Iowa State University Business Law Questions Paper – Assignment Help

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Samuel becomes frustrated with his boat and yells I will sell my boat to anyone for $5. John says I accept and takes $5 out of his wallet. Does a contract exist?

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Your grandma promises you a gift of $100 for your birthday.Later, she decides she doesn’t want to give you the money. Is this a breach of a contract?

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An acceptance in the case of a unilateral contract requires?

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If both parties are merchants, then additional terms automatically become part of the contract under the UCC unless what?

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A(n) _______ is valid as soon as it is put in the mail?

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Mike, who is 16 years old, bets his father $100 that he will abstain from drinking until he is 21. State law prohibits drinking of alcohol by anyone under age 21. Mike does not drink alcohol until age 21. Is his father liable to pay him?

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A sober student offers his very drunk friend $20 for his laptop. The extremely drunk student says “Okay, just come over tomorrow.” Which of the following statements is true?

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James is 16 years old and wants to purchase a cell phone plan without his parents knowledge. He signs the contract, and then realizes he can’t afford it. This contract is

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In terms of value of consideration, courts are not interested in the significance of the value of consideration unless it is but a

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What agreements are enforceable without additional consideration?

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Which of the following is an example of duress?

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An old man is selling a car you are interested in, he states the car has 57,000 miles on it. The car actually had 157,000 miles on it. The man selling the car did not know of this since he had bought it from a previous owner did not tell him of the additional 100,000 miles. What is this an example of?

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Why does undue influence make a contract voidable?

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Billy is showing his old camper to a prospective buyer. Billy has had issues with the waste system in the camper in the past. When the buyer asks about the sanitary waste system in the camper Billy avoids the question and moves on. Does the buyer have a defense against contract enforcement?

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Which of the following is true in regards to a mistake of value?

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In a contract that benefits a third party, who can sue to enforce the contract?

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When a contact is made for the express purpose of giving a gift to a third party, the third party can sue the promisor directly to enforce the promise. Which of the following best describes the third party in this situation?

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What duties cannot be delegated?

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Dino believes his company can fulfill an order of 3,000 handmade bracelets for a customer. His employees are all then accidentally killed in a fire so Dino won’t be able to make the bracelets for his customers. Assume no other employees can be hired and trained in the necessary time frame. This is possibly an example of?

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When a condition operates to terminate a party’s absolute promise to perform once it is no longer met, it is called a(n)

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