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Exam 10: The Formation of Traditional and E-Contracts

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Question 31

Multiple Choice

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Fay offers to pay Grey $50 for a tennis lesson for Hetty.They agree to meet the day after tomorrow to exchange the cash for the lesson.These parties have

A) a bilateral contract.
B) a third-party contract.
C) a unilateral contract.
D) no contract.

E) All of the above
F) A) and B)

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Question 32

Multiple Choice

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Owen decides to sell his ranch,Pine Ridge,in a live auction.When the auctioneer puts the property up for bids,it will be

A) an offer.
B) an invitation to submit offers,not an offer itself.
C) a preliminary negotiation,not an offer.
D) an agreement to agree,not an offer.

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

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Question 33

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Painting a garage can constitute "something of legally sufficient value."

On May 1 Raj offers to staff Sam's Sandwich Shop with food preparers and servers for a certain price,and promises to keep the offer open until June 1.On May 3 Raj mails Sam a letter revoking the offer.Sam receives the letter on May 5 and responds on May 6.Raj's revocation of the offer became effective on

Pastries Inc.sends Rollo its catalogue showcasing a variety of baked goods for certain prices.This is

Under a contract with Valley View Villas,a residential development,Weng begins grading a terraced hillside.Halfway through the project,Weng asks for $5,000 over the contract price,claiming an increase in the "cost of doing business." Valley View agrees.This agreement to pay more is

Because parties act in their own self-interest,influencing the terms of their contracts,contract law must provide rules to determine which terms to enforce.

A contract that only one of the parties can enforce in a court is not valid.

Kim promises to pay Leo $500 to install a sump pump in Kim's warehouse.Leo completes the installation.The act of installing the pump

At Mattress Store,Nate signs a contract to buy bedroom furniture.The contract sets a schedule of $500 monthly payments,subject to a late fee of 150 percent.Nate finds the language of the contract difficult to understand.This is most likely

Alyssa hires Bret to mow Alyssa's lawn every Friday.Although they do not discuss the terms of payment,after each of the first three Friday mows,Alyssa pays Bret on Saturday.The payment term is

Cindy,a real estate agent,sells her friend Doug's house without charging a commission.In return,Doug promises to give Cindy $1,000.This promise is not an enforceable contract because

By supplying procedures for enforcing private agreements,contract law provides an essential condition for the existence of a market economy.

Field Construction Inc.contracts with Mesa Ranch to build a new horse barn on Mesa's property for which Mesa agrees to pay.If this is a valid contract,it will be partly because it includes the element of

Oceans Inc. ,a seafood distributor,agrees to buy from Paul,a commercial fisherman,any "overstock" of fish that Paul catches in excess of his legal limit.This agreement is most likely

Contests and lotteries are unilateral contracts.

Rex contracts with Spicy Pizza to deliver its products.After the deal has been partially performed,both parties inform each other that they would like to cancel the contract.Rex and Spicy may rescind

With respect to consideration,a bargained-for exchange distinguishes a contract from a gift.

Vin admires Will's collection of vinyl records.Vin asks,"Will you sell it?" This statement is

Steel Mill Inc.makes an offer to Tom to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance.Tom accepts the offer.This is a valid contract because it includes