Exam 8: Agreement and Consideration in Contracts

Clay offers to pay Dot $50 for a golf lesson for Erin. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have​

Richie, a user of SmartPhoneApps.com's Web site, can download apps for free if he first clicks on "I accept" after viewing certain terms. This is​

Digital Enterprise, Inc., promises to pay its employees a year-end bonus "if profits continue to be high and management agrees at the time." This is​

Flo tells Ginger during a phone call that she will buy her textbook from last semester for $65. Ginger agrees. These parties have​

Under the mailbox rule, an acceptance becomes valid when it is dispatched.

One of the requirements of a valid contract is an adequate price.

Performance can constitute the consideration that creates a contractual obligation.

One necessary element for an effective offer is a reasonable price related to market value.

Ed, a businessperson, is a friend of Fran, the owner of a Good Bean Coffee & Bagels store. Every day, Ed spends five minutes in Fran's store, looking at the goods and usually buying one or two cinnamon buns or bagels. One afternoon, Ed goes into the store, looks at the items, and picks up a $1 chocolate brownie. Ed waves the brownie at Fran without saying a word and walks out. Is there a contract? If so, how would it be classified in terms of formation, performance, and enforceability?

Liz offers to sell Jock her iPad for $500 without any accessories. Under the mirror image rule, Jock's response will be considered an acceptance if the terms of the acceptance​

Business Properties, Inc. (BPI), offers to sell a warehouse to Corporate Investments. Corporate says that it will pay BPI $100 to hold the offer open for three business days. This​

Robin claims that her contract with Stroud for tennis lessons is voidable as the lessons were never provided and the tennis club burnt down. If their contract is avoided