LGS 200 EXAM 3 FULLY SOLVED TEST PAPER
GRADED A+
◉ acceptance by fax, phone or email.
Answer: valid binding contract when acceptance reaches offeror and
the offeror opens/ reads it.
◉ Counteroffer.
Answer: An offeree's response to an offer in which the offeree rejects
the original offer and at the same time makes a new offer.
◉ rejection.
Answer: Refusal by the offeree
◉ Revocation.
Answer: the taking back of an offer by the offeror
◉ Offers of a reward.
Answer: never enforceable
◉ Unilateral Offer.
Answer: The party accepting a contract can accept by performance
, ◉ Objective Theory.
Answer: A theory that says the intent to contract is judged by the
reasonable person standard and not by the subjective intent of the
parties.
◉ objective tests.
Answer: Personality tests that are administered and scored in a
standard way
◉ Lucy v. Zehmer.
Answer: Zehmer owned a piece of property that Lucy wanted to buy.
One night at Zehmer's bar, Lucy made an offer which Zehmer
accepted by Zehmer taking a resturant check and writing it out and
signing it 2x to make sure it was perfect and getting his wife to sign
it. He and Lucy sign a resturant check with him which had specific
details concerning the price and title of the land. Zehmer later
contended that he was joking and that he didn't really want to sell.
◉ The case Lucy V. Zehmer, contained the court's position that it
must look to the ___________ of a person as manifesting his intention..
Answer: outward expression, words and actions. A serious intent to
contract must be shown (objective test) using what we see and hear
one say.
GRADED A+
◉ acceptance by fax, phone or email.
Answer: valid binding contract when acceptance reaches offeror and
the offeror opens/ reads it.
◉ Counteroffer.
Answer: An offeree's response to an offer in which the offeree rejects
the original offer and at the same time makes a new offer.
◉ rejection.
Answer: Refusal by the offeree
◉ Revocation.
Answer: the taking back of an offer by the offeror
◉ Offers of a reward.
Answer: never enforceable
◉ Unilateral Offer.
Answer: The party accepting a contract can accept by performance
, ◉ Objective Theory.
Answer: A theory that says the intent to contract is judged by the
reasonable person standard and not by the subjective intent of the
parties.
◉ objective tests.
Answer: Personality tests that are administered and scored in a
standard way
◉ Lucy v. Zehmer.
Answer: Zehmer owned a piece of property that Lucy wanted to buy.
One night at Zehmer's bar, Lucy made an offer which Zehmer
accepted by Zehmer taking a resturant check and writing it out and
signing it 2x to make sure it was perfect and getting his wife to sign
it. He and Lucy sign a resturant check with him which had specific
details concerning the price and title of the land. Zehmer later
contended that he was joking and that he didn't really want to sell.
◉ The case Lucy V. Zehmer, contained the court's position that it
must look to the ___________ of a person as manifesting his intention..
Answer: outward expression, words and actions. A serious intent to
contract must be shown (objective test) using what we see and hear
one say.
