Law Assignment Help questions and Answers Part7
Continuing the series of questions on Law after wordpress artcile
http://assignmentdesign.wordpress.com/2011/08/09/law-assignment-help-questions-and-answers-part-6/
1. In general, when are offerees bound by “fine-print” terms stated in offers? Focus only on the rules regarding offers and do not consider unconscionability.
A) Always.
B) Only when they actually read the term.
C) Only when they had actual or reasonable notice of the term.
D) Never.
2. The State of Indiana agrees with the Ace Construction Company that Ace will do some repair work on a bridge. The agreement, however, does not specify the exact work to be done, the quality standards Ace must meet, and the time the job must be completed. Also, the agreement states an ambiguous formula for determining Ace's compensation. Later, before either it or the state has done anything, Ace backs out of the job. Then it is sued by the state. Ace defends by arguing that the contract fails because it (or the offer) is indefinite. Which of the following is true?
A) Ace's argument is correct and the state cannot recover.
B) Ace's argument is no good because here the parties obviously intended to make a contract.
C) Ace's argument is no good because here the court has a reasonably certain basis for giving an appropriate remedy.
D) Ace's argument is no good because here the parties obviously intended to make a contract, and the court has a reasonably certain basis for giving an appropriate remedy.
3. In which of the following situations does promissory estoppel make a difference in the law of offer?
A) By making option-type promises enforceable and thus blocking the offeror's ability to revoke.
B) By doing away with the requirement that rejections and revocations be communicated.
C) By making an offer automatically revocable at any time.
D) a and b.
4. Kyle sent Tara a letter offering to sell Tara his car. Tara left the letter on her desk, where her roommate, Maggie, saw it. After reading the letter, Maggie wrote to Kyle and stated that she (Maggie) wanted to accept Kyle's offer. Which of the following is true?
A) Kyle must sell Maggie his car unless Kyle is a merchant under the UCC.
B) There is no contract between Kyle and Maggie because Kyle did not communicate the offer to Maggie.
C) Kyle and Tara have a contract for the purchase of Kyle's car.
D) Maggie's letter is a valid acceptance of Kyle's offer.
5. A so-called "firm offer":
A) Requires consideration.
C) Can be made orally.
D) Cannot be made by a merchant.
6. Which of the following offers terminates earliest? Assume that there is no time limitation on the offer unless the question says otherwise.
A) An offer for the sale of land.
B) An offer to purchase stock on a stock exchange.
C) An offer that says that it will stay open for one week.
D) An offer with a valid five-day option attached to it.
7. Junior is a senior at State University. Dad, Junior's father, is concerned about Junior's study habits, given that Junior spends most of his evenings at the campus pub instead of the library. Dad promises Junior that he will send him on an expense-paid trip to Europe after his graduation if Junior spends at least five evenings a week studying in the campus library for the remainder of his senior year. After returning home from his graduation, Junior asks Dad about the European trip. Dad replies, “your education was your reward. I do not owe you a trip to Europe.” Dad:
A) is correct: Junior has already gained a benefit of the bargain.
B) is correct: Junior did not give anything of legal value.
C) is not correct: Dad owes Junior a trip to Europe because Junior's acts are consideration .
D) is not correct, but only if Junior's acts are adequate consideration for such an expensive trip.
8. Pip owns Great Expectations, a trendy restaurant in Manhattan. He enters into a contract with Estella, who makes and sells pastries. The contract states that Estella will “supply all of Great Expectation's needs” for pastries for the next year. Is this contract enforceable?
A) Yes, because this is a requirements contract.
B) Yes, but only if Pip buys all of the pastries produced by Estella in the next year.
C) No, because the promise fails to specify the quantity of goods to be purchased.
D) No, because Pip might not need any pastries in the next year.
9. Dan, President of BAZ Co., is happy with the extraordinary performance of Naomi, a BAZ Co. senior accountant. Dan informs Naomi that because of her superlative work in the past fiscal year, he is going to give her a 5 percent raise effective next month Naomi, who has never heard of anyone at BAZ Co. getting a raise, is thrilled and thanks Dan. Later that day, Dan realizes that giving Naomi this raise might cause all senior accountants to demand salary increases. Dan decides not to give Naomi a raise after all. Dan:
A) is correct because there was no bargained-for exchange for the raise
B) is correct because of the “preexisting duty" rule.
C) Because past consideration is not an act or promise.
D) Because past consideration is not liquidated.
10. X and Y have a contract which obligated X to sell Y 100 boxes of screws for $100. The parties orally modify the contract so that X will sell Y the same 100 boxes of screws for $125. The second agreement:
A) Is not binding because it is oral.
B) Is not binding because X has only promised to perform a preexisting legal obligation.
C) Is not binding because it is an outputs contract.
D) Is binding.
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