1. Question :
Student Answer:
Katrina is complaining to her landlord about the six-inch long cockroaches in her apartment. The landlord scoffs, saying: “Cockroaches don’t get that big! I'll pay $10,000 to anyone who can show me a six-inch cockroach.” Will, a bug collector, overhears and promptly presents the landlord with his prize six-inch South American cockroach. The landlord refuses to pay, and Will sues. Which of the following best describes the situation? There is no contract because the landlord never intended to make an offer. There is no contract; a reasonable person wouldn’t believe the landlord intended to pay. There is no contract because Will did not have the power of acceptance.
Instructor Explanation: Points Received:
There is definitely a contract. The answer can be found in Section 4.2 The Offer of the text.
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Comments: 2. Question :
Student Answer:
Merlin posts his car for sale. Breanna calls and leaves a voicemail, saying, “Hey, I definitely want to buy your car! I’ll pick it up tomorrow, okay?” Which of the following best describes the situation? There is a contract, because Breanna has accepted the offer. There is no contract, because Breanna did not use a proper form of acceptance. There is no contract, because Breanna made a counteroffer.
Instructor Explanation: Points Received:
There is no contract, because Merlin never made an offer. The answer can be found in Section 4.2 The Offer of the text.
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Comments: 3. Question :
Delta Inc. offers to sell Omega Corp. a packaging machine. Omega responds “We’ll take it but only if there is a six-month warranty.” Which of the following is true?
Student Answer:
Instructor The answer can be found in Section 7.1 Offer and Acceptance of the Sales Explanation: Contract: Method of Acceptance, of the text. Points Received:
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Comments: 4. Question :
Seller agrees to supply all the gasoline Buyer needs for the next year at $3.00 per gallon. After three months, the price of gas falls to $2.33 per gallon. Buyer refuses to keep buying from Seller unless Seller lowers the price. Seller agrees. Two months later, the average price for gas goes up to $3.50 per gallon. Seller asks Buyer to agree to a price raise, but Buyer refuses. Which of the following is true?
Student Answer:
Instructor The answer can be found in Section 7.3 Modification of the Sales Contract: Explanation: Voluntary Modification, of the text. Points Received:
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Comments: 5. Question :
Daniel offers to sell his Toyota Camry to Jen for $8,000. Jen replies, “I accept. Make sure you wash and wax the car before you bring it over.� Which best describes the situation?
Student Answer:
Instructor Explanation:
The answer can be found in Section 4.3 Acceptance of the text.
Points Received:
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Comments: 6. Question : Student Answer:
Instructor Explanation:
Consideration is
The answer can be found in Section 4.4 Consideration of the text.
Points Received: Comments:
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7. Question : Student Answer:
A simple contract need(s) to
Instructor The answer can be found in Section 4.1 Types of Contracts: Simple Contracts vs. Explanation: Formal Contracts of the text. Points Received:
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Comments: 8. Question :
Alpha orders 100 Grade A widgets from Beta. Beta does not have any Grade A widgets in stock, so it ships Alpha 100 Grade B widgets instead. Which of the following is true?
Student Answer:
Instructor The answer can be found in Section 7.1 Offer and Acceptance of the Sales Explanation: Contract: Method of Acceptance, of the text. Points Received:
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Comments: 9. Question :
If an offeree attempts to add different terms in an acceptance, which of the following conflict with what the offeror stated?
Student Answer:
Instructor The answer can be found in Section 7.1 Offer and Acceptance of the Sales Explanation: Contract: Additional Terms of Acceptance, of the text. Points Received:
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Comments: 10. Question :
Peter, an art dealer, offers to sell a painting to Ben, a teacher, for $200. Ben responds, “I accept. I want it in a red frame, like the one I saw on that other painting at your gallery, so it will match my sofa.� Peter and Ben
Student Answer:
Instructor The answer can be found in Section 7.1 Offer and Acceptance of the Sales Explanation: Contract: Method of Acceptance, of the text.
Points Received:
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