Jim owns a fishing equipment store. He put an ad in the paper that read "Shokuyu Fishing Rods For Sale, Great Deal, $170." After reading the advertisement, Harry called Jim on the phone and got all the details on the fishing rods. On the phone Jim told Harry the price was $170, but Harry asked Jim if he would take $150. Jim refused. Harry drove over to Jim's store to see the fishing rods. He really wanted one, so he wrote a check for $170 and handed the check to Jim.
1. What is the legal significance of an ad in the paper?
2. When Harry asked Jim if he would accept $150 over the telephone, what kind of offer did he make?
3. If Harry had arrived at the store to find that all the fishing rods had already been sold, would Jim be in breach of contract?
4. What are the requirements for a valid offer?
5. Which of the following in a method of terminating an offer:
Joe was trying to sell his home. He went out drinking with some buddies on Friday night and got really drunk. Saturday morning his realtor came by with a contract for the sale of his home. Joe looked over the contract, asked the realtor some questions about the date of the closing, asked the realtor what he thought about the contract, then signed the contract and went back to bed. When he woke up on Saturday afternoon he saw a copy of the contract oand had a change of heart. The contract was for $10,000 less then what he originally wanted for the house.
6. Joe wants to disaffirm, claiming he was drunk when he signed. Can he?
7. Is this contract within the Statute of Frauds?
8. If the contract is valid and the buyer sues Joe for specific performance, which of the following is true?
9. Regarding signatures on written contracts, which of the following is true?
10. Which of the following remedies are available to Joe if the contract is valid but the buyer decides to breach and not go through with the sale?
Ted wanted to buy an antique red wagon form Bill. Bill did not want to sell the wagon because it had been in his family for years (it was the wagon Bill used as a kid). Ted offered Bill $200 for the wagon, but Bill said he would not sell for any price. Bill's dog came up missing the next day. Ted called Bill and said "Too bad about your dog. Hope nothing like that happens to one of your family members, if you know what I mean." Bill sold the wagon to ted for $20. Bill's dog came home the next day.
11. Ted's implied threat to Bill demonstartes what legal concept?
12. What legal status for the contract do Ted's actions create?
13. Can Bill get his wagon back?
14. Which of the following is a situation that can create a lack of genuine agreement?
Dolly agreed with a local golf course to harvest balls out of the course's eight ponds. Both parties agreed in a writing that their contract would be for a term of 2 years, with a price of 8,000 dollars per year. Just before the end of the first year, Dolly got tired of diving into ponds for such a small amount of money and quit. The owners of the golf course want to sue Dolly for breach of contract.
15. Will a court enforce this contract?