Example of offer to make unilateral contract

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Reference no: EM132236000

1) Contract law is grounded in ________. A) state and federal case law and statutes including the Uniform Commercial Code B) state and federal case law that now supersedes the Uniform Commercial Code C) the Uniform Commercial Code alone, which now supersedes state and federal case law D) the Commerce Clause of the U. S. Constitution

2) Which of the following is an example of a contract that would be governed by Article 2 of the Uniform Commercial Code? A) Bill agrees to sell his farm to Sam for $200,000. B) Chantelle agrees to work for Jenna as her personal secretary for $50 an hour for the next year. C) Dwayne buys a used car from Tom's Autos for $7,000. D) Carlo leases a car for a year from EZ Cars for $2,000 per month.

3) Which of the following is an example of an offer to make a unilateral contract? A) Jose offers to sell Melinda his car for $20,000. B) Martin offers to fund the renovation of Billy's farm to help ease his debt problems. C) Robert offers to take Jasmine to the park on Thursday if it does not rain. D) Helena offers to pay $300 to anyone who finds her lost puppy and returns it to her.

4) James works for the county fire department and hasn't had a raise in three years. When he shows up at the mayor's house to put out a fire, he sees the mayor standing outside. James tells the mayor that he will put out the fire only if the mayor agrees to give him a raise. The mayor agrees. In this scenario, which of the following statements is true? A) A valid contract exists because all the elements of a valid contract are present. B) A valid contract does not exist because the value of the consideration for the mayor's promise is inadequate. C) A valid contract exists because of the past consideration rule. D) A valid contract does not exist because of the preexisting duty rule.

5) Which of the following statements is true of a legal offer? A) The offer must be communicated to the party intended by the offeror. B) Industry custom and prior dealings are irrelevant when determining whether the terms of the offer are definite. C) Courts consider what was in the person's mind when entering the contract. D) The contractual process ends with the legal offer.

6) Mrs. Jones offers to sell her house to Smith for $200,000. Smith says he will pay no more than $185,000. Which of the following statements would be true at common law? A) Mrs. Jones and Smith have negotiated a settlement. B) Smith's price is close enough to constitute acceptance of Mrs. Jones's original offer, but the contract price will be set at $200,000. C) Smith has terminated the original offer and now has set forth a counteroffer D) Mrs. Jones's offer remains open and so does Smith's counteroffer.

7) An offeree can forestall a revocation by using a(n) ________. A) attachment B) garnishment C) option D) enforceable contract

8) Which of the following is true of Section 2-213 of the Uniform Commercial Code with regard to electronic communication? A) Legally defensible acceptance cannot be communicated using electronic communication. B) Electronic communication of an acceptance is legally defensible but only if the recipient is aware that it has arrived. C) A company that sends an acceptance electronically must include a clause that indicates acceptance of the agreement can be made electronically. D) Acceptance occurs when the electronic communication is received, even if the recipient is unaware that it has arrived.

9) Which of the following would render a contract voidable? A) the contract being unilateral B) one of the parties to the contract committing a crime C) one of the parties to the contract being underage D) the contract being bilateral

10) Celine offered Jenna $50 for a six carat diamond necklace. Jenna immediately agreed to sell it to Celine. However, after Jenna went home and looked at it again, she decided that the necklace was worth a lot more than $50. She told Celine she could not sell her the necklace for such a low price. In this scenario, did the parties have an enforceable contract? A) yes, because all the elements of a valid contract are present B) no, because the value of the consideration for the necklace is inadequate C) no, because of the preexisting duty rule D) no, because of the past consideration rule.

Reference no: EM132236000

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