Exam 7: Contracts

An agreement between two parties that provides that the seller will sell all of a product that he produces to the buyer is called a(n)

Conditions ________ occur when the mutual duties of performance are to take place simultaneously.

In a unilateral contract,a promise is given in exchange for another promise.

Which of the following is true regarding the effect of death and incapacity on an offer?

.Whether a contract is a bilateral or unilateral contract depends upon whether the sale of goods is involved.

To which of the following does the statute of frauds apply?

A minor may ratify a contract after reaching the age of majority.

Which of the following are damages that compensate the plaintiff for any expenditures it made in reliance on a contract that was subsequently breached?

An offeror may not revoke an offer before the offeree has had a reasonable time in which to consider it.

Helen tells her nephew,Bernard,that she will pay him $100 if he will stop smoking for six months. Helen was hopeful that if Bernard stopped smoking for six months,he would stop altogether. Bernard stops smoking for six months but then resumed his smoking. Helen will not pay him. She says that the type of promise she made cannot constitute a binding contract and that,furthermore,it was at least implied that he would stop smoking for good. Can Bernard legally collect $100 from Helen?

Which of the following is a type of conditional promise?

A counteroffer does not terminate the original offer.

An objective standard is used in determining whether an offer has been made.

Penny found a billfold on a city street; looked inside to determine its owner and returned it to its true owner,Richard. A few days later she found out that Richard had offered a reward in the amount of $100 for the return of the billfold. She asks Richard for the reward money,but he refuses. Is Penny entitled to the reward,and why or why not?

A(n)________ is any agreement to accept performance that is different from what is called for in the contract.

As a birthday gift,Ben's uncle promised Ben that he would pay Ben's business school tuition for the next semester. In reliance on that promise,Ben quit his part time job at a fast food restaurant. When the tuition bill became due,Ben's uncle told Ben that he was sorry but that he would not be able to pay the tuition because he just built a new swimming pool at his house,and funds were running short. Ben asks you if there is any basis upon which he could win in litigation against his uncle. Which of the following would be the best advice?

Alice typically mows her own lawn whereas her neighbor pays to have her yard mown by ABC Law Service. Alice notices one day that an apparently new employee of ABC is mowing Alice's yard by mistake. She says nothing. When the employee asks for payment,Alice refuses on the basis that the yard mowing was a mistake and that she has no contract with ABC. Which of the following is true regarding whether ABC could recover against Alice?

Which of the following was the result in Copeland v.Baskin Robbins,the case in the text involving the issue of whether a party may be held liable on the theory that the party wrongfully failed to engage in contract negotiations?

S calls B and says,"I will sell my 1966 Mustang convertible to you for $3,000." B knows that the car is worth $4,000.B replies,"Would that include the trunk-mounted spare tire?" S hangs up without a word.B calls back in three days and says,"I'll buy the car for $3,000." Is there a contract? Discuss fully.

Fact Pattern 7-1 Prudence offered to sell her car to Danny for $3,000. Danny was not sure what to do, so he asked Prudence if she would hold the offer open for him for one week for $50. Prudence said sure, and the parties signed a contract to the effect that Prudence would hold the car. A few hours, Bobby unexpectedly offered Prudence $3,500 for the car, and Prudence sold it to him on the spot. Danny decided to buy the car, but when he came by to pick it up the next day, it was gone. Prudence gave Danny his $50 back telling him that was her only obligation and that if he had any complaints, he could take it up with Bobby. Danny found a similar car the next week for $3,500 and purchased it. -Refer to fact pattern 7-1. What damages,if any,could Danny likely collect against Bobby in litigation over the car?