contracting businesses.During the evening, Sam told Frank about some land that Frank should consider buying.Sam told Frank how he owned some adjacent land and was turning his land into a park - a park that would attract families.Based upon that one chance meeting, Frank went out and purchased the land.Several months after the closing, Frank found out that Sam had decided to turn his adjacent land into a landfill.Frank was outraged because he knew that the housing development he planned on building will not be nearly as profitable as he had first hoped.Which of the following statements is most accurate?

Group of answer choices

Frank can sue Sam for breach of contract.

It is unlikely that Frank will be able to successfully sue Sam because under the circumstances it was not reasonably foreseeable to Sam that Frank would rely on his statement.

Frank can sue Sam based upon the doctrine of promissory estoppel because Frank relied on a statement that Sam made and suffered harm.

Frank can sue Sam based upon the doctrine of unjust enrichment because Frank relied on a statement that Sam made and suffered harm.

Flag question: Question 50

Question 50

1pts

Reed told Bob that if Bob cleaned out his garage, he would pay him $100.00.The contract between Reed and Bob is a(n)_____ contract.

Group of answer choices

bilateral

express

implied in fact

unilateral