| LATEST EXAM UPDATES| 2024/25 |LEGL 2700 Practice Test 1, Exam Review Questions and answers/ VERIFIED.

LEGL 2700 Practice Test 1, Exam Review Questions and answers/ VERIFIED. 1. Party Z offers via email to sell his house to Party A for $100,000. Party A replied, "You're house is only worth $90,000 so that is the most I'm willing to pay." Party Z remarked, "It's worth far more than that and I'm sure someone will pay it." Party A then stated, "Ok, $100,000 it is." Party Z declined, stating that he'd prefer to do business with someone else. Party A remarked, "Well, I've already accepted your offer." What occurs? A) The parties have a contract for $100,000 B) The parties have a contract for $90,000 C) The parties have an agreement to agree but must agree on a price D) No contract exists. - -D There was never an acceptance of a specific price 2. A dog owner hangs a flyer offering a $50 reward for finding his lost dog. A neighbor, knowing of the reward offer, finds the dog and returns the dog to the dog owner, demanding the $50. The dog owner refuses. What occurs? A) The parties have a valid and enforceable unilateral contract B) The parties' agreement is unenforceable due to a lack of capacity. C) The promise lacks an offer and acceptance, making the reward poster unenforceable as a contract D) The promise lacks consideration, making it unenforceable as a contract - -A Since the dog owner hang the flyer and the man who found it saw the offer before he carried out the contract, it is valid 3. A 21-year old College Student gives his Uncle tickets to the World Series as a gift. Two years later, the Uncle gives the College Student his old car telling him that the car is in consideration for the baseball tickets from a couple years ago. The College Student accepts. The Uncle then informs the College Student that he's retracting his promise, leading the College Student to allege that his Uncle breached their contract. What is the result? A) The parties have a contract which the College Student may enforce B) The parties' agreement lacks mutually bargained for consideration. C) The parties failed to make a contract due to a lack of capacity. D) The parties have an agreement to agree but must still decide on adequate consideration. - -B The consideration was not bargained for at the time of the K being made 4. A car salesman speaks to a consumer, offering the consumer a car for $10