BUSN420 Week 3 Quiz
Product Description 1. (TCO 4) Michael Harrison opens an online store where people from all over the world can purchase and download iPhone apps. Which of these should Michael consult to know the rules of trading through his online store? 2. (TCO 4) Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating that it was the final offer, it was valid for one month, and that he would not alter it. Two days later, Kent replied by saying that he was willing to pay $60,000 for the farm. A week after Luke received Kent’s offer, Luke declined it. Ten days after that, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke’s favor? 3. (TCO 4) Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job within Saturday, she would pay him $1,000. This offer creates a(n) _____ contract 4. (TCO 4) 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 5. (TCO 4) Windsor, the owner of Windsor’s Sandwiches contacts a new supplier Gary. He tells Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following morning. Gary promises to make the delivery as requested by Windsor. This creates a _____ contract between them. 6. (TCO 4) Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away. Sharon agrees to do so, provided she has the time for it. What kind of contract do Mary and Sharon have? 7. (TCO 4) Suki works for Renaldo. At the end of her first year, Renaldo promises to pay her a bonus for her four quarters of success. Renaldo's promise is _____ 8. (TCO 4) Braxton questions whether there is consideration for his contract with Tawny to exchange his accounting services for her payment of a certain amount. To constitute consideration, there must be _____ 9. (TCO 4) General Credit Corporation promises to pay its chief finance officer Hughie and other employees a year-end bonus if it seems like a good idea at that time. This is _____ 10. (TCO 4) Which of the following is true of a minor’s duty towards a contract for necessaries of life?
