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LSB 3213 Exam 2 - Holden (Questions & Answers) Rated 100%
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Don enters into a contract with Eve, who claims to have access to a stock-trading algorithm that will multiply an investment many times over. When the results do not match this promise, Don learns that Eve does not have access to any unique software and files a suit, alleging fraud. Proof of an i...

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  • August 21, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • LSB 3213 - Holden
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LSB 3213 Exam 2 - Holden
Don enters into a contract with Eve, who claims to have access to a stock-trading algorithm that will
multiply an investment many times over. When the results do not match this promise, Don learns that
Eve does not have access to any unique software and files a suit, alleging fraud. Proof of an injury is
required to - A; recover damages.



A major-league baseball team based on the North side of Chicago is in the playoffs and doing well.
Behind the left-field wall there is an apartment building, and the owner advertises, "Space available on
the apartment building roof with a clear view of the field for the World Series. Bring a lawn chair, your
radio, and a cooler and enjoy the game. Just $50 per game." Bart, a lifelong fan, answers the ad and pays
the building owner $100 to reserve space for the first two games. Unfortunately, the team fails to
advance to the World Series. - B; Bart will get a refund because of frustration of purpose

"Honesty in fact and the observance of reasonable commercial standards of fair dealing" is the definition
of good faith according to - D; The Uniform Commercial Code and common law



A condition __________ stipulates an event that occurs after performance under the contract and
discharges the parties' obligations. - subsequent



A court order to refrain from performing a particular act is known as __________. - injunctive
relief

.



A meeting of the mind requires

A)the court to determine that both parties entered into a wise agreement.

B)both parties to compromise in reaching a final agreement.

C)both parties to make a fair offer.

D)a true understanding, and acceptance, of the terms of the offer. - D



A meeting of the mind requires - D; a true understanding, and acceptance, of the terms of the
offer.

, A promise made in return for a detriment previously made by the promisee is a - C; Past
consideration



A valid contract requires - D; an offer and an acceptance



ABC Land Co. is negotiating the sale of an office building to Mega Co. Which laws will govern the contract
for the sale of the building?

A) The Uniform Commercial Code. B) State statutory law based on the Uniform Commercial Code.

C) Hybrid laws.

D) State common law. - D



ABC Land Co. is negotiating the sale of an office building to Mega Co. Which laws will govern the contract
for the sale of the building? - A; ABC Land Co. is negotiating the sale of an office building to Mega
Co. Which laws will govern the contract for the sale of the building?



According to the mailbox rule, an acceptance if effective

A) When received by the offeror B) when dispatched by the offeree in a commercially reasonable
manner.

C) Once received by the offeree

D) One day after dispatched by offeree - B



Aimee and Claire both own their own bakeries in Edwardsville. They both agree with each other to sell
their cupcakes for $5.00. Is this contract enforceable?

A) Yes because the promise to sell the cupcakes at $5.00 each by each person is consideration.

B) No because it lacks mutual assent.

C) No as it is a restraint on trade which is against public policy.

D) Yes as long as the price is fair and does not take advantage of consumers. - C



An agreement between two adults to pay $300 cash for a bicycle is an example of a contract that is -
A; Valid

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