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BLAW 3201 Mindtap CH10: Brief Hypotheticals
Terms in this set (10)
The Jones' have always admired a house that sits on the top of a hill owned by the Smiths. Martin is a mutual friend of both the Jones and the Smiths. One day, Martin mentions to the Smiths how much the Jones would love to buy the Smith home. The Smiths say that if they sell the house, they would be happy to sell it to the Jones. Martin relays this conversation to the Jones and the Jones immediately call the Smiths to accept the Smith's offer to sell. Have Smiths made an offer to sell their home to the Jones?
a. No. The Smiths did not objectively intend to make an offer because they did not clearly state they were willing to sell the house.
b. No. The Smiths did not include a selling price in their conversation with Martin so the offer would fail for lack of specificity and definiteness.
c. None of these are correct.
d. All of these are correct.
Betty is looking at the grocery ads in the newspaper and sees that canned tuna is on sale for 6 cents. Because this is an amazingly low price, she rushes off to the grocery store. She loads 10 cans into her cart, goes to the checkout counter and hands the cashier 60 cents. The cashier asks for $6.90 and tells her that the tuna is 69 cents per can and that the ad was a misprint. Betty demands that the tuna be sold to her for 6 cents a can. Which of the following statements about the ad is correct?
a. The ad is a firm offer made by a merchant and the grocer must sell Betty the tuna for 6 cents a can.
b. The ad is an invitation for others to make offers. Betty has made an offer to buy the tuna for 6 cents a can and the grocer has rejected Betty's offer, but countered with an offer to sell it to Betty for 69 cents per can.
c. The ad is a contract and the store has a contractual obligation to sell the tuna to Betty for 6 cents a can.
d. The ad is an offer and Betty has accepted the grocer's offer; therefore, there now is a contract between the grocer and Betty for the sale of tuna in exchange for 6 cents per can.
Sam emailed Bob offering to sell him his 1970 Corvette for $7,000. Later, Sam finds out 1970 Corvettes which are in excellent condition and have all the original parts sell for closer to $57,000. He changes his mind about selling his Corvette to Sam for $7,000. Which of the following statements about the offer is correct?
a. Sam cannot revoke his offer to Bob because he made it via email and email is considered a writing.
b. Sam cannot revoke his offer to Bob if Sam sells cars because then his offer is a firm offer.
c. Sam can revoke his offer to Bob at any time so long as there is still an offer to revoke.
d. Sam can reject his offer to Bob at any time so long as there is still an offer to reject.
Sam emailed Bob offering to sell him his 1970 Corvette for $7,000 and also said that he would give Bob two weeks to accept Sam's offer before he started advertising the Corvette for sale. One week later, Bob learns that Sam has sold his 1970 Corvette to Terry. Which of the following statements about the offer is correct?
a. Sam's offer to Bob is a firm offer; and he must get his car back from Terry and sell it to Bob for $7,000 if Bob accepts his offer within the two weeks.
b. Terry will not have to sell the car to Bob for $7,000 if Bob wants the car if Terry paid $9,000 for the car.
c. Sam's action of selling the car to Terry is a revocation of his offer to Bob.
d. Sam's offer to Bob is not a firm offer, but he cannot sell the car to Terry until the two weeks are up.
Bill offers to sell his house to Harry for $90,000. Harry tells Bill he will buy the house for $90,000 if Bill will fix the roof. Bill says he is not interested in fixing the roof. Harry then tells Bill he will still buy the house. Bill tells Harry the house is no longer for sale to Harry. Which statement is true?
a. Harry's counteroffer terminated Bill's offer, and Bill's rejection of both Harry's counteroffer ($90,000 plus fix the roof) and offer ($90,000) leave Bill free to make a new offer to sell the house to anyone he chooses, including Harry, and under any terms he chooses as long as the terms are not illegal.
b. Harry's counteroffer terminated Bill's offer; however, Bill can still change his mind and accept either Harry's counteroffer or Harry's offer to buy Bill's house for $90,000.
c. If Bill will not sell the house to Harry for $90,000, he cannot sell the house to anyone for $90.000.
d. Bill must sell the house to Harry because Harry accepted his offer to sell the house for $90,000.
Bill offers to sell his house to Harry for $90,000. Harry tells Bill he will buy the house for $90,000 if Bill will fix the roof. Which statement is true?
a. Harry has made a counteroffer. Unless Bill accepts the counteroffer, there is no contract.
b. Harry has revoked Bill's offer.
c. Under the UCC, Harry has accepted the offer even though his acceptance was not the mirror image of the offer.
d. Harry has made a counteroffer. If Bill does not accept the counteroffer, Harry can still accept Bill's original offer unless Bill revokes it.
Bill faxes Harry an offer at 9 a.m. on Monday and the fax arrives at Harry's office at 9:02 a.m. Monday. Because Harry is taking a vacation day on Monday, he does not read the fax until Tuesday at noon. Harry decides to accept Bill's offer and tells his assistant at 3 p.m. Tuesday to prepare an acceptance for his signature. The acceptance is placed on Harry's desk at 4:45 p.m. Tuesday. Harry signs the acceptance and gives it to his assistant to fax back to Bill at 9 a.m. Wednesday. The assistant does so immediately; however, due to malfunctioning of Bill's fax machine, Bill does not receive Harry's acceptance until Friday morning. The offer is effective at __________ and the acceptance is effective at __________.
a. Tuesday noon; Friday morning
b. 9 a.m. Monday; 3 p.m. Tuesday
c. Tuesday noon; 9 a.m. Wednesday
d. 9:02 Monday; approximately 9 a.m. Wednesday
Which of the following offers cannot be revoked?
a. An offer to pay the high school student next door if he takes in your mail when you go on vacation regardless of whether he promises to take in the mail, if the revocation is prior to leaving for vacation.
b. An offer to pay the high school student next door if he will take in your mail when you go on vacation regardless of whether he promises to take in the mail, if the revocation is before any mail has been delivered.
c. An offer to pay the high school student next door if he will take in your mail when you go on vacation regardless of whether he promises to take in the mail, if the revocation is before your return from vacation but after he has collected your mail for all the days that you have been on vacation up until the revocation.
d. None of these are correct.
Jose offers to sell George his iPad 3 for $150 and explains that George has five days to accept. After three days, Jose accidentally drops his iPad 3 from his third-floor apartment balcony, shattering it into tiny pieces. On the fourth day, George, who does not know that the iPad was shattered, notifies Jose that he accepts the offer. Do Jose and George have a valid contract?
a. Yes, so long as the mirror rule is fulfilled.
b. Yes, an offer was made and George accepted it.
c. No, because the offer and acceptance were not in writing.
d. No, the destruction of the iPad terminated Jose's offer.
Chase and Tyler are best friends and fellow police officers. One day, Chase came home with a brand new, top-of-the-line Ford F-150 4x4 pickup valued at $38,000 and showed it to Tyler. Tyler told Chase that he wanted a truck just like his. Jokingly, Chase says, "Sure thing, buddy. I'll sell you my new pickup for $100 and a six-pack of beer!" If Tyler seeks to accept Chase's offer, what is Chase's best defense?
a. Chase's terms were open.
b. Chase's offer is undervalued.
c. Chase was merely advertising a price to Tyler.
d. Chase intended the offer as a joke and a reasonable person would understand it to be a joke.
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