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Exam 8: Real, Personal, and Intellectual Property

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Question 51

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Which of the following is true if no means of communicating an acceptance is specified in an offer?

A) The acceptance must be in writing.
B) The acceptance must be made verbally either by telephone or in person.
C) No valid contract may be entered into because the offer must specify a means by which to accept.
D) Acceptance may be made by any reasonable means.
E) Acceptance must be made orally or in writing within twenty-four hours.

F) None of the above
G) B) and E)

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Question 52

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Identify and describe the four elements that are necessary for a contract to exist.

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The four elements necessary for a contra...

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Question 53

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Quasi-contracts are actual contracts.

Once all of the terms of the contract have been fully performed, the contract is said to be _____________.

Which of the following sets forth the common law rule that the terms of an acceptance must mirror the terms of the offer?

Which of the following is, in effect, not a contract at all?

A[n] ___________ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

Which of the following is a definition for consideration?

Which of the following provides that a revocation is effective only when received by the offeree?

Which of the following are the two most important sources of contract law?

Which of the following is a measure of recovery when a quasi-contract is involved?

Reference - Used Car Sales. Walter sells used cars. He is seeking a way to increase sales and profits because he would like to take his girlfriend on a nice diving trip to the Grand Cayman Islands. The first thing that Walter does is say that during the first week of December, he will give a $500 rebate on used cars under two years old. To spice things up, he also offers to sell any car on the lot that is under five years old for $1,000 to the first three customers who can hula hoop ten hours straight on December 7^th. (Hula hooping was a practice popular some years ago in which a large hoop would be swung around by a person, usually around the waist.) Walter was not very concerned about the hula hooping issue because he thought that no one would be able to hula hoop for ten hours straight. Walter put an advertisement pertaining to the rebate and hula hoop opportunity in the local newspaper. The promotion went over very well. Although he had several on hand, Walter ran out of cars under two years old within one day. During the rest of the week shoppers were told that no cars of that description were available. A customer named Sam was very unhappy when he discovered the next day that no cars under two years old were available. On December 7^th, while Walter was watching the hula hoopers, Sally was shopping for a car. She was in college and did not have much money. She saw one, an older car, that she liked but she really did not know if it ran or not. She was going to talk to her parents. Walter eventually approached her and Sally asked him if he would take $3,000 for the car. Walter said, "Yes, sold." Sally tried to explain that she needed to talk to her parents first, but Walter would not hear of it. While Walter was still fuming from his encounter with Sally, Zack walked up and started to criticize the nature of Walter's inventory. Walter told him that he had great cars. Zack pointed at an old jalopy that was banged up, had 200,000 miles on it, and a cracked windshield. Zack said, "Sure, I'll pay $10,000 for that car." Walter said, "Sold." Zack said, "Wait a minute. I was only kidding." Walter said, "No way." Meanwhile all the hula hoopers dropped out well prior to ten hours of hula hooping except for Barbara. One minute before the ten hours were up, Walter yelled out "I revoke!" Barbara completed the hula hooping anyway and asked for her car for $1,000. Walter refused saying that the offer was revoked. Sam was very angry and sued Walter for not having a car available that was under two years old so that he could get a good deal and a $500 rebate. Additionally, Barbara sued Walter, and Walter sued Zack and Sally. What is the most likely result in the lawsuit brought by Barbara against Walter?

Which of the following references the requirement that a contract not be either illegal or against public policy?

The person who agrees to the terms of an offer by another party is called the ___________.

In order to recover under quasi-contract, there is no requirement that enrichment be unjust.

Harry accepts Frank's offer to sell a used car for $2,000. At what point is there a binding contract?

Any contact that is not a formal contract is an informal contract, also called a simple contract.

In which of the following ways may an offeree accept a unilateral contract?

All contracts can be categorized as either ___________ or ____________ contracts.

Which of the following consists of an offer by one party and an acceptance of the terms by another party?