265 Spr 2008-1

265 Spr 2008-1 - Business Law 265 Spring 2008 Exam #1,...

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Business Law 265 Spring 2008 Exam #1, February 26, 2008 This exam contains 50 questions. Each question is 2 points. The exam and its answer key will be posted on www.cbe.uidaho.edu/wegman one hour after the end of the exam. Go to “Test Bank of Old Exams” on the B. Law 265 section of the website. If you disagree with the answer key, please email Professor Wegman at [email protected] . You must include “exam” and the question number in the subject line of your email. Feed-back will be considered and may result in modification of the answer key, if received by 11:00 AM Wednesday. 1. Jerry sent a letter containing an offer to sell his mountain bike to Bill for $300. This letter was sent on Oct. 1 and it was received on Oct. 4. On Oct. 5 Bill sent a letter to Jerry accepting the offer. But then Bill changed his mind; on Oct 6 Bill sent a message by personal messenger to Jerry, rejecting Jerry’s offer. The messenger delivered the rejection and it was received by Jerry on Oct. 7. The letter containing Bill’s acceptance was received on Oct. 8. Based on the above, has a contract been formed for the sale of the mountain bike? a. Yes, because under the “mailbox rule” a contract was formed on Oct. 5 b. Yes, because under the “mailbox rule” a contract was formed on Oct. 8 c. No, because the rejection was sent before the acceptance was received d. No, because the rejection was received before the acceptance was received 2. Under the “golden rule” regarding assignments, which party must not be harmed (made worse off) by the assignment? a. assignor b. assignee c. obligor d. non assigning party 3. Gary mails an offer to Brian on June 15. Brian receives the offer on June 16. Gary mails a revocation of the offer on June 17. Brian mails a letter of acceptance on June 18. Brian receives the revocation on June 19. Was a contract formed? a. Yes, on June 16. b. Yes, on June 17. c. Yes, on June 18. d. No, the offer was revoked before acceptance. 4. Jana and Annie enter into a written agreement whereby Jana promises to sell and Annie promises to buy a certain parcel of land for $5,000. There is adequate consideration, the contract
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is legal and both parties have contractual capacity. The contract is fully performed by both parties on January 1. Which of the following best describes this contract as of January 12? a. Bilateral, express, executed, valid b. Unilateral, express, executed, valid c. Bilateral, express, executory, valid d. Unilateral, implied, executory, valid 5. The rejection of an offer: a. Is effective when received by the offeror, and prevents the offeree from later accepting that original offer. b. Is effective when sent to the offeror, and prevents the offeree from later accepting that original offer. c.
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This note was uploaded on 07/29/2011 for the course ACCT 351B taught by Professor Inama during the Spring '11 term at Golden Gate.

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265 Spr 2008-1 - Business Law 265 Spring 2008 Exam #1,...

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