Exam (elaborations)
LEGL 2700 Practice Test 1/44 Questions with Answers A+ Graded
LEGL 2700 Practice Test 1/44 Questions with Answers A+ Graded
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LEGL 2700 Practice Test 1/44 Questionswith Answers A+ Graded
1. Party Z offers via email to sell his house to Party A for $100,000. Party A
replied, "You're house is only worth $90,000 so that is the most I'm willing to
pay." Party Z remarked, "It's worth far more than that and I'm sure someone
will pay it." Party A then stated, "Ok, $100,000 it is." Party Z declined, stating
that he'd prefer to do business with someone else. Party A remarked, "Well,
I've already accepted your offer." What occurs?
A) The parties have a contract for $100,000
B) The parties have a contract for $90,000
C) The parties have an agreement to agree but must agree on a price
D) No contract exists. - -D
There was never an acceptance of a specific price
-2. A dog owner hangs a flyer offering a $50 reward for finding his lost dog.
A neighbor, knowing of the reward offer, finds the dog and returns the dog to
the dog owner, demanding the $50. The dog owner refuses. What occurs?
A) The parties have a valid and enforceable unilateral contract
B) The parties' agreement is unenforceable due to a lack of capacity.
C) The promise lacks an offer and acceptance, making the reward poster
unenforceable as a contract
D) The promise lacks consideration, making it unenforceable as a contract -
-A
Since the dog owner hang the flyer and the man who found it saw the offer
before he carried out the contract, it is valid
-3. A 21-year old College Student gives his Uncle tickets to the World Series
as a gift. Two years later, the Uncle gives the College Student his old car
telling him that the car is in consideration for the baseball tickets from a
couple years ago. The College Student accepts. The Uncle then informs the
College Student that he's retracting his promise, leading the College Student
to allege that his Uncle breached their contract. What is the result?
A) The parties have a contract which the College Student may enforce
B) The parties' agreement lacks mutually bargained for consideration.
C) The parties failed to make a contract due to a lack of capacity.
D) The parties have an agreement to agree but must still decide on adequate
consideration. - -B
The consideration was not bargained for at the time of the K being made
-4. A car salesman speaks to a consumer, offering the consumer a car for
$10,000. The consumer was unsure about the deal, leading the car salesman
to promise "I'll hold this offer open for you for one week's time. Call me any
time in the next seven days if you'd like to buy it." Four days later, right
, before the consumer is able to accept the offer, the car salesman breaks his
promise, retracting his offer. If the consumer sues to accept the offer, what
happens?
A) The car salesman would win, as he had no obligation to hold the offer
open.
B) The consumer would win, since the car salesman had promised to keep
the offer open.
C) The consumer would win since he has the right to accept any offer for a
reasonable amount of time.
D) The car salesman would win since the consumer acted in bad faith - -A
There was no consideration for the car salesman to keep the offer open, so
he would win
-5. A contractor orally contracts to perform a study of undergraduate
retention for a university to be completed in 11-months' time. though these
studies typically take a year and a half to complete. Two days later, the
contractor decides to break the agreement without performing. If the
University sues, what happens?
A) The university is likely to win under the doctrine of impossibility.
B) The contractor would likely win since the agreement violates the statute
of frauds.
C) The parties have a valid and enforceable agreement
D) There is no contract due to a lack of adequate consideration - -C
The contract is valid because the contract typically takes 1 1/2 years but the
contractor claimed he could do it.
-6. Which of the following contracts must be in writing to be enforceable?
A) A loan from a bank.
B) A contract to paint an antique car to take place within 6 months time.
C) The sale of stock.
D) The sale of cotton for $750 - -D
Sales for goods over $500 must be in writing
-7. Which of the following contracts is void at its signing?
A) A contract in which one party is a minor
B) A contract in which one party was severely intoxicated
C) A contract in which one party lacked mental capacity, though no court or
similar legal proceeding had previously determined the party was mentally
unable to enter into a contract.
D) A contract to purchase an illegal good - -D
Because the good is illegal
-8. A Bank agrees to loan money to a Restaurant, but the parties contract
that the Restaurant should repay a Third Party instead of the Bank. If the
Restaurant refuses to repay the loan, then
A) The Third Party can sue to enforce the contract
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