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Quiz 7 Business Law

Herbert orally offered to sell his painting to Gisele for $300, but then changed his mind before Gisele could accept or reject the offer. There is no contract formed, as Herbert revoked the offer before acceptance. Deronde offered to sell his motorcycle to Tyrone for $5,000. Initially, Tyrone rejected the offer, but then accepted a few seconds later. However, since Tyrone first rejected the offer, his later acceptance did not form a contract, as Deronde was no longer bound by the original offer. Phil bet Tiger $1,000 that he could beat him in a round of golf. They both signed a written document witnessing the bet terms. Tiger won

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59 views1 page

Quiz 7 Business Law

Herbert orally offered to sell his painting to Gisele for $300, but then changed his mind before Gisele could accept or reject the offer. There is no contract formed, as Herbert revoked the offer before acceptance. Deronde offered to sell his motorcycle to Tyrone for $5,000. Initially, Tyrone rejected the offer, but then accepted a few seconds later. However, since Tyrone first rejected the offer, his later acceptance did not form a contract, as Deronde was no longer bound by the original offer. Phil bet Tiger $1,000 that he could beat him in a round of golf. They both signed a written document witnessing the bet terms. Tiger won

Uploaded by

M Wiggins
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Quiz 7 – Business Law Name:

1. Herbert orally offers to sell Gisele his painting for $300. Before Gisele can answer, Herbert says “I
changed my mind, I want to hang onto this painting for sentimental purposes.” Under these circumstances
A. since Herbert did not allow Gisele to accept his offer, he is in breach of contract.
B. there is no contract, but Herbert must allow Gisele to either accept or reject his offer or he may be
sued for failure to allow her right of first refusal.
C. Herbert rejected his offer before Gisele accepted, and Gisele may not now accept the offer.
D. Herbert revoked his offer before Gisele accepted, and Gisele may not now accept the offer.

2. Deronde offered to sell his motorcycle to Tyrone for $5,000. At first, Tyrone said “No way, your bike
isn’t worth that much.” A few seconds later, Tyrone had a change of heart and said “OK, Deronde, I’ll pay
you the $5,000.” Under these circumstances, do we have an acceptance of the offer?
A. Yes, because Tyrone accepted within a reasonable time and for the full contract price.
B. Yes, because an offeror must always give an offeree an opportunity to change their mind before
revocation.
C. No, because Tyrone rejected the offer, though Deronde has a duty to renew it before revocation.
D. No, because Tyrone rejected the offer and Deronde has no duty to renew it.

3. Phil was a golfer who loved to bet on his game. He bet Tiger $1,000 that he would beat him in a round of
golf. Tiger insisted that Phil sign a document to make the bet a formal contract and Phil agreed, signing a
piece of paper Tiger offered him stating the bet. A lawyer who was playing with them witnessed both Phil
and Tiger signing the document. Tiger shot 65 strokes to Phil’s 68 strokes for the round (in golf, the lower
the score, the better), Tiger won the match. Phil refused to pay. Does Tiger have a good case against Phil?
Yes
No

4. Jen was 15 years old. She entered into a contract to purchase a used car for $10,000. Under these
circumstances, this is a valid contract.
True
False

5. In the context of United States contract law, the requirement that there be a quid pro quo means
A. there must be a genuine meeting of the minds before an offer can be legally accepted by the offeree.
B. something of legal value must be offered in consideration for something else of legal value to have a
valid, binding contract.
C. all parties to a contract must have the legal ability, or capacity, to enter into it to form a valid, binding
contract.
D. all contracts must be in writing.

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