Exam 10: Introduction to Contracts

Seth told the salesperson at Outdoor Times that he wanted the sleeping bag that was advertised in the Sunday paper; one that would keep him comfortable if the temperature drops to 10 degrees Fahrenheit. The salesperson told Seth they were sold out of that bag, but there were two other styles that would meet his needs and were the same price. Seth insisted he wanted the advertised bag and threatened to sue for breach of contract. Which is true?

All oral contracts are quasi-contracts until they are completely executed.

Nella offers to sell her crop of strawberries, which have just been picked, to Morgan's Market. Since Nella does not specify a time limit for acceptance, Morgan's can accept the offer at any point in time.

An express contract

McCann Construction purchased a poured concrete form from Advance Concrete Forms, Inc. McCann purchased the concrete form by placing a phone call to Advance in Madison, Wisconsin. Advance delivered the concrete form with an invoice stating the terms of the sale required payment within 30 days and a 1 1/2 % interest per month finance charge would be charged on accounts over 30 days. When McCann failed to pay the invoice on time, interest was charged according to this rate. Later, McCann refused to pay the accumulated interest charge, claiming there was not a meeting of the minds regarding the finance charge in any conversation prior to the sale. The trial court concluded that the finance charge was in fact an additional term added by Advance when it accepted McCann's purchase order. Discuss Uniform Commercial Code Section 2-207 in general and with regard to this situation. Does McCann owe the interest accrued?

Discuss the requirements of promissory estoppel.

Walter enters a dentist office and points to a damaged tooth. The dentist, Matt, treats the tooth. If Walter refused to pay and Matt sued,

Jaime offered to buy Kevin's bike. Jamie is the

Briefly discuss how an offer can be accepted. Include in your answer the application of the mirror image rule.

A promise to do (or not do)something in the future counts as consideration.

Dick offers to sell Jane his 1955 Thunderbird convertible. Before Jane can accept the offer, lightning strikes the car and it is totally destroyed. Which of the following is true?

Which of the following types of property would be considered "goods" under the Uniform Commercial Code?

An agreement in which parties intend to form a valid bargain, but a court declares that some rule of law prevents enforcing it is called

John owns a thoroughbred horse named Prince Charming that just ran in the Kentucky Derby. Prince Charming came in last, much to John's frustration and embarrassment. John exclaims in a loud voice, "I'm selling that horse to the first person who hands me $100!" John has

In January, Alex promised to pay Y-K Inc. $5,000 if it would refrain from filing suit against him on a breach of contract action. Y-K agreed and accepted a $5,000 check from Alex. Which of the following statements is correct?

The two basic elements of consideration are intention and agreement.

Which of the following represents a unilateral offer?

ACME, Inc. is a software producer that entered into a verbal agreement with XYZ Corporation wherein XYZ agreed to buy ACME's newly developed software. The agreement also provided that ACME would supply training personnel, as well as technical personnel, to work with XYZ employees in installing and learning the software. What law governs this agreement?

Courts may award damages called quantum meruit , which means

Madison purchases several 50-pound bags of mulch at the local gardening store. An employee carries the bags of mulch to Madison's truck and loads them into the back for her. Will Article 2 of the UCC govern the contract in this situation?