I) Mike agrees to paint Marys house for 51.500. Mike completes the job as agreed. and Mary pay% Mike. The contract between Mary and Mike is now:

a) a completed contract.

b) void contract.

c) a an executed contract.

d) an executor. contract.

2) Methods in which an offer can be terminated include all of the following EXCEPT:

a) lapse.

b) rejection.

c) revocation.

d) anticipatory repudiation.

3) Raul called his friend Marti and offered to give her two tickets to the Goo Goo Dolls Concert. Marti said, "Sure, I love that group!" A few days later Raul called Mani and told her he couldn't give her the tickets. Assuming Marti sued Raul,

a) she would probably win as a contract was formed.

b) she would probably lose because the contract wasn't in writing.

c) she would probably lose, as most courts would hold no contract was formed due to a lack of consideration.

d) None of the above.

4) Which of the following is an example of a bilateral contract?

a) Eloise tells Griffin that she will pay Griffin $20 if he washes her car. Griffin then washes her car.

b) Eloise writes Griffin a letter in which she promises that if Griffin will wash her car, she will pay him $20. Griffin then washes her car.

c) Eloise and Griffin both sign a document which says, "Eloise agrees to pay Griffin $20 and Griffin agrees to wash Eloise's car in exchange for $20."

d) Griffin washes Eloise's car without her knowledge and then requests payment of $20.

5) Which of the following is inadmissible under the parol evidence rule?

a) Evidence that clarifies an ambiguity in a written contract.

b) Evidence of the unwritten terms of a contract that is partially written and partially oral.

c) Evidence of a prior or contemporaneous understanding that contradicts the written contract. d) Evidence that the parties to a written contract later agreed orally to modify or cancel the written contract and enter into a new written contract.

6) Tulsa, Inc. had a contract to supply year. The Cowdung Co. with its requirements for cattle teed 10 T the an exceptionally fixed at $.05 above the price per bushel that Tulsa paid for the teed. Due to cold winter. Tulsa found that its capacity to perform this contract was doubtful. Thus. Tulsa offered to assign and delegate the contract to Feed Co. Feed Co. agreed. Which of the following statements is true?

a) Tulsa is liable if Feed Co. breaches the contract.

b) Tulsa has not effectively assigned its rights and delegated its duties.

c) Tulsa has been relieved of its obligations under the contract.

d) Tulsa's duties are not delegable to Feed Co. because Feed Co.'s performance would be substantially similar to Tulsa's. I

7) Consider the following sequence of events:

• On August 1, Ana (who is not a merchant) mailed Raul a valid offer. Although no consideration was involved. the offer contained the words, "This offer shall be held open until August 7."

• On August 2, Raul received the offer.

• On August 3. Ana mailed a revocation of her offer to Raul.

• On August 4, Raul received the revocation.

• On August 5, Raul mailed an acceptance of Arm's offer to Ana.

• On August 8, Ana received the acceptance.

8) Under these facts, when was a contract formed, if at all?

a) August 2.

b) August 5.

c) August 8.

d) No contract was formed.

9) Under the common law, a response by an offeree which deviates from the terms of the offer

a) a valid contract.

b) an option.

c) a counteroffer.

d) a bilateral acceptance.

10) Which of the following is generally considered a valid offer:

a) A newspaper advertisement for Macy's.

b) A car offered to the public by an auctioneer:

c) A letter of intent to purchase real estate with a provision stating that the parties will the terms of the deal in a written agreement with additional terms and provisions.

d) None of the above.