Question 1

On December 1,Petro,Inc. ,sent Rachel & Rico (R&R)a letter,via overnight delivery,offering to employ R&R to review Petro's tax situation for the current year for $10,000.In the letter,the company stated that R&R had ten days to accept.On December 5,R&R sent an e-mail message that stated,"The price for the tax analysis seems too low.Would you consider paying $15,000?" Petro received the message without responding immediately.The next day,Smith & Taylor,an R&R competitor,offered to conduct the appraisal for $8,000.On learning of this offer,R&R immediately e-mailed Petro,agreeing to do the work for $10,000.Petro received this message on December 7.Explain why R&R and Petro do,or do not,have a contract.

Accepted Answer

R&R and Petro have a contract.R&R effect...

Question 2

Megan gives out a business card with an e-mail address on it.It is reasonable to infer that Megan has consented to

Accepted Answer

A)  transact business electronically.
B)  submit to the recipient's jurisdiction.
C)  respond to e-mail sent to that address.
D)  nothing.E) C) and D)
F) B) and C)

Question 3

Lyle and Miranda agree that Lyle will fix the refrigeration unit in Miranda's Buns n' Burgers in exchange for her payment of a debt that Lyle owes to New Credit Corporation.New Credit is​

Accepted Answer

A)  a delegatee.
B)  an intended beneficiary.
C)  an incidental beneficiary.
D)  an obligor.E) B) and D)
F) A) and D)

Question 4

A contract that is oral when it is required to be in writing is voidable by a party who does not wish to follow through with the agreement.

Accepted Answer

A) True 
 B)False

Question 5

An invitation to negotiate-"can you afford this?"-is an offer.

Accepted Answer

A) True 
 B)False

Question 6

Alice and Bart enter into a contract for the sale of Canyon Ranch.To be enforceable,this contract must be​

Accepted Answer

A)  substantiated by reliable,external evidence.
B)  signed in a sufficient manner by both parties.
C)  in writing or evidenced by a written memorandum.
D)  all of the choices.E) None of the above
F) B) and C)

Question 7

Rafi offers a tour of Bay Harbor aboard his sailboat,Sea Siren,to Tiara's Travel Group for $500.Referring to the prices for similar tours,Tiara's says,"We'll pay no more than $400." Rafi's offer is​

Accepted Answer

A)  still open.
B)  terminated.
C)  rejected and subject to a counteroffer.
D)  revoked.E) A) and B)
F) A) and C)

Question 8

An obligation is enforceable only if it is made in return for actions or events that have already taken place.

Accepted Answer

A) True 
 B)False

Question 9

A preliminary agreement cannot constitute a binding contract.

Accepted Answer

A) True 
 B)False

Question 10

An acceptance must be unequivocal.

Accepted Answer

A) True 
 B)False

Question 11

Clay offers to pay Dian $50 for a golf lesson for Ewan.They agree to meet on Friday to exchange the cash for the lesson.These parties have​

Accepted Answer

A)  a bilateral contract.
B)  a unilateral contract.
C)  a void contract.
D)  an executive contract.E) A) and B)
F) A) and C)

Question 12

Orin signs a covenant not to compete with his employer,Product Distribution,Inc.The covenant will be enforced if it​

Accepted Answer

A)  does not require either party to obtain a business license.
B)  is reasonable with respect to geographic area and duration.
C)  relieves the employer from liability for any injury to Orin.
D)  none of the choices.E) A) and D)
F) C) and D)

Exam 12: Formation of Traditional and E-Contracts

An acceptance must be unequivocal.

Correct Answer
verified

Rafi offers a tour of Bay Harbor aboard his sailboat,Sea Siren,to Tiara's Travel Group for $500.Referring to the prices for similar tours,Tiara's says,"We'll pay no more than $400." Rafi's offer is

Correct Answer
verified

Megan gives out a business card with an e-mail address on it.It is reasonable to infer that Megan has consented to

Correct Answer
verified

An obligation is enforceable only if it is made in return for actions or events that have already taken place.

Correct Answer
verified

An invitation to negotiate-"can you afford this?"-is an offer.

Correct Answer
verified

A preliminary agreement cannot constitute a binding contract.

Correct Answer
verified

Clay offers to pay Dian $50 for a golf lesson for Ewan.They agree to meet on Friday to exchange the cash for the lesson.These parties have

Correct Answer
verified

Lyle and Miranda agree that Lyle will fix the refrigeration unit in Miranda's Buns n' Burgers in exchange for her payment of a debt that Lyle owes to New Credit Corporation.New Credit is

Correct Answer
verified

Correct Answer
verified
R&R and Petro have a contract.R&R effect...
View Answer

A contract that is oral when it is required to be in writing is voidable by a party who does not wish to follow through with the agreement.

Correct Answer
verified

Orin signs a covenant not to compete with his employer,Product Distribution,Inc.The covenant will be enforced if it

Correct Answer
verified

Alice and Bart enter into a contract for the sale of Canyon Ranch.To be enforceable,this contract must be

Correct Answer
verified

Exam 12: Formation of Traditional and E-Contracts

An acceptance must be unequivocal.

Correct AnswerverifiedShow Answer

Rafi offers a tour of Bay Harbor aboard his sailboat,Sea Siren,to Tiara's Travel Group for $500.Referring to the prices for similar tours,Tiara's says,"We'll pay no more than $400." Rafi's offer is​

Correct AnswerverifiedShow Answer

Megan gives out a business card with an e-mail address on it.It is reasonable to infer that Megan has consented to

Correct AnswerverifiedShow Answer

An obligation is enforceable only if it is made in return for actions or events that have already taken place.

Correct AnswerverifiedShow Answer

An invitation to negotiate-"can you afford this?"-is an offer.

Correct AnswerverifiedShow Answer

A preliminary agreement cannot constitute a binding contract.

Correct AnswerverifiedShow Answer

Clay offers to pay Dian $50 for a golf lesson for Ewan.They agree to meet on Friday to exchange the cash for the lesson.These parties have​

Correct AnswerverifiedShow Answer

Lyle and Miranda agree that Lyle will fix the refrigeration unit in Miranda's Buns n' Burgers in exchange for her payment of a debt that Lyle owes to New Credit Corporation.New Credit is​

Correct AnswerverifiedShow Answer

Correct AnswerverifiedR&R and Petro have a contract.R&R effect...View AnswerShow Answer

A contract that is oral when it is required to be in writing is voidable by a party who does not wish to follow through with the agreement.

Correct AnswerverifiedShow Answer

Orin signs a covenant not to compete with his employer,Product Distribution,Inc.The covenant will be enforced if it​

Correct AnswerverifiedShow Answer

Alice and Bart enter into a contract for the sale of Canyon Ranch.To be enforceable,this contract must be​

Correct AnswerverifiedShow Answer

Correct Answer
verified

Rafi offers a tour of Bay Harbor aboard his sailboat,Sea Siren,to Tiara's Travel Group for $500.Referring to the prices for similar tours,Tiara's says,"We'll pay no more than $400." Rafi's offer is

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Clay offers to pay Dian $50 for a golf lesson for Ewan.They agree to meet on Friday to exchange the cash for the lesson.These parties have

Correct Answer
verified

Lyle and Miranda agree that Lyle will fix the refrigeration unit in Miranda's Buns n' Burgers in exchange for her payment of a debt that Lyle owes to New Credit Corporation.New Credit is

Correct Answer
verified

Correct Answer
verified
R&R and Petro have a contract.R&R effect...
View Answer

Correct Answer
verified

Orin signs a covenant not to compete with his employer,Product Distribution,Inc.The covenant will be enforced if it

Correct Answer
verified

Alice and Bart enter into a contract for the sale of Canyon Ranch.To be enforceable,this contract must be

Correct Answer
verified