AGEC 3713 exam 1 questions well
answered to pass
You see that a wildfire is headed for your neighbors house, you hop in your tractor, plow a
firebreak, and save the house. After the action you demand 1,000 dollars for the trouble but
your neighbor refuses. Is your claim for 1,000 dollars enforceable as a contract? - correct answer
✔✔No because there could be no agreement. claim for payment was made after the fact.
You and your neighbor discuss a mutual fire defense treaty wherein you both agree to plow a
firebreak for each other in the event of a fire, and the other party agrees to pay 1,000 dollars for
the service. Assuming the agreement is otherwise legally enforceable do you have a contract
now? - correct answer ✔✔Yes because we have all the elements an agreement that is
enforceable by law.
I offer to sell you my dynamite miniature Hereford bull for 5,000 dollars. The next day in my
office, I yell out. "Holy moly, I cannot part with him for that price! Offer revoked!" Is the offer
revoked? - correct answer ✔✔No because I have not communicated the revocation to you
Dr. Stem comes up to you and says, "Hey check out this rocking' miniHerf I bought from Will!"
After Will had already offered him to you. Can you still accept my offer to sell the animal? -
correct answer ✔✔No because now you are aware of the conduct that unambiguously revoked
the offer
I offer you a quarter section of prime pasture land for 160,000 dollars and promise token the
offer open until October 1st. Can I revoke the offer before October 1st - correct answer ✔✔Yes
because the person creating the offer has the power to revoke it
I offer you a quarter section of prime pastureland for 160,000 dollars and you have paid me
$100 for the option to accept the offer anytime on or before October 1st. Can I revoke the offer
, before October 1st? - correct answer ✔✔No because a valid option exists to keep the offer
open through October 1.
Ferrell an attorney by trade gives you a written signed offer saying "I'll sell you 80 acres of
oceanfront property in Roger Mills County for 160,000 dollars and you may accept any time
before October 1st." Firm offer? - correct answer ✔✔No because (1) Ferrell ain't no merchant
and (2) there are no goods involved.
You and your neighbor are negotiating for you to purchase his used combine. During the
discussion, you were initially talking about a purchase price of 175,000 dollars but as the
negotiation went on you settled on. a number of 200,000 that was written into the contract for
the sale. Later on if there is a dispute about the contract can evidence of the discussion of the
175,000 dollar price be used? - correct answer ✔✔No. the writing of a contract cannot be
admitted if it contradicts the written contract.
What would not be an express warranty? - correct answer ✔✔"All ingredients used in this feed
are of top quality."
What is an express warranty? - correct answer ✔✔"This fertilizer is composed of 100% chicken
litter
Lisa buys a tractor from the local tractor dealership. As she's driving home from the dealership,
the front axle fall out from the front of the tractor totaling it. Has there been a breach of the
implied warranty of merchantability. - correct answer ✔✔Yes all the elements for breach of the
warranty of merchantability are met.
You go to the local chevy dealership and tell the salesperson you need a vehicle with plant of
horsepower and that is capable of pulling a double axle trailer full of stocker cattle and that you
need him to pick a vehicle that will fit the bill. He sells you a stingray 'Vette. It drives great but
the ball hitch you welded on the back deck keeps ripping off every time you hook u to the
trailer. Which warranty was breached? - correct answer ✔✔The warranty of fitness for a
particular purpose
answered to pass
You see that a wildfire is headed for your neighbors house, you hop in your tractor, plow a
firebreak, and save the house. After the action you demand 1,000 dollars for the trouble but
your neighbor refuses. Is your claim for 1,000 dollars enforceable as a contract? - correct answer
✔✔No because there could be no agreement. claim for payment was made after the fact.
You and your neighbor discuss a mutual fire defense treaty wherein you both agree to plow a
firebreak for each other in the event of a fire, and the other party agrees to pay 1,000 dollars for
the service. Assuming the agreement is otherwise legally enforceable do you have a contract
now? - correct answer ✔✔Yes because we have all the elements an agreement that is
enforceable by law.
I offer to sell you my dynamite miniature Hereford bull for 5,000 dollars. The next day in my
office, I yell out. "Holy moly, I cannot part with him for that price! Offer revoked!" Is the offer
revoked? - correct answer ✔✔No because I have not communicated the revocation to you
Dr. Stem comes up to you and says, "Hey check out this rocking' miniHerf I bought from Will!"
After Will had already offered him to you. Can you still accept my offer to sell the animal? -
correct answer ✔✔No because now you are aware of the conduct that unambiguously revoked
the offer
I offer you a quarter section of prime pasture land for 160,000 dollars and promise token the
offer open until October 1st. Can I revoke the offer before October 1st - correct answer ✔✔Yes
because the person creating the offer has the power to revoke it
I offer you a quarter section of prime pastureland for 160,000 dollars and you have paid me
$100 for the option to accept the offer anytime on or before October 1st. Can I revoke the offer
, before October 1st? - correct answer ✔✔No because a valid option exists to keep the offer
open through October 1.
Ferrell an attorney by trade gives you a written signed offer saying "I'll sell you 80 acres of
oceanfront property in Roger Mills County for 160,000 dollars and you may accept any time
before October 1st." Firm offer? - correct answer ✔✔No because (1) Ferrell ain't no merchant
and (2) there are no goods involved.
You and your neighbor are negotiating for you to purchase his used combine. During the
discussion, you were initially talking about a purchase price of 175,000 dollars but as the
negotiation went on you settled on. a number of 200,000 that was written into the contract for
the sale. Later on if there is a dispute about the contract can evidence of the discussion of the
175,000 dollar price be used? - correct answer ✔✔No. the writing of a contract cannot be
admitted if it contradicts the written contract.
What would not be an express warranty? - correct answer ✔✔"All ingredients used in this feed
are of top quality."
What is an express warranty? - correct answer ✔✔"This fertilizer is composed of 100% chicken
litter
Lisa buys a tractor from the local tractor dealership. As she's driving home from the dealership,
the front axle fall out from the front of the tractor totaling it. Has there been a breach of the
implied warranty of merchantability. - correct answer ✔✔Yes all the elements for breach of the
warranty of merchantability are met.
You go to the local chevy dealership and tell the salesperson you need a vehicle with plant of
horsepower and that is capable of pulling a double axle trailer full of stocker cattle and that you
need him to pick a vehicle that will fit the bill. He sells you a stingray 'Vette. It drives great but
the ball hitch you welded on the back deck keeps ripping off every time you hook u to the
trailer. Which warranty was breached? - correct answer ✔✔The warranty of fitness for a
particular purpose
