4S., , Mike made the following offer to Mick: will pay you $500 If you agree to

Question

4S., , Mike made the following offer to Mick: will pay you $500 If you agree to paint my house."Mick replied that he would. At this point, the contract is an: a. executed, bilateral, express contract b. executory, bilateral, implied-in-law contract c. executory, unilateral, express contract d. executory, bilateral, express contract 46. Which of the following exculpatory clauses will a court most likely find llegair a. a paragraph on a cruise ship ticket saying. "Not responsible for passengers falling overboard for any reason." b. a restaurant's sign that states, "Not responsible for items left in booths. c. anding stable agreement that states,-tlot responsible for inres de toorhry neglgence. d. a baseball stadium sign that states, "Not responsible for balls hit into the stands 47· Vrginia borrowed money from G & L Lending at 35% interest per year. vrgnia Is a Delaware resident and G & L s a Delaware company following Delaware law. Virginia defaulted on the loan. What amount can G &L; collect from Virginia? a. G&Lwill; be able to colect the prickal pls 35% interest year. b. G&L; will be able to collect the principal but not any interest. c. G&Lwill; be able to collect the interest but not any principal. d. G& L will not be able to collect eilther the principal or interest 48. InJanuary, Alex promised to pay Y2K he $5,000 if it would refrain (refrain-agree not t) ton fling against him on a breach of contract action. Y2k agreed and accepted a $5,000 check from Alex. Which of the tollowing statements is correct? a. Y2K's promise to refrain from suing Alex was not supported by legal consideration. to refrain from suing Alex was supported by legal consideration and is enforceable. C. This is an accord and satisfaction, and Y2K cannot sue d. The courts would apply promissory estoppel in this situation. 49. Mary is a nerdy bookworm couch potato who rarely goes out of her home except to go to work as a deskbound lawyer. She wears a sweater almost every day including during the summer, and is always complaining about being cold. Edmund, Mary's boss and a very rich partner in the firm, tells Mary that he will gve her SIM if she climbs Mt. Everest. Mary, without saying anything to anyone, starts an intensive training program to whip herself into shape and sik months later during her vacation, in fact, climbs Mt. Everest. Upon returning to work, she presents Edmund a picture of herself on the summit of Mt. Everest and demands her $1M. Edmund tells hher that they never had a contract so he owes her nothing and Mary claims that the money is owed based on promissory estoppel. a· b. c. promissory estoppel won't apply because Mary must announce that she accepts his offer for lt to create an promissory estoppel aplies because Edmund was very nch and can afford to pay the sin promised promissory estoppel applies because she should be able to trust and believe her boss. to pay d. promissory estoppel won't apply because Edmond had no reason to beleve that Mary would rely on his promise 50. Josh is negotiating the sale of his car with Jonathan. Jonathan asks If the car has ever been in an accident and Josh replies, "no, it has never been in an accident." In fact, the car was nearly totaled the year before when Shella, Josh's committed: girtriend, driving Josh's car, hit a wet spot and skidded into a pole. Josh had t repaired and forgave her. Josh has a. fraud. nothing because Josh didn't know about Sheila's accident so he is not telling a lie. nothing, it was fixed correctly so the prior accident was not material to the contract. of a valid contract.(3 points NO PART CREDIT Name the HAVE A SAFE AND ENJOYABLE HOLIDAY SEASO CONGRATULATIONS TO THOSE GRADUATIN

Explanation / Answer

45.

Mike made an offer to Mick that he will pay $500 to Mick if he paints Mike house. Mick agree to paint the house of Mick. At this point the contract is executory, bilateral, express contract.

Option (A) is correct answer.

46.

A riding stable agreement that states “Not responsible for injuries due to ordinary negligence, is exculpatory clauses will most likely be illegal.

Option (C) is correct answer.

47.

Virginia borrowed money from G & L Lending at 35% interest per year. Virginia is a Dalware resident and so he is following Delaware law. Virginia defaulted on the loan. amount can G& L collect from Virginia depends on the particular state law.

So, all of the option might be correct.

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