Order ID | 53563633773 |
Type | Essay |
Writer Level | Masters |
Style | APA |
Sources/References | 4 |
Perfect Number of Pages to Order | 5-10 Pages |
Business Law Contract Policy Questions Paper
Samuel becomes frustrated with his boat and yells I will sell my boat to anyone for $5. John says I accept and takes $5 out of his wallet. Does a contract exist?
Group of answer choicesNo, the offer was not made with serious objective intent
Yes, because the offer was communicated to offeree
Yes, the terms are reasonably certain
Yes, the Freedom to Contract policy would apply
Flag this QuestionQuestion 20.8 pts
Your grandma promises you a gift of $100 for your birthday.Later, she decides she doesn’t want to give you the money. Is this a breach of a contract?
Group of answer choicesYes, she promised you, so she must follow through
Yes, gifts are always contracts
Yes, grandmas have to give grandchildren gifts of $100 on their birthday
No, gifts are not contracts
Flag this QuestionQuestion 30.8 pts
An acceptance in the case of a unilateral contract requires?
Group of answer choicesPromise as acceptance
Return promise
Complete perrformance
Written acceptance
Flag this QuestionQuestion 40.8 pts
If both parties are merchants, then additional terms automatically become part of the contract under the UCC unless what?
Group of answer choicesThe offeror rejects the additional terms
The additional terms are considered to “materially alter” the contract
The orginal offer prohibited additional terms
All of the choices listed would prevent an additional term from becoming part of a contract under the UCC
Flag this QuestionQuestion 50.8 pts
A(n) _______ is valid as soon as it is put in the mail?
Group of answer choicesConsideration
Offer
Acceptance
Revocation
Mike, who is 16 years old, bets his father $100 that he will abstain from drinking until he is 21. State law prohibits drinking of alcohol by anyone under age 21. Mike does not drink alcohol until age 21. Is his father liable to pay him?
Group of answer choicesNo, due to illegality of underage drinking
No, his father provided no consideration
No, Mike is a minor
No, It is illegal for Mike to drink AND his father gave no consideration
Flag this QuestionQuestion 20.8 pts
A sober student offers his very drunk friend $20 for his laptop. The extremely drunk student says “Okay, just come over tomorrow.” Which of the following statements is true?
Group of answer choicesThe contract is void.
There is a contract, but only if a third party was present.
Drunk people cannot form contracts.
The contract is voidable at the option of the intoxicated person.
Flag this QuestionQuestion 30.8 pts
James is 16 years old and wants to purchase a cell phone plan without his parents knowledge. He signs the contract, and then realizes he can’t afford it. This contract is
Group of answer choicesVoid
Voidable
Fully enforceable
Uneforceable
Flag this QuestionQuestion 40.8 pts
In terms of value of consideration, courts are not interested in the significance of the value of consideration unless it is but a
Group of answer choicesWritten contract
Promise
Peppercorn
Novation
Flag this QuestionQuestion 50.8 pts
What agreements are enforceable without additional consideration?
Group of answer choicesIf one foresee’s the event that would cause the contract to change
If there is no detriment that occured
Two parties of a contract governed by the UCC may modify the terms of the contract without providing new consideration.
If there is no promise to pay for past debt
Which of the following is an example of duress?
Group of answer choicesJoe tells Bob to enter his contract or else they’re no longer friends
Joe tells Bob to enter his contract or else he will smash Bob’s picture
Joe tells Bob to enter his contract or else he will kill him
Joe tells Bob to enter his contract or else he will punch him in one week
Flag this QuestionQuestion 20.8 pts
An old man is selling a car you are interested in, he states the car has 57,000 miles on it. The car actually had 157,000 miles on it. The man selling the car did not know of this since he had bought it from a previous owner did not tell him of the additional 100,000 miles. What is this an example of?
Group of answer choicesInnocent misrepresentation.
Unilateral mistake
Duress
Fraudulent misrepresentation
Flag this QuestionQuestion 30.8 pts
Why does undue influence make a contract voidable?
Group of answer choicesBecause expert advice tends to be made up
Because influencing someone to do something is never legal
Because of the constitutional amendments
Because the unfairness of certain relationships results where one party has a great amount of influence may be able to overcome the other person’s free will
Flag this QuestionQuestion 40.8 pts
Billy is showing his old camper to a prospective buyer. Billy has had issues with the waste system in the camper in the past. When the buyer asks about the sanitary waste system in the camper Billy avoids the question and moves on. Does the buyer have a defense against contract enforcement?
Group of answer choicesYes, misrepresentation may be used a defense against contract enforcement
Yes, but only if the buyer brought it up multiple times
No, Billy is not required to provide the status of his machinery.
No, because silence is not a way of making a misrepresentation
Flag this QuestionQuestion 50.8 pts
Which of the following is true in regards to a mistake of value?
Group of answer choicesMistakes of value generally have no legal significance under contract law
A mistake of value occurs when a person buys a good and sell it for a higher price
A mistake of value occurs when a person is mistaken as to the legality of contract formation
A mistake of value is always a valid defense against contract enforcement
In a contract that benefits a third party, who can sue to enforce the contract?
Group of answer choicesIntended Beneficiary
Breaching party
Incidental Beneficiary
Delegator
Flag this QuestionQuestion 20.8 pts
When a contact is made for the express purpose of giving a gift to a third party, the third party can sue the promisor directly to enforce the promise. Which of the following best describes the third party in this situation?
Group of answer choicesIntended beneficiary
Donee beneficiary
Creditor beneficiary
Both an intended and donee beneficiary
Flag this QuestionQuestion 30.8 pts
What duties cannot be delegated?
Group of answer choicesSome personal service contracts
Those duties that the contract prohibits delegation for
When the third party cannot perform to the level of delegator
All of these answers are correct
Flag this QuestionQuestion 40.8 pts
Dino believes his company can fulfill an order of 3,000 handmade bracelets for a customer. His employees are all then accidentally killed in a fire so Dino won’t be able to make the bracelets for his customers. Assume no other employees can be hired and trained in the necessary time frame. This is possibly an example of?
Group of answer choicesDischarge by incompetence
Discharge by law
Discharge by alteration of contract
Discharge by impossibility of performance
Flag this QuestionQuestion 50.8 pts
When a condition operates to terminate a party’s absolute promise to perform once it is no longer met, it is called a(n)
Group of answer choicesCondition Precedent
Condition Subsequent
Implied Condition
Concurrent Condition
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