Question

1. Sally and Maria form a LLC. Sally runs a red light causing an accident. The person injured can

a.             not sue Sally to reach her personal assets.

b.             not sue the business, as it is a LLC.

c.             sue Sally to reach her personal assets and the business, but not Maria.

d.             sue Sally and Maria to reach their personal assets.

2. Normally, afteran offer has been accepted, but before the contract has been executed, the offeror is free to revoke the offer if a better opportunity presents itself or if it looks like the contract terms will not favor the offeror.

           a. True.

           b. False.

3. An agreement for the sale of a house does not need to be in writing if the deal will be completed within one year.

           a. True.

           b. False.

4.   Marv offered to sell his watch to Mitch for $150. Mitch said, "Great. I'll take it, but I will only pay you $125 for it."

a.         Mitch's response was a rejection and a counteroffer. For a valid contract to be formed, Marv must now accept Mitch's offer.

b.         A contract has been formed for the sale of the watch for $125.

c.         A contract has been formed for the sale of the watch for $150.

d.         A contract has been formed, but the parties will still have to negotiate to reach an agreed upon price.

Answer 1

1.LLC is a form of protection to a business when owned in sink or co owned. Sally has done an illegal activity of injuring a person whicjbis liable.The injured can sue Sally but not the business

Ans:b .not sue the business, as it is LOC

2.It is legally accepted until an official contract is made ,be fire that the offerer has the full rights to alter if the contract doesn't favour the offerer

Ans:a.True

3.Always when a sale of house us fine a written aggrement is necessary to avoid consequences in the future by both the parties

Ans:b.False

4.Here Marv had already formed a contractvyo sell his watch at $150 but Mitch is in a state to pay only $125 and informed the same to Mitch

Ans:d.A contract had been formed,but the parties will still have to negotiate to reach an agreed upon price