BUSN 201 - Submitted by Nguyen, HuyThe (Stephen_Nguyen) on...

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Submitted by Nguyen, HuyThe (Stephen_Nguyen) on 8/13/2011 10:30:57 AM Points Awarded 86.00 Points Missed 14.00 Percentage 86.0% 1. Ryan, a minor, contracted to sell his auto to Ed, a 28-year-old. Ryan later refused to complete the sale. If Ed sues to enforce the contract, Ed will: A) win because Ryan was the seller. B) win because minors can only avoid contracts for the sale of land. C) lose, as the contract is void. D) lose, because the contract is voidable by Ryan. Points Earned: 2.0/2.0 Correct Answer(s): D 2. Zero, Inc. agreed to build Millie a storage building for $8,000. After beginning the project, Zero realized that it could not complete the job and make a profit. Zero demanded $9,500 to complete the building. Millie agreed to pay the $9,500. When the project was complete, Millie tendered $8,000 to Zero for the job. If Zero sues Millie for the remaining $1,500: A) Zero will win because there was consideration for the additional $1,500. B) Zero will win because Millie had a pre-existing duty to pay any additional amounts. C) Zero will lose because there was no legal consideration to support the additional $1,500. D) Zero will lose because the UCC does not require consideration to modify an existing contract. Points Earned: 2.0/2.0 Correct Answer(s): C 3. What is not required to establish promissory estoppel? A) A promise made by the defendant. B) A promise made by the plaintiff in response to the defendant's promise. C) Reliance on the defendant's promise. D) Enforcing the promise is the only way to avoid injustice. Points Earned: 2.0/2.0 Correct Answer(s): B
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4. Jennifer substantially performs her service contract with Gretchen. Due to Jennifer's failure to render complete performance, Gretchen: A) is discharged from any further contractual obligations. B) is required to pay the full contract price, minus the value of Jennifer's defective performance. C) is required to pay the full contract price. D) may declare a material breach and pay only for the value received. Points Earned: 2.0/2.0 Correct Answer(s): B 5. Mike made the following offer to Mick: "I will pay you $500 if you agree to paint my house." Mick replied that he would. At this point, the contract is an: A) executed, bilateral, express contract. B) executory, bilateral, implied-in-law contract. C) executory, unilateral, express contract. D) executory, bilateral, express contract. Points Earned: 2.0/2.0 Correct Answer(s): D 6. Floyd offers to sell his 1967 Ford Mustang convertible to Tim. Before they conclude their negotiations, Floyd dies. Which of the following is true? A) Floyd's heirs must sell the car to Tim. B) Floyd's heirs must continue to negotiate the offer and sell the car, if a reasonable price can be determined. C) The offer terminates automatically upon Floyd's death.
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This note was uploaded on 12/13/2011 for the course BUSN 201 taught by Professor Stanley during the Spring '11 term at greenriver.edu.

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BUSN 201 - Submitted by Nguyen, HuyThe (Stephen_Nguyen) on...

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