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problem 1: An intention to create legal relations:

a) Is determined by a test of whether the parties themselves actually intended to enter into a contract.
b) Is determined by a test of whether a reasonable person would believe the parties intended to enter into a contract.
c) Is usually presumed in a family context but not a business context.
d) Both b and c.
 
problem 2: This method of termination of an offer occurs when the offeree responds with a willingness to enter into a contract but on different terms:

a) Lapse
b) Revocation
c) Rejection
d) Counter-offer
 
problem 3: Which of these is not consideration or acceptable in lieu of consideration?

a) Something a party did prior to contemplation of the contract.
b) A promise to perform a pre-existing contractual obligation to a third party.
c) Money.
d) A little red sticker.
 
problem 4: A cell phone contract:

a) Is considered necessary since all minors need cell phones and therefore would be binding on the minor.
b) Is considered a contract for beneficial service and therefore would be binding on the minor.
c) Would have to be repudiated by a minor promptly after becoming an adult or the minor would be liable under its terms as if he or she had been an adult all along.
d) Could be repudiated by the minor, and the minor would not have to pay for cell-phone services received before or after repudiation.

problem 5: The privity of contract rule:

a) Stipulates that a contract does not confer any benefits or place any obligations on a third party.
b) Can be justified by the third party’s lack of consideration.
c) Can have exceptions, as would be the case if a third party replaced an existing party to the contract.
d) All of the above.

Business Law & Ethics, Finance

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