Ole Miss BUS 250 Schafer (Test 2) || with 100% Correct Answers.
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Ole Miss BUS 250 Schafer
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Ole Miss BUS 250 Schafer
Jerry offers to shovel the snow from Ben's driveway for $35. Ben replies "OK. i This is an example of: correct answers an express, bilateral contract
When Myrtle comes home from work one evening, she finds that her yard has been mowed and trimmed. Later, a tnan comes to collect for the yard work...
Ole Miss BUS 250 Schafer (Test 2) || with 100% Correct
Answers.
Jerry offers to shovel the snow from Ben's driveway for $35. Ben replies "OK. i This is an
example of: correct answers an express, bilateral contract
When Myrtle comes home from work one evening, she finds that her yard has been mowed and
trimmed. Later, a tnan comes to collect for the yard work done. Myrtle refuses to pay for the
work since she has never seen the man before and did not hire him to do her yard work. Which
of the following answers is most accurate? correct answers myrtle would not have to pay for the
yard work
As English judges were developing the common law of contracts in the twelfth and thirteenth
centuries correct answers were not found binding unless written and sealed
One of the factors leading courts away from a laissez-faire approach to contract law was: correct
answers a change in relative bargaining power between parties to contracts
Larry goes to his barber who has cut his hair for the past several years. The barber proceeds to
cut his hair as they talk about the most recent snow storm to hit the area. This is an example of a:
correct answers a unilateral, implied contract
Patty is a poor college student struggling to work and keep up with her studies. Fred, her uncle,
promises to pay Patty support of $200 per month for the next six months. Although Fred didn't
ask her to, she quits her current job in order to devote full time to her studies for the next six
months. Fred makes one payment and then stops with no explanation, If Patty sues, what is the
likely result? correct answers patty may win under the doctrine of promissory estoppel
Which of the following represents a unilateral offer? correct answers I will pay you $50 if you
mow my lawn
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: correct answers matt would win this is an implied contract
Zena enters into a contract with Steeley Company to purchase a washer and dryer. She doesn't
understand the financing terms, but signs the agreement anyway because she needs the
appliances. The financing terms are very unfavorable to Zena, and she is unable to make all of
her payments when they are due. Steeley sues. The court would: correct answers be exercising
judicial resfraint if it requires Zena to pay as she promised, even if the agreement was unfair and
unwise.
Contracts that do not arise from mutual agreement but are created by courts to avoid unjust
enrichment are: correct answers quasi contracts
, Floyd offers to sell his 1967 Ford Mustang convertible to Tim. Before they conclude their
negotiations, Floyd dies. Which of the following is true? correct answers The offer terminates
automatically upon Floyds death.
On January 8, Quastrar, Inc. sent Hylavian Company a letter offering to sell $10,000 in
restaurant supplies, On January 1 8, Hylavian mailed a letter to Quastrar accepting the offer.
Quastrar received the acceptance letter on January 20. On January 17, Quasfrar sent a letter
revoking the offer. Hylavian received this letter on January 21. A contract between Quastrar and
Hylavian: correct answers was formed on january 8th
Which of the following offers are considered to be irrevocable for a given period? correct
answers all of the above
If Morales and Rolfes Supply negotiate for the purchase and sale of a supply of fuel for a three-
year period for Morales' business: correct answers the contract may indicate a method for
determining the price, without stating a definite price.
15. Acme Co. offers to buy 1000 widgets from Widget World Co. The written offer provides for
1000 at $10 per to be delivered May 1. The offer has no other provisions. Widget World sends a
written acceptance. However, the acceptance also states that if any claim arises under this
contract, Widget World must be notified within 10 days. Acme does not object to this provision.
Both parties are merchants. Which of the following best describes this situation? correct answers
c. A contract exists. If the additional tenns are construed to be material, they are not part of the
contract If the additional terms are not material, they are part of the contract.
David and George have a contract wherein George agrees to buy sporting goods and equipment.
Since the goods are not to be delivered for several months, they left the price open. Under the
UCC, which of the following will be true? correct answers The price will be the reasonable price
based on fair market value of the goods at the time of delivery.
17. An agreement to pay a lesser amount to settle an unliquidated debt is: correct answers
enforcable, as there is consideration
18. What phrase explains how a requirements contract can be valid? correct answers in good
faith
19. "I'll sell you my car if I decide to sell it" is an example of: correct answers illusory promise
20. An unliquidated debt can be described as: correct answers a debt in which the existence or
amount is in dispute
A promise by Derkin Restaurants to buy all of the produce it needs this next year at an
established price from Elfredo's Produce would be an: correct answers enforcable requirements
contract
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