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Exam 9: Introduction to Contracts

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Question 21

Multiple Choice

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On January 16,Deb offers to sell her waterbed to Colleen for $600.Colleen accepts and agrees to pay Deb $600 on January 27.Which of the following is correct?

A) Until January 16,the contract was executory.
B) On January 16,the contract was executed.
C) This contract is a unilateral contract.
D) There is no contract until January 27.

E) B) and D)
F) A) and C)

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Question 22

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If the offer does not specify a type of acceptance,the offeree must accept within three day and must do so in writing.

A) True
B) False

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Question 23

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Rameriz and Cox enter a contract obligating Cox to supply Rameriz with 2,000 bushels of corn by the end of September.Weather conditions are poor and Cox is unable to grow that much corn himself,but could obtain enough to make up the required difference at a financial loss.Discuss the general purpose of contracts and the result of seeking enforcement of this contract both in a court exercising judicial restraint and in a court practicing judicial activism.

Mike made the following offer to Mick: "I will pay you $500 if you agree to paint my house." Mick replied that he would.At this point,the contract is an:

Alex promises to pay $100 to anyone who finds his lost watch.Kate finds and returns the watch to Alex after hearing of the reward money.Alex and Kate have an enforceable unilateral contract.

On Monday,Harry puts an offer in the mail to Sally to sell his guitar for $50.Monday night when jamming with his buddies,he decides he will really miss his old guitar and has second thoughts about selling it.Tuesday morning he puts a revocation in the mail informing Sally he has changed his mind and the guitar is no longer for sale.The revocation is effective on Tuesday morning.

Lucy and Rick sign a contract in which Lucy agrees to deliver 10 boxes of chocolates in exchange for Rick's promise to pay $5 per box.Lucy delivers the candy.Rick pays for the goods.This contract is fully executory.

Patty is a poor college student struggling to work and keep up with her studies.Fred,her uncle,promises to pay Patty support of $200 per month for the next six months.Although Fred didn't ask her to,she quits her current job in order to devote full time to her studies for the next six months.Fred makes one payment and then stops with no explanation.If Patty sues,what is the likely result?

Which of the following types of property would be goods under the Uniform Commercial Code?

Mary goes into Honest Harry's Electronics and purchases a TV.Mary agrees to pay for the TV in 30 days on the store's "30 days same as cash" plan.This is an executory contract.

What is not required to establish promissory estoppel?

Discuss the requirements of promissory estoppel.

One purpose of contract law is to make business matters more predictable.

The courts will find an implied contract when:

A counteroffer is a rejection of the original offer.

Jennifer has offered to sell her laptop computer for $750 to Jack.She tells Jack that the computer is only six months old but,in fact,it is three years old,and Jennifer wants to unload the lemon.Jack agrees to buy the computer based on Jennifer's representations.This contract is:

Contracts for the sale of fabric,automobiles,computers,furniture,and paper clips would all be governed by Article 2 of the Uniform Commercial Code.

Dick offers to sell Jane his 1955 Thunderbird convertible.Before Jane can accept the offer,lightning strikes the car and it is totally destroyed.Which of the following is true?

Robert offers to buy a car from Jane for $400.Jane must accept this offer in order to form an enforceable contract.

Wally owns 200 acres of land.Wally offers to sell the land to Robert for $1,500 per acre.Robert replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre.Wally agrees to sell but does not identify which 40 acres.Later,Wally refuses to sell any land to Robert.What is the result?