LAW 3220 CLEMSON EXAM 3 UPDATED

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LAW 3220 CLEMSON EXAM 3 UPDATED

ACTUAL EXAM WITH CORRECT SOLUTIONS.

A contract may be based on a promise not to do something.(T/F) - correct answer- True

You return a lost dog to its owner. You did not know a reward was being offered for the dog. You do not have a legal right to the reward.(T/F) - correct answer- True

You leave your poodle at a new grooming shop and tell them to wash the dog⎯a $30 service. They do that and also paint the poodle's nails and tie ribbons in his hair⎯these services are an extra $10. You pay them for the wash. What about the extra $10 in services?

• an express contract existed; you must pay the $10
• an implied contract existed; you must pay the $10
• a quasi-contract existed; you must pay the $10
• no contract for these services existed, no extra payment
• the UCC would hold that no contract existed, so no payment
• correct answer- d. no contract for these services existed, no

extra payment

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Ads are usually considered:

• invitations for others to submit offers to buy
• fully binding contracts
• partially binding contracts
• express contracts
• implied contracts - correct answer- a. invitations for others to

submit offers to buy

You pay $200 for the right to be the only buyer a seller will deal with for ten days for a piece of property that is for sale for

$250,000. This is:

• called a terminable contract
• called an option contract
• called a revocable contract
• not a contract because the consideration is not relevant to

the value of the property

• none of the other choices - correct answer- b. called an

option contract

Roberta says "Susan, I will sell you my car for $5,000." Susan says, "I'll give you $4,500." Roberta says "No." Later Susan calls Roberta and says, "I have $5,000 and want the car."

Roberta:

• must sell the car for $5,000, since the offer was accepted 2 / 3

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• must sell the car for $5,000 since the offer was accepted in a

timely fashion

• does not have to sell the car due to the counteroffer, which is

a rejection

• does not have to sell the car because her offer was not

accepted in a timely fashion

• none of the other choices - correct answer- c. does not have

to sell the car due to the counteroffer, which is a rejection

Twenty years after you take this class you are successful and wealthy. Knowing that this class was the key to your success, you look up your old professor and send a letter saying, "Because you helped me so much, I am going to send you a check for $100,000." Later you come to your senses and do not

send the check. Your old professor sues you for the money:

• you have to pay; there is a valid contract
• you do not have to pay; the

professor did not send a timely letter of acceptance

• you do not have to pay; there is a lack of consideration
• you do not have to pay; promissory estoppel applies
• you do not have to pay; you were legally insane - correct

answer- c. you do not have to pay; there is a lack of consideration

Uncle Jim tells his niece as she goes off to Creepy U. that if she maintains a 3.5 average that he will buy her a BMW convertible when she graduates. At graduation she has a 3.7

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