Reference no: EM133264908
Assignment:
1. Jane seeks to buy a new computer desk. Her uncle, who sells such furniture told her that he would "sell" the desk to her if she agrees to refrain from driving through stop signs for one year. She agrees. However, two days later, her uncle tells her that he cannot sell the desk to her because he had a more lucrative offer to buy it from someone else. He cancels the agreement.
A. Jane will not be successful because relatives' contracts are presumed to be made with undue influence.
B. Jane will be successful, because courts normally do not look to the adequacy of consideration
C. Jane will not be successful in enforcing the agreement because the consideration given by her uncle was illusory
D. Jane will be successful in enforcing the agreement because consideration was given up by both parties
2. In a face to face conversation, Ned promised to sell his model train set to Stan if Stan would promise to pay $300 in return. Stan agreed. When Stan showed up with the money the next day, Ned refused to turn over the train set, stating that verbal promises alone cannot create offers to enter into a contract. Which of the following is correct?
A. Ned is right because two verbal promises can never be the basis of a contract.
B. Ned is right because this contract must be in writing to be enforceable.
C. Ned is wrong because a bilateral, express, valid contract was created.
D. Ned is wrong because courts wish to encourage the enforceability of business contracts.
3. Albert, a resident of Texas, seeks to sue Gonzo, Inc., a New York Corporation. Gonzo has offices and employees in Florida, Tennessee and Illinois, but has no offices or employees in Texas nor delivers its products with any regularity in Texas. The basis of Albert's lawsuit is a breach of one contract made between Albert and Gonzo, Inc. Which of the following is true?
The Texas courts have personal jurisdiction based on the fact that Gonzo was doing business in Texas.
The Texas courts have personal jurisdiction based on the residence of the plaintiff.
A. I only
B. II only
C. Both I and II
D. Neither
4. Which statement is true?
A mutual mistake generally gives either party the opportunity to terminate a contract.
A nondisclosure generally gives the victim the opportunity to terminate a contract.
A. I only
B. II only
C. Both I and II
D. Neither
5. What is the main difference between an implied in fact contract and an implied in law contract (quasi-contract)?
A. A quasi-contract requires the contract price as damages while an implied contract allows the court to determine the reasonable value of what has been performed.
B. An implied in fact contract must be fully performed while a quasi-contract can be executory.
C. A quasi-contract is imposed by a court to remedy an unjust enrichment, while an implied in fact contract is inferred from the actions of the parties.
D. An implied in fact contract is imposed by a court to remedy an unjust enrichment, while a quasi-contract is inferred from the actions of the parties.
6. Louis offered to sell his car to Matt for $500. Matt said he would buy it for $400. Louis refused to sell the car to Matt. Which of the following is correct?
Matt can successfully sue Louis because a valid contract was made
Matt can successfully sue Louis under the doctrine of implied-in-law (quasi-contract)
A. I only
B. II only
C. Both I and II
D. Neither
7. Which of the following is not generally recognized as a source of U.S. law?
A. State constitutions and the federal constitution.
B. Statutes enacted by state legislatures and Congress.
C. Decisions made before 1900 by state and federal courts.
D. Prior court decisions from France.