Question Description

Help me study for my Business Law class. I’m stuck and don’t understand.

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

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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

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An acceptance in the case of a unilateral contract requires?Group of answer choicesPromise as acceptance

Return promise

Complete perrformance

Written acceptance

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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

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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

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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.

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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 isGroup of answer choicesVoid

Voidable

Fully enforceable

Uneforceable

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In terms of value of consideration, courts are not interested in the significance of the value of consideration unless it is but aGroup of answer choicesWritten contract

Promise

Peppercorn

Novation

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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

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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

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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

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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

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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

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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

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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

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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

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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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