Exam 6: The Elements of a Contract: Consensus and Consideration

Four days ago, Pete was reading the newspaper and saw the following: "Best offer in town! Zenith XX Laser Printer - $400! When he went to the store this afternoon and said he wanted one, they replied that they didn't have any left, nor could they get one. On these facts, which of the following is true?

What was significant about the case of R. v. Commercial Credit Corp.?

Joe, a university student, parked his car near Harry's garage and went away to attend classes. Harry had noticed that there was glass on the street when he came to work that morning and was not surprised when he saw that several of the students' cars parked in that location subsequently had flat tires. He went around when he had time during the day, to each of those cars, fixed the tires and put a bill on each vehicle charging $15 for the service. Joe had come back during the day and noticed his flat tire, and when he came back that evening was grateful that it had been fixed. He went over to the garage to thank Harry and told him that he would be happy to pay the $15, but he couldn't do it until next week. In fact, he failed to pay the money, and Harry sued him for breach of contract. Explain the likely outcome.

Which of the following statements would be true with regards to the Uniform Electronic Commerce Act (UECA)?

Which of the following could not be used as consideration?

An agreement for the purchase and sale of property included the following words: "Subject to the purchaser obtaining satisfactory financing by 5 p.m. on Friday, February 22, 2016." If the court held that this subject-to clause was so vague that "the entire contract was void for uncertainty," this would mean that

Joe offered to sell Harry his car for $500. Harry responded by saying, "I accept, providing you install a new radio in that car." Explain the legal relationship between the two parties.

What is a "gratuitous promise"?

Franz bought a round-trip ticket to Germany to visit relatives. Unfortunately, a week before flight time, he broke his leg. He offered his co-worker, Joe, the ticket for 80% of the full price, offer to remain open until 10:00 p.m. on December 15. Indicate to Joe which of the following is true with regard to the law of offer and acceptance.

If an offer is made by mail and an acceptance by mail is requested, when does a letter revoking the previous offer actually take effect?

Indicate which of the following statements is correct about the effect of promissory estoppel on a promisor.

Which of the following statements is correct with respect to promissory estoppel (equitable estoppel)?

Sam placed an announcement in the newspaper as follows: "$200 reward for the return of two lost Siamese kittens." Joe read the ad, found the kittens, and returned them. This is an example of which of the following?

Mary bought a new computer and advertised her old computer for $1500. Mr. Jones offered to pay $1000. Mary said no, she wanted $1500. Mr. Jones offered $1250. Mary rejected that and said she wanted $1500, but then said to him, "I withdraw my offer, I've decided to give it to a school and apply for the tax benefit." Mr. Jones said, "All right, I'll accept your offer of $1500." Which of the following is true?

Electronic commerce (ecommerce) legislation specifies

What must be present in an offer before it qualifies as such?

Several courts have refused to enforce electronic contracts when the terms have been found to be unreasonable.

Which of the following is false with regard to contract law?

A contract with fixed terms prepared by a business is known as ________.

Discuss the federal Uniform Electronic Commerce Act (UECA).