LGS 200 Exam 2 Questions with Verified
Correct Answers
Which of the following is a valid offer?
A. Arun tells Eric he will sell one of his houses for $250,000 by the end of the summer.
B. Eric offers to buy Arun's house for $290,000. Arun says, "No, but I will sell it to you
for $300,000." Eric seems to be upset, so Arun says he will sell it for $290,000.
C. Arun distributes flyers at work stating he wants to sell his house, listing the address
and the asking price.
D. Eric offers to buy Arun's house for $775,000 with no contingencies because Eric's
lease ends in two months. Arun wants to think about it and six days later has not yet
responded.
D
Which act or statement is valid?
A. A completed auction with a reserve
B. A detailed advertisement
C. A typical advertisement
D. A price quote
B
An invitation to bargain or negotiate, price quotes, letter of intent, auctions, and typical
advertisements are not valid acts
What type of acceptance requires an affirmative action?
A. Unilateral contracts
, B. The typical type of acceptance to an offer
C. Browsewrap agreements
D. Offeree's silence in response to an offer
A
Lilly hired Harris Lawn Service to cut her grass one summer, and paid through
automatic charges to her credit card. After taking three months off for winter weather,
Harris staff cut Lilly's grass for four weeks in a row before charging the fees on Lilly's
credit card. Lilly protested the charges, stating she did not hire the company to cut
grass for the second summer. Harris sues Lilly. What law applies? Choose 2 answer
choices.
A. Lilly's silence is acceptance because the offeree accepted the benefit offered.
B. Lilly's silence is not acceptance in this case because the offeree must affirmatively
accept the terms of the offer in full and communicate that acceptance to the offeror.
C. Lilly's silence is acceptance because of the parties' past dealings.
D. Lilly's silence is not acceptance and Harris's service in the spring is considered a gift
to her.
A and C
The main 3 requirements for a valid contract are;
Offer, Acceptance, Consideration
Which situation would be considered sufficient consideration for a contract to exist?
A. Alice's grandson quit smoking, so Alice promises to give him $5,000.
B. Bethany is remodeling a kitchen for Tonya. Bethany tells Tonya she will finish the
Correct Answers
Which of the following is a valid offer?
A. Arun tells Eric he will sell one of his houses for $250,000 by the end of the summer.
B. Eric offers to buy Arun's house for $290,000. Arun says, "No, but I will sell it to you
for $300,000." Eric seems to be upset, so Arun says he will sell it for $290,000.
C. Arun distributes flyers at work stating he wants to sell his house, listing the address
and the asking price.
D. Eric offers to buy Arun's house for $775,000 with no contingencies because Eric's
lease ends in two months. Arun wants to think about it and six days later has not yet
responded.
D
Which act or statement is valid?
A. A completed auction with a reserve
B. A detailed advertisement
C. A typical advertisement
D. A price quote
B
An invitation to bargain or negotiate, price quotes, letter of intent, auctions, and typical
advertisements are not valid acts
What type of acceptance requires an affirmative action?
A. Unilateral contracts
, B. The typical type of acceptance to an offer
C. Browsewrap agreements
D. Offeree's silence in response to an offer
A
Lilly hired Harris Lawn Service to cut her grass one summer, and paid through
automatic charges to her credit card. After taking three months off for winter weather,
Harris staff cut Lilly's grass for four weeks in a row before charging the fees on Lilly's
credit card. Lilly protested the charges, stating she did not hire the company to cut
grass for the second summer. Harris sues Lilly. What law applies? Choose 2 answer
choices.
A. Lilly's silence is acceptance because the offeree accepted the benefit offered.
B. Lilly's silence is not acceptance in this case because the offeree must affirmatively
accept the terms of the offer in full and communicate that acceptance to the offeror.
C. Lilly's silence is acceptance because of the parties' past dealings.
D. Lilly's silence is not acceptance and Harris's service in the spring is considered a gift
to her.
A and C
The main 3 requirements for a valid contract are;
Offer, Acceptance, Consideration
Which situation would be considered sufficient consideration for a contract to exist?
A. Alice's grandson quit smoking, so Alice promises to give him $5,000.
B. Bethany is remodeling a kitchen for Tonya. Bethany tells Tonya she will finish the
