Question 1. Wally's Warehouse offers to sell a certain used forklift to Value Lumber Outlet, but it is stolen before Value accepts. Most likely, Wally's must obtain

a forklift for Value if Wally's insurance covers the loss.

a forklift for Value if it still wants one.

nothing for Value because that would extend the time of the offer.

nothing for Value because the theft terminated the offer.

Question 2. Jane offers to sell Kyle three desks for his Lights & Lamps Company administrative office. Kyle sends a rejection first, then changes his mind and sends an acceptance. Whether they have a contract is determined by

Kyle's rejection.

Kyle's subjective intent.

whatever Jane decides.

whether Kyle's rejection or acceptance is received first.

Question 3. Opie offers to sell his guitar to Pinky for $100. Pinky agrees. They complete and sign a printed form that includes, near the blanks for their signatures, the word "seal." This is

a formal contract.

an informal contract.

a social contract.

no contract.

Question 4. Elmore offers to sell a Ford F-150 for $7,500 to Grace. Before Grace can respond, Elmore refers to the prices for similar Fords and says, "Forget it. I changed my mind." Elmore's offer was terminated by

Elmore.

Ford.

Grace.

no one- Elmore's offer is still open.

Question 5. Superior-Plus Properties, Inc., and Topps Construction Company sign a contract that specifies the amounts to be paid for a building project at various stages and on its completion. Additional compensation may be justified by

any business obstacles that arise after the time of the contract.

changes in the market price of needed materials during the contract.

extraordinary difficulties unforeseen at the time of the contract.

no circumstances.

Question 6. When Jeff's car breaks down, he asks Kwik Tow, Inc., to tow it from its location to Loyal Repair Shop. There is no discussion of a price, and Jeff and Kwik do not sign any documents. After the tow, Kwik sends Jeff a bill. With respect to Jeff's obligation to pay the bill, this is

an express contract.

an implied-in-fact contract.

an implied-in-law contract.

no contract.

Question 7. Shelby offers to make digital copies of Relay Company's business conference videotapes, CDs, DVDs, and other media for $500. Under the mailbox rule and the Uniform Electronic Transactions Act (UETA), Relay's acceptance by e-mail will be considered effective when

received.

sent.

followed up by a confirmation letter sent by regular mail.

composed on a Relay computer.

Question 8. Lou claims that he and Myra entered into an implied-in-fact contract. To establish this contract, it is not necessary to show that

a court imposed a promise in the interest of fairness.

Lou expected to be paid for providing services or property.

Lou provided Myra with services or property.

Myra failed to reject services or property provided by Lou.

Question 9. Tomato Farms (TF) offers to sell United Grocers, Inc., a boxcar load of tomatoes. The offer is sent via fax. An acceptance is required urgently. It would be most reasonable for United to accept via

a fax, a letter, or a phone call to TF within two weeks.

a fax sent to TF as soon as the offer is received.

a letter mailed to TF within two days.

a phone call to TF within five business days.

Question 10. Clay offers to pay Dot $50 for a golf lesson for Eula. They agree to meet the day after tomorrow to exchange the cash for the lesson. These parties have

a bilateral contract.

a trilateral contract.

a unilateral contract.

no contract.