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Legal Issues for Small Businesses

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Legal Issues for Small Businesses

Legal Issues for Small Businesses
Quiz #2 (CH 6, 7)

20 Total Points

General Instructions:

Please submit only the answers through Canvas. If you have
any comments, type them next to your answer.

Assigned: Wednesday,
September 28, 2016
Wednesday, October 5, 2016 at the start of class

Part I:
True/False (1 Point Each)

1. A simple rejection of an offer will
terminate it. (Example: Mary says to Bob, “I’ll sell you my 2010 Honda for
$7,500.” Bob responds, “NO. I will talk to you tomorrow.”)

2. The term “unjust enrichment” applies
to the case of Powell v. Thompson-Powell (Page 129). However, it does NOT apply
when there is an enforceable contract between the parties.

3. Oral contracts over $2,500 must be
in writing to be valid.

4. The objective theory of contracts
is judged by the “reasonable person standard”.


5. Lori and Helen are both drinking at a local
bar. Both are adults. Unfortunately, Lori is obviously intoxicated and Helen
was aware of it. Assume they enter into a signed contract at the bar using a
napkin as paper. Either party may avoid this contract as it is voidable.

6. Under the above factual pattern, assume both
Lori and Helen were both sober. The “contract” would be void, as it was written
on a napkin and lacked the formal requirements under the law.

7. Daniel put a sign on the local bulletin board
and on several telephone poles about the safe return of his lost dog, Fluffy,
for $100.00, who escaped from Daniel’s back yard. Janice unaware of the sign
finds and returns Fluffy to Daniel. She has a completed unilateral contract
with Daniel and is entitled to the reward.
. True

8. “Helen. you are my favorite niece, I promise
to give you $5,000 by next week.” This statement is unenforceable. It is not a
contract since it lacks consideration. (Hint: what is consideration? See Hamer
v. Sidway)

9. In Florida, a contract for the sale of beer
to a 17 year old is an example of a void contract. This is so because sales of
beer to minors are prohibited by state law.

10. George put $1.25 into the soda machine,
pushed a button, and a bottle of water dropped to the bottom for his selection.
This is an example of a valid, oral, informal, unilateral contract. (Hint:
First, is this “contract” for a purpose valid? Second, is it an oral contract?
Third, is it informal? Fourth, is it a unilateral agreement?) I hope this

11. Aaron offers to buy Josh’s horse, Old
Nellie, for $2,500. Josh says he will let Aaron know the next day.
Unfortunately, prior to Josh’s call, Old Nellie dies of natural causes. The
contract cannot be formed under these facts since the offer terminates when the
horse dies.

Part II:
Choice (1 Point Each)

12. Julio offers to sell Christine a
certain piece of land. Which of the following would constitute an acceptance?
a. “I
accept. Please send a written contract.”
b. “I
accept, if you send a written contract.”
c. “I
accept, if I can make monthly payments.”
d. “I
accept, subject to approval of my financing with Satellite Bank.”

(Questions 13, 14):
On February 15th, Fabi, who owns a
2007 Jeep Wrangler, approaches her friend Vincent, and
said, I’ll
sell you my Jeep for $8,500 if you pay me by February 22nd. I’ll give you the title
at that
time.” Luis overheard the conversation
and said, “I know that car. I promise to give you
$9,000 for it
today if you promise to sell it to me immediately.”

13. Fabi has made the following (to Vincent)
a. a valid offer for a valid, oral, bilateral,
executed contract.
b. a valid offer for a valid, oral,
unilateral, executed contract.
c. a valid offer for a valid, oral,
unilateral, executory contract.
d. None of the above.

14. Luis has (by his statement)
a. made an offer rejecting Fabi’s offer. His
offer is a valid offer for an oral, informal, unilateral

b. made an offer rejecting Fabi’s offer. His
offer is a valid offer for an oral, informal, bilateral

c. made a new offer. Here there is a valid
offer from Fabi to Vincent and a valid offer for a

bilateral contract from Luis to Fabi.

15. Which of the
following statements is TRUE?
a. All contracts must be supported by legal
b. Promises to refrain from doing an act are not
c. Under Florida law contracts must be fair.
d. Illusory contracts are contracts supported
by “appropriate consideration”.

16. An implied-in-fact contract is:
a. implied by the courts
b. the same as a quasi contract
c. implied by the conduct of the parties
d. not a valid contract under the UCC
e. None of the above.

17. A contract is
voidable if
a. it is for an illegal purpose
b. is
one that contains all the necessary elements to enter into a contract
c. if it has some defect so serious that it is
not a contract
d. one of the parties has the ability to
withdraw or enforce the contract

18. Aubry places her
antique table with AH Auctioneers, Inc. There is no required minimum bid.
Lawrence bids
$3,500 and the auctioneer states, “Sold”. This is an example of
a. an auction without reserve.
b. an auction with reserve
c. an implied-in-fact contract
d. None of the above

19. Aubry places her
antique table with AH Auctioneers, Inc. There is no required minimum bid. Brittany bids $3,200. Lawrence, excited about
the table bids $3,500. He then realizes that this is too much money for the
table. Which of the following statements is TRUE?
a. Lawrence has made a valid offer and is
“stuck” unless someone else bids more.
b. Lawrence’s bid can only be withdrawn with
permission of the auctioneer.
c. Lawrence’s bid can only be withdrawn prior
to the auctioneer saying, “Sold”.
d. None of the above

20. A contract that
has all the terms clearly set forth in either written or oral words is
a. an express contract
b. an implied contract
c. an informal contract.

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