Contracts Keyed to Frierback
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On January 1, a car salesman offered to sell an antique car to a collector for $35,000 cash on delivery. The collector paid the car salesman $100 to hold the offer open for a period of 25 days. On January 4, the collector called the car salesman and left a message on his answering machine, asking him whether he would consider lowering the price to $30,000. The car salesman played back the message the same day but did not reply. On January 9, the collector wrote the car salesman a letter, telling him that he could not pay more than $30,000 for the antique car, and that if the car salesman would not accept that amount, he would not go through with the deal. The car salesman received this letter on January 10 and again he did not reply. The car salesman never heard from the collector again.
The offer that the car salesman made to the collector on January 1terminated:CorrectIncorrect
A small business owner decided to retire, so she offered her long-time employee a chance to buy the business for $1 million. She promised in writing to keep the offer open to him for 90 days and to give him enough time to secure financing once he accepted the offer. Over the next few days, the employee cashed out all his retirement accounts and took a second mortgage on his home to raise the funds to purchase the business. When he approached the business owner to discuss the details of the sale, she said that she changed her mind and was revoking her offer because she did not want to retire after all.
Was the owner’s revocation of her offer proper?CorrectIncorrect
An owner of a chain of bookstores occupied a store in a mall. The bookstore owner’s lease for this store, from the landlord, the owners of the mall, provided him with 5,000 square feet of space. When the lease was about to expire, the bookstore owner devoted significant time and effort to find a suitable new site for his store. After months of negotiation, the bookstore was about to sign a lease on the new location he had found, when he received a phone call from the landlord. The landlord’s representative convinced the bookstore owner to stay on by stating, “We’ll give you a two-month option to renew your five-year lease.” The bookstore owner subsequently paid an architect $9,000 to redesign the store and included the mall’s address when preparing a $24,000 direct-mail campaign. With more than a week remaining on the option, the bookstore owner was notified by the landlord that they were revoking the option because the mall was to be demolished. The bookstore owner brought an action to compel the landlord to honor its option and the lease. Of the following arguments, which will be most persuasive in the landlord’s favor?CorrectIncorrect
After many months of intense bargaining, a seller sent the following letter to a buyer on January 1, 2019.
“The seller hereby offers the buyer’s 10,000 dolls at $120 per dozen, shipped freight collect UPS. Terms are 50 percent down payment with acceptance, balance 2/10, net/30. This offer is not revocable and will be held open until April 30, 2019.” On April 12, the seller cabled the buyer, “The dolls offer withdrawn.”
On April 15, the buyer responded to the seller with the following letter: “Accept your January 1 offer, but want dolls shipped parcel post. Will prepay.”
The seller called the buyer upon receipt of the acceptance letter and said, “We are sorry. The price has doubled for the dolls, and we cannot deliver. Don’t worry about this one; we’ll give you a good deal on racing cars instead.”
In an action brought by the buyer, the court should rule in favor of:CorrectIncorrect