Which of the following amounts to an offer? (Points : 1)

Ed says to Carmen, "I offer to sell you my pen for $1." Ed says to Carmen, "I'll sell you my pen for $1." Ed writes, "I'll sell you my pen for $1," and gives the note to Carmen. All of the above

Question 2.2. Jody is obligated under a contract to deliver 100,000 plastic bottles to a spring water company. Jodys supplier has just gone bankrupt; any other suppliers will charge her more than she expected to pay. This is: (Points : 1)

Consequential damages Legally irrelevant Expectation interest Substantial performance

Question 3.3. A donee beneficiary: (Points : 1)

is not entitled to enforce a contract against either party. usually does not give consideration in return for the gift. will generally become a creditor beneficiary after his or her rights vest. is an incidental beneficiary.

Question 4.4. Which of the following are generally considered to be legal offers? (Points : 1)

Placing an item up for auction. Catalog advertisements. Price lists. None of the above are generally considered offers.

Question 5.5. Consider the following: I. Madison says to a group of students, "I'll pay $35 to the first one of you who shows up at my house and mows my lawn." II. Lea posts a flyer around town that reads, "Reward: $500 for information about the person who keyed my truck last Saturday night in the Wag-a-Bag parking lot. Call Lea at 555-5309." Which of these proposes a unilateral contract? (Points : 1)

I only II only Both I and II None of the above

Question 6.6. In February, Chuck orally agrees to sell his hunting cabin, with 15 acres, to Kyle for $35,000, with the deal to be completed in July, when Kyle will have the money. In March, while Chuck is vacationing on his land, he permits Kyle to enter the land and dig the foundation for a new cottage. In July, Kyle arrives with the money but Chuck refuses to sell. Kyle sues. (Points : 1)

Chuck wins because the contract was never put in writing. Chuck wins because the contract terms were unclear. Kyle wins because a contract for vacation property does not need to be written. Kyle wins because Chuck allowed him to dig the foundation.

Question 7.7. On Monday night, Louise is talking on her cell phone with Bill. Im desperate for a manager in my store, says Louise. Ill pay you $45,000 per year, if you can start tomorrow morning. What do you say? Its a deal, says Bill. I can start tomorrow at 8 a.m. Ill take $45,000 and I also want 10 percent of any profits you make above last years. Just then Bill loses his cell phone signal. The next morning he shows up at the store, but Louise refuses to hire him. Bill sues. Bill will: (Points : 1)

Win, because there was a valid offer and acceptance. Win, based on promissory estoppel. Lose, because he rejected the offer. Lose, because the agreement was not put in writing.

Question 8.8. Raul has finished the computer installation he promised to perform for Tanya, and she has paid him in full. This is: (Points : 1)

An express contract. An implied contract. An executed contract. A bilateral contract.

Question 9.9. One purpose of contract law: (Points : 1)

is to make business matters more predictable is to require a writing for all business transactions is to complicate business transactions is to validate business matters

Question 10.10. If Becky promises not to drink alcohol until she becomes a legal adult in exchange for Ben's promise of $1,000, the agreement is: (Points : 1)

enforceable because Becky is giving up the right to do something she would otherwise be entitled to do. enforceable because the agreement accomplishes Ben's goal of keeping Becky from drinking. not enforceable because Becky does not have a legal right to drink alcohol. not enforceable because Becky is a minor and could disaffirm the contract.