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LSB 3213 Exam 2 All Possible Questions and Answers with complete solution
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John tells Jami he would sell her his grandmother's wedding ring for $100.00. Jami accepts and they exchange the ring and the money. Two days later, John tells Jami that he was only joking and now wants the ring back and he will give her the money back. According to the objective theory of contra...

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  • August 21, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • lsb 3213

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  • LSB 3213
  • LSB 3213

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LSB 3213 Exam 2
John tells Jami he would sell her his grandmother's wedding ring for $100.00. Jami accepts and they
exchange the ring and the money. Two days later, John tells Jami that he was only joking and now wants
the ring back and he will give her the money back. According to the objective theory of contracts, which
statement below is correct? - Even if John was joking, the court will not consider John's personal
belief but will determine if a reasonable person would believe John's language and conduct indicated he
was serious in his intent to contract.



Ben and Ivy enter into a contract under which Ben agrees to cater Ivy's wedding in exchange for a cash
down payment. The contract expressly prohibits any transfer of rights. A contract right may be
transferred, however, if the transfer involves - a right to receive payment.



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



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. - Bart will get a refund because of frustration of purpose.



A meeting of the mind requires - 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 - Past
consideration



A valid contract requires - 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? - State common law.

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



An agreement to buy cocaine from a drug dealer is - a void contract.




Caleb contracts with Eliza to beat up Mickey for $50.00. Is that agreement enforceable? - No it is
illegal.



Clyde contracts with Seaside Resorts to rent an oceanfront room for a romantic weekend with his
girlfriend Anne. In fact, Clyde intends to propose to Anne on the beach under the full moon during their
stay. He made this decision after booking the room. The contract with Seaside Resorts requires a $250
deposit with the remaining $250 due upon check-in. The deposit is nonrefundable unless the reservation
is canceled at least 48 hours prior to check-in. The day before they are to leave for the resort, Clyde and
Anne have a huge fight and break up. If Clyde calls Seaside, cancels the reservation, and demands a
refund of his deposit, is Seaside legally obligated to refund Clyde's money? - No. Seaside is not
legally obligated to provide a refund.



Dim threatens physical harm to force Ed to sell his business, Flowers, Inc., to Dim for a below-market
price. This is - Duress



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 - recover damages.



Field Construction, Inc., contracts with Mesa Ranch to build a new horse barn on Mesa's property for
which Mesa agrees to pay. The elements of this, and any other, contract include - Legality



Flora enters into a contract with Global Shipping, Ltd., to insure and ship a painting from France to the
United States for a certain price. Global makes a mistake in adding the costs, which results in a contract
price that is $1,000 less than the true cost. Most likely, a court would - allow the parties to rescind
the contract.

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