Test%203A - ACCT 215, Hashmi, Fall 2007, TEST 3A Multiple...

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ACCT 215, Hashmi, Fall 2007, TEST 3A Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Dale and Elin sign a contract that intentionally confers a benefit on Flo. Flo's rights under the contract will vest a. automatically. b. if she manifests assent to the contract or materially alters her position in detrimental reli- ance on it. c. only if she manifests assent. d. only if she materially alters her position in detrimental reliance. ____ 2. Fred files a suit against Gail. To recover from Gail in quasi contract, Fred must show all of the following ex- cept a. Fred conferred a benefit on Gail, reasonably expecting to be paid. b. Fred did not act as a volunteer in conferring a benefit on Gail. c. Gail was in a better financial position than Fred. d. Gail would be unjustly enriched if she kept the benefit without paying. ____ 3. Lou and Mira want to rescind their contract under which Lou sold an MP3 player to Mira for $50. To rescind the contract a. Lou must return the $50 and Mira must return the player. b. Lou must return the $50 only. c. Mira must return the player only. d. the parties can keep the "benefits" of their bargain. ____ 4. Tasty Pastries, Inc., and other bakers refer to a "baker's dozen" as consisting of a collection of thirteen baked goods. This is an example of a. course of dealing. b. course of performance. c. square dealing. d. usage of trade. ____ 5. United Farms offers to sell Value Bakeries, Inc., fifty bushels of wheat. Value's representative Wendy re- sponds, "We agree to buy fifty bushels only if the wheat is Grade A quality." Wendy's statement is a. a breach of the parties' contract. b. a counteroffer. c. a fulfillment of the parties' contract. d. an acceptance. ____ 6. Alan contracts for the sale of an ancient vase, a Renaissance painting, and a modern mansion to Beth. Alan breaches the contract. Beth files a suit against Alan. The court will most likely award specific performance for a. the mansion only. b. the painting and the vase only. c.
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Test%203A - ACCT 215, Hashmi, Fall 2007, TEST 3A Multiple...

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