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Question 1 5 out of 5 points AlphaCo and BetaCo enter into a contract for AlphaCo to provide computer and printer repair services at BetaCo’s offices. The contract is scheduled to begin January 1... 5 and end June 15. BetaCo agrees to pay AlphaCo $18,000 for these six months of service. After the contract is signed by the parties, BetaCo asks AlphaCo if it would be willing to provide cleaning services until June 30 at no additional cost. AlphaCo agrees to work until June 30. Choose the best answer: Selected Answer: AlphaCo’s promise to work until June 30 is unenforceable, because BetaCo had a preexisting duty to pay $18,000.  Question 2 5 out of 5 points Hawke wears a gold medallion, passed down from his grandfather, at all times. He is distraught one day when he returns home from work and realizes that the medallion apparently detached from its chain and fell to the ground at some point during the day. He posts signs in the office building where he works and in the adjacent parking garage, offering a $300 reward to anyone who finds the medallion and returns it to him. Rhonda, one of Hawke’s co-workers, finds the medallion in an office stairwell, recognizes it as Hawke’s, and returns it to him, not knowing that Hawke has offered a reward for its return. Choose the best answer: Selected Answer: Hawke does not owe Rhonda $300 because she did not return the medallion as a bargain for the $300.  Question 3 5 out of 5 points Bookstore, Inc., an independent bookstore, is looking for a new location. It agrees to buy a small house from Jones for $165,000 if the municipal zoning board will approve Bookstore, Inc.’s request for a variance from the local zoning ordinance, which currently only allows houses in this part of town to be used as residences. The contract between Bookstore, Inc. and Jones is Selected Answer: Enforceable, because Bookstore, Inc. has made an enforceable conditional promise.  Question 4 5 out of 5 points AlphaCo and BetaCo enter into a contract for AlphaCo to sell 20 computers to BetaCo. BetaCo agrees to pay AlphaCo $14,000 for the 20 computers. After the contract is signed by the parties, BetaCo asks AlphaCo if it would be willing to provide 21 computers, instead of 20, at no additional cost. AlphaCo agrees to deliver 21 computers. Choose the best answer: Selected Answer: AlphaCo’s promise to provide 21 computers is enforceable, because no new consideration is required.  Question 5 5 out of 5 points Banker promises to Customer that the Bank will make a loan to the Customer’s son if the Customer promises that the Customer will pay any balance on the loan to the Bank This study source was downloaded by 100000860583932 from CourseHero.com on 01-29-2023 06:07:46 GMT -06:00 https://www.coursehero.com/file/59572449/QUIZ-2docx/ immediately if the son fails to repay the loan. Customer agrees. Later the Customer’s son refuses to repay the loan. Customer argues that his promise to the Banker is unenforceable. Choose the best answer: Selected Answer: Customer’s argument is incorrect, because the Bank’s promise to loan the money was bargained for.  Question 6 5 out of 5 points True or false: An agreement modifying a contract governed by the UCC does not require any consideration to be binding, but must be made in good faith. Selected Answer: Tru e  Question 7 5 out of 5 points True or False: The reliance doctrine only enforces promises that a promisor should reasonably expect to induce reliance by a promisee. Selected Answer: Tru e  Question 8 5 out of 5 points Angus is a drywall contractor. He learns that his neighbor, Bonnie, had some water damage and has been talking to Drywall Solutions, another drywall contractor, to complete the repairs. Angus tells Bonnie that she does not need to hire a drywall contractor and that he will perform the work at no cost if Bonnie will supply the drywall materials. Bonnie calls Drywall Solutions, which had offered to do the work for $3,000, and tells them not to come. Angus subsequently refuses to do the work. Bonnie has to pay a third drywall contractor $4,000 to complete the job. What argument should Bonnie make to recover from Angus? Selected Answer: That Bonnie relied on Angus’s promise to her detriment.  Question 9 5 out of 5 points An agreement reached concerning some details of a transaction, but leaving other details to be determined later, is called what? Selected Answer: a preliminary agreement  Question 10 5 out of 5 points Which case provides an example of a court applying the pre-existing duty rule? Selected Answer: Alaska Packers’ Assn. v. Domenico This study source was downloaded by 100000860583932 from CourseHero.com on 01-29-2023 06:07:46 GMT -06:00 https://www.coursehero.com/file/59572449/QUIZ-2docx/  Question 11 5 out of 5 points Which of the following can serve as consideration? Selected Answer: Both a and b.  Question 12 5 out of 5 points Homeowner enters into a contract with Flooring Company to refinish Homeowner’s hardwood floors on October 15 and 16. The contract price is $4,000, payable after the completion of the work. Flooring Company fails to do any of the work, and Homeowner pays Flooring Company nothing. Homeowner has to pay $4,400 to another flooring contractor to refinish his floors. Which of the following correctly describes Homeowner’s “expectation interest”? Selected Answer: Homeowner’s expectation interest is $400.  Question 13 5 out of 5 points Baxter has been an employee of Shipping Company for seven years. His manager notices that he has been working late, making sure that the company trucks are properly cleaned out, stored, and locked up in the company garage at the end of each workday. The manager tells Baxter that he appreciates his hard work, that Baxter should not feel obligated to stay late to lock up the equipment anymore, and that Baxter can expect a $250 bonus in his next paycheck because of his past efforts. Is the manager’s statement enforceable based on the theory of consideration? Selected Answer: No, the manager’s promise was not a bargained-for exchange, since Baxter had already done the work.  Question 14 5 out of 5 points Which statement most accurately describes the difference between the expectation interest and reliance interest in contract damages? Selected Answer: Expectation interest is the amount of damag [Show More]

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