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1. At his 80th birthday party, Graham declares that Elsie is his favorite grandchild and that he will leave Elsie $100,000 on his death. Sadly, Graham dies just three days later. No provision of his will leaves Elsie the $100,000. Elsie files a breach of contract claim against Graham's estate. The most likely result is that Elsie will lose because no contract existed due to lack of
A. agreement and consideration.
B. form and agreement.
C. contractual capacity and consideration.
D. contractual capacity and form.
2. Jack is a mature-looking 17-year-old who lives at home with his parents. Jack wants to purchase an automobile. Jack goes to Discount Car Sales, where Bud, the car salesman, never considers that Jack may be a minor. Bud sells Jack a car, with the agreement that Jack will pay Bud $100 per month over the next five years for the car. Which of the following is true?
A. Bud can hold Jack's parents liable for Jack's contract, because Jack was a minor living in their home at the time the contract was formed.
B. Jack can disaffirm the contract because of his status as a minor at the time the contract was formed.
C. Bud can disaffirm the contract because of Jack's status as a minor at the time the contract was formed.
D. Despite Jack's status as a minor, Bud can prohibit Jack from disaffirming a contract for a necessary (or basic) need.
3. Natalie contracts with Paula to paint her house for $100. Paula pays Natalie, but Natalie has yet to paint. This contract is
A. executory as to Natalie's duty.
C. executory as to Paula's duty.
4. Juan thinks he would like to purchase Tara's house, but doesn't know whether he will be able to save enough money for a down payment on a loan. Juan agrees to give Tara $5,000 for the option to purchase her house for $150,000 sometime within the next five years. Juan and Tara reduce their agreement to writing, sign it, and Juan gives Tara $5,000. Two years later, Juan wins the lottery and now is financially able to purchase Tara's house. However, that same day Juan receives a letter from Tara revoking her offerto sell for $50,000. Which of the following is true?
A. Tara's revocation is effective.
B. Tara's revocation isn't effective.
C. Tara's revocation is effective as long as she refunds the $5,000.
D. Juan can't complain because he failed to accept Tara's offer before it was revoked.
5. Ken threatens to tell everyone that Bob is a child molester unless Bob agrees to enter into a contract with Ken. Bob agrees and signs the contract. If Bob later challenges the contract, what are the best grounds for doing so?
B. Emotional distress
D. Economic duress
6. Tyler offers to dance naked on Main Street if Corey will mow Tyler's yard. Corey mows Tyler's yard. Which of the following statements is not potential grounds for setting aside the contract?
A. Illegality of consideration
B. Lack of serious intent to contract
C. Inadequacy of consideration
D. All of the above are potential grounds for setting aside the contract
7. Larry thinks the necklace owned by Samantha is worth a million dollars. Larry offers a million dollars to Samantha for the necklace, and she accepts. Later, Larry has the necklace appraised and learns it's worth only $10,000. Which of the following is true?
A. Samantha has the right to rescind the contract and have the necklace returned.
B. Larry can't have the contract set aside on grounds of mistake.
C. Larry can have the contract set aside on grounds of mistake.
D. Larry can have the contract set aside on grounds of capacity.
1. A 2. B