Question

Exam #1 Page 3 of 4 16. A promise to surrender an invalid claim is consideration, provided the promisor in good faith thought the claim was valid has an objectively reasonable claim (makes a claim whose validity is objectively uncertain both (a) and (b) giving up an invalid claim is never a legal detriment For many months you have patronized Alice's barber shop. Yesterday you entered the shop, sat in Aloe's barber chair and without comment let her cut your hair. Since you never stated a willingness to pay for your hair cut there was no contract b. Since Alice never stated an offer to cut your hair there was no contract. C. A court would probably determine that an implied in fact contract existed and you would be compelled to pay Alice. A court would probably determine that an express contract existed and you would be compelled to pay Alice King, Alexandra's pet dog was lost Alexandra ran an ad in a local paper offering $50 for King's retum Bartera did not know of the advertisement but found King, and because Alexandra's address was on King's Colar retumed the dog to Alexandra Barbara has accepted an offer for a unilateral contract b. Alexandra did not have a contractual intent because her offer was in a newspaper Barbara could not accept Alexandra's other because she did not know of it Both band 19. Abbotmals an offer to Costolo on June 1. Costello receives the offer on June 2. Abbot malls a revocation on June 2 Costelo malls an aceptance on June 4. Costello receives the revocation on June 5. A contract was formed on June 2 June 4 June 3 June 5. b. Under the Union Commercial Code, an acceptance that adds additional terms not within the other in a contact for the sale of goods: always terminates the offer automatically becomes part of the contract no matter what may become part of the contract in some instances. automatically acts as a counter offer. 21. a A minor's contract is ordinarily void if both parties are minors. c unenforceable by either party voidable by the minor valid it in writing Alan, age 16. purchased a television set from an adut He fully paid for it majority traditional rule, Alan must retum the television set the has it and pay for the use of the television set and pay for any damage to the television set d. pay for any damage and pay for the use of the television set. in order to dism the contract under 23. A minor who buys clothes on credit that he or she truly needs must pay. their reasonable value b. the contract price d 24. Which of the following would least likely be considered a necessary Food aprice equal to the seller's cost replacement value C Jewelry wom when attending more Audio

Answer 1

16) Option A

in good faith the claim was valid

• A promise to surrender an invalid claim is consideration if the promisor is in good faith that the claim was true and valid.
• It is an advantage for promisor.