BLAW Sample First Exam - Sample Midterm Multiple Choice...

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Sample Midterm Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Jim offers to buy Karen's car for $1,000. Jim is an offeror and a. an obligato. b. an offeree. c. a promisee. d. a promisor. ____ 2. Hugo calls Paula on the telephone and offers to buy Paula's textbooks from the previous semester for $55. Paula agrees. Hugo and Paula have made ____ 3. Usually, quasi contracts are imposed ____ 4. What sort of contracts do not arise from mutual agreement but are imposed by a court to avoid unjust enrichment? ____ 5. Jones offers to sell Flint his bicycle. Before accepting the offer, Flint learns that the bicycle has been sold to Bond. Jones is a. liable to Flint for breach of contract. b. not liable, because the sale of the bicycle revokes the offer made to Flint. c. not liable, only if he provides an acceptable substitute to Flint. d. liable to Bond and Flint for breach of contract. ____ 6. First National Bank offers to lend money to Todd at 15 percent interest. Before Todd accepts, a statute is enacted prohibiting loans at interest rates greater than 12 percent. Todd and the bank have
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