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Exam 10: Forming a Contract

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Question 31

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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?

A) Robert wins; this is an enforceable contract with complete and definite terms.
B) Robert wins; the UCC will decide which 40 acres are to be sold.
C) Wally wins; the original offer was not intended to be an offer but merely an invitation to negotiate.
D) Wally wins; this agreement is too indefinite since it does not identify which 40 acres are to be sold.

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Question 32

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Travel Lines offered to sell 10 round-trip tickets to Elaine. Travel Lines stated that the acceptance must be in writing by USPS next-day service. Which of the following acceptances will create a contract between Travel Lines and Elaine?

A) Elaine calls Travel Lines and states that she will buy the tickets.
B) Elaine sends a fax to Travel Lines stating she will buy the tickets.
C) Elaine sends a letter by USPS next-day service to Travel Lines stating that she will buy the tickets.
D) All of these responses will create a contract between Travel Lines and Elaine since they constitute reasonable means of communication.

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Question 33

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Briefly discuss the meaning of bilateral, unilateral, executory, and executed contracts.

Jennifer has offered to sell her laptop computer for $500 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

Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday. If Teresa cleans the house by noon on Saturday and Valerie pays the $75, then this is an implied, bilateral, executory contract.

ACME, Inc. is a software producer that entered into a verbal agreement with XYZ Corporation wherein XYZ agreed to buy ACME's newly developed software. The agreement also provided that ACME would supply training personnel, as well as technical personnel, to work with XYZ employees in installing and learning the software. What law governs this agreement?

Jerry offers to shovel the snow from Ben's driveway for $35. Ben replies "OK." This is an example of

All oral contracts are quasi-contracts until they are completely executed.

Discuss the requirements of promissory estoppel.

Revocation is the withdrawal of an offer by the offeror.

What element of a contract refers to both parties receiving some measurable benefit?

Which term refers to whether an offeree accepts an offer by promising, by making a down payment, or by performing?

Walter enters a dentist office and points to a damaged tooth. The dentist, Matt, treats the tooth. If Walter refused to pay and Matt sued,

If the offer does not specify a type of acceptance, the offeree may accept in any reasonable manner and method.