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Unformatted text preview: ption agreement.
294. James offers to sell four acres of land to Jennifer for $8,000 and further offers to keep the offer
open for one month if Jennifer will pay him $100 for the privilege. Jennifer pays James $100.
Which statement describes the payment of $100?
An implied in fact contract has been formed.
A unilateral contract has been formed.
This is a formal contract.
This is an option contract.
295. James offers to sell his fishing boat to Brenda for $3,000. Brenda says she will apply for a loan
and will buy the boat within a week. A contract is formed:
when Brenda tells James she will buy the boat.
when Brenda gets the money from the credit union.
when Brenda applies for the loan at the credit union.
only when James gets the $3,000. 296. Jason’s mother would like him to go to college, so in June he enrolls at Ivory Towers State
University. He also quits his job and tells his mother his plans to continue taking classes. His
mother says, “I’m so happy that you are going to college th...
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This test prep was uploaded on 03/29/2014 for the course BUL 3130 taught by Professor Schupp during the Fall '12 term at UNF.
- Fall '12
- The Lottery