1. Opie offers to sell his guitar to Pinky for $100. Pinky agrees. They complete and sign a printed form that includes, near the blanks for their signatures, the word "seal." This is
a formal contract.
an informal contract.
a social contract.
no contract.
2. A contract between Lou and Mike requires a transfer of stolen goods for counterfeit currency. This contract is
enforceable.
void.
voidable at the option of either party.
voidable at the option of the party having less bargaining power.
3. Elmore offers to sell a Ford F-150 for $7,500 to Grace. Before Grace can respond, Elmore refers to the prices for similar Fords and says, "Forget it. I changed my mind." Elmore's offer was terminated by
Elmore.
Ford.
Grace.
no one Elmore's offer is still open.
4. Hubert mistakenly pays property taxes that should have been assessed against Jesse. Hubert can recover the amount from Jesse in quasi-contract
even if Jesse was not aware of the error.
only if Jesse tried to conceal the error.
only if Jesse was aware of the error.
under no circumstances.
5. Shelby offers to make digital copies of Relay Company's business conference videotapes, CDs, DVDs, and other media for $500. Under the mailbox rule and the Uniform Electronic Transactions Act (UETA), Relay's acceptance by e-mail will be considered effective when
received.
sent.
followed up by a confirmation letter sent by regular mail.
composed on a Relay computer.
6. Regular Insurance Company violates a state statute when selling an insurance policy to Simone. As a member of the class of persons protected by the state statute, Simone can
do nothing with respect to the contract.
enforce the contract or recover the payment.
only enforce the contract.
only recover the payment.
7. Expert Pavers, Inc., contracts with Fabricated Building Corporation to repave Fabricated's parking lot for which Fabricated agrees to pay. The requirements of this, and any other, contract do not include
consideration.
capacity.
legality.
practicality.
8. Tomato Farms (TF) offers to sell United Grocers, Inc., a boxcar load of tomatoes. The offer is sent via fax. An acceptance is required urgently. It would be most reasonable for United to accept via
a fax, a letter, or a phone call to TF within two weeks.
a fax sent to TF as soon as the offer is received.
a letter mailed to TF within two days.
a phone call to TF within five business days.
9. Under a contract with Bucolic Farms, Agro Excavation, Inc., begins digging an agricultural pond. In mid-project, Agro asks for $15,000 over the contract price, claiming an increase in the "cost of doing business." Bucolic agrees but later refuses to pay. Their agreement is
unenforceable because Agro's performance was a preexisting duty.
unenforceable because Bucolic's promise was illusory.
enforceable.
unenforceable because its performance is unforeseeably difficult.
10. Wally's Warehouse offers to sell a certain used forklift to Value Lumber Outlet, but it is stolen before Value accepts. Most likely, Wally's must obtain
a forklift for Value if Wally's insurance covers the loss.
a forklift for Value if it still wants one.