Unit 1 Practice Exam Answers (9, 10, 11)

Unit 1 Practice Exam Answers (9, 10, 11) - Chapter 9...

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Chapter 9 -- Practice Exam Matching Questions Match the following terms with their definitions: (4) A. Implied contract (5) B. Mirror image rule. (3) C. Offeree (1) D. Offeror (2) E. Bilateral contract 1. A party that makes an offer. 2. An agreement based on one promise in exchange for another. 3 . A party that receives and offer. 4. An agreement based on the words and actions of the parties. 5. A common law principle requiring the acceptance to be on exactly the terms of the offer. True/False Questions Circle true or false: 1. T F To be enforceable, all contracts must be in writing. 2. T F Abdul hires Sean to work in his store, and agrees to pay him $9 per hour. This agreement is governed by the Uniform Commercial Code. 3. T F If an offer demands a reply within a stated period, the offeree's silence indicates acceptance. 4. T F Without a meeting of the minds there cannot be a contract. 5. T F An agreement to sell cocaine is a voidable contract. Multiple-Choice Questions 1. Mark, a newspaper editor, walks into the newsroom and announces to a group of five reporters: “I’ll pay a $2,000 bonus to the first reporter who finds definitive evidence that Senator Blue smoked marijuana at the celebrity party last Friday.” Anna, the first reporter to produce the evidence, claims her bonus based on (a) Unilateral contract . (b) Promissory estoppel. (c) Quasi-contract. (d) Implied contract. (e) Express contract. 2. Raul has finished the computer installation he promised to perform for Tanya, and she has paid him in full. This is
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3. Consider the following: I. Madison says to a group of students, "I'll pay $35 to the first one of you who shows up at my house and mows my lawn." II. Lea posts a flyer around town that reads, "Reward: $500 for information about the person who keyed my truck last Saturday night in the Wag-a-Bag parking lot. Call Lea at 555-5309." Which of these proposes a unilateral contract? 4 . On Monday night, Louise is talking on her cell phone with Bill. “I’m desperate for a manager in my store,” says Louise. “I’ll pay you $45,000 per year, if you can start tomorrow morning. What do you say?” “It’s a deal,” says Bill. “I can start tomorrow at 8 a.m. I’ll take $45,000 and I also want 10 percent of any profits you make above last year’s.” Just then Bill loses his cell phone signal. The next morning he shows up at the store, but Louise refuses to hire him. Bill sues. Bill will (a) Win, because there was a valid offer and acceptance.
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