COMMERCIAL LAW PROBLEM SET 1 + QUIZZES 1-5A + PRACTICE TEST 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

COMMERCIAL LAW PROBLEM SET 1 + QUIZZES 1-5A + PRACTICE TEST 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Sam promised to sell Ben his car. Ben promises to pay $5000 for the car. Does this create a bilateral or unilateral contract? [first unit] - Answer - bilateral Omar promises to pay Ben $500 when he completes the reroofing of Omar's house. Does this create bilateral or a unilateral contract? [first unit] - Answer -unilateral Al believes that he is the owner of Blackacre. With that belief, he pays the taxes on Blackacre. The true owner, Omar, allows Al to pay the taxes with full knowledge of the mistaken belief. Does Omar have a contractual obligation to reimburse Al for the taxes? [first unit] - Answer -No because this is a quasi-contract situation. There was no expectation that Al was going to be repaid and it is not fair to let him keep the benefits.