Harvard edx Contrac Law FULL latest updated 2025
Unit 1
Deadweight Loss Problem 1
2/2 points (graded)
Vera and Vladimir live in the Arctic. Vera is an expert ice fisher, and Vladimir is an
excellent hunter. Neither is any good at the other activity – Vera is a terrible hunter,
and Vladimir is awful at fishing.
Vera can only ice fish in the winter, but she can freeze what she catches to eat
during the summer. Vladimir can only hunt in the summer, but he can’t freeze
what he kills.
It’s winter, and all of the meat that Vladimir killed during the summer has been
eaten or has spoiled. He’s hungry. He sees that Vera is still slowly but surely
catching fish, and that she isn’t eating all of them – she’s freezing the extras. He
asks her if he can have some of her extra fish, but she says no, because she needs
to freeze them so she’ll have something to eat in the summer, when she can’t fish.
As a result, Vladimir doesn’t have anything to eat.
What is the deadweight loss in this situation?
Vera is freezing her extra fish.
Vladimir has nothing to eat in the winter.
correct Vera won't have anything to eat in the
summer.
Vladimir will be unable to eat all of the meat he catches.
Answer
Correct:
You are correct. The food is inefficiently allocated between Vladimir and Vera,
so Vladimir does not have anything to eat during the winter.
Why is this deadweight loss happening?
Vera and Vladimir do not trust each other; therefore, Vladimir cannot
make a promise to give Vera meat in the summer in exchange for fish.
Vladimir cannot fish; therefore, Vladimir is going hungry.
They cannot agree on a fair price for fish, therefore Vera does not want to sell
her fish.
Schlumberger-Private
They cannot trade, therefore they are unable take advantage of the
surplus produced by the other. correct
,Answer
Correct:
This is the correct answer. If Vladimir and Vera figured out a way to trade
their surplus food, they could both have enough to eat throughout the year.
Deadweight Loss Problem 2
2/2 points (graded)
Alex and Amy are at a company dinner, where there is exactly one roll of
silverware per person.
Amy picks up a roll that accidentally contains two knives and no spoon,
and discovers she has no way of eating her soup. Amy buttered and ate
her bread.
Meanwhile, Alex opens his roll to see that he has two spoons and no knife.
He has some trouble buttering his bread, but he figures out a way to
butter it with the spoon. This draws disapproving frowns from those
around him. He has no trouble eating his soup.
The dinner is very large, and Amy tries to search the room for someone
with an extra spoon. But there are too many people, so she gives up.
What are the deadweight losses in this situation? (Select 2 Answers)
Amy could not eat her
soup. Amy ate her
bread.
Alex made a mess buttering his bread.
Amy wasted her time looking for a spoon without any
success. Alex ate his soup.
correct
Answer
Correct
:
Correct. If Amy had the extra spoon, she could have eaten her soup.
Correct. If Alex had Amy's extra knife, he could have buttered his bread
without making a mess.
What is causing it? (Select 1 Answer)
Each person has only one roll of
silverware. Alex has made both of his
spoons dirty.
, The room is too large for Amy and Alex to find each other and trade.
correct
Scenario 1
2/2 points (graded)
Albert is in the fourth grade and loves video games much more than he
loves studying-- so much so that he has consistently been getting 20% on
his homework assignments. Albert’s mother is concerned and tells him that
she wants him to work harder in school. She bribes him, saying that she will
cook Albert whatever he wants for dinner Friday night if he gets 100% on all
of his homework assignments for the week. On Friday afternoon, Albert
comes home from school and proudly shows his mother his last homework
assignment, with yet another 100% written at the top. He then requests that
a seven course steak dinner.
What was the promise made?
Albert's mother promised him a new video game, if he stops getting only
20% on his homework assignments.
Albert’s mother promised to cook him whatever he wants for dinner
Friday night if Albert got 100% on all of his homework assignments for the
week. correct
Albert’s mother promised to cook him whatever he wants for dinner
Friday night if Albert got 100% on his last homework assignment for the
week.
Was there an intent to create legal relations? Why or why not?
Yes, fbecause fthere fwas fbargain fmade fbetween fAlbert fand fhis fmother.
fThe fparties fhave fan fformal frelationship f(mother fand fson) fthat fcould fbe
fconsidered flegally fbinding
Yes, fbecause fthere fwas fa fbargain fmade fbetween fAlbert fand fhis
fmother. f No, fbecause fthere fwas fno fbargain fmade fbetween fAlbert
fand fhis fmother.
The f parties fhave fan finformal frelationship f(mother f and fson) fand fdo fnot
f intend
to fbe flegally
fbinding fcorrect
Scenario f2
2/2 fpoints f(graded)
Reconsider fthe finvitation fto fdinner fwith fslightly frevised ffacts. fPortia fdoes
fnot fknow fProfessor fFried, fbut fstill fwants fhim fto fattend fher fdinner fto
fimpress fVincent. fShe femails fProfessor fFried, fintroducing fherself,
fextending fan finvitation fto fdinner, fand foffering fto fimmediately fpay
fProfessor fFried f$500 fif fhe fwill fattend fthe fdinner. fProfessor fFried
faccepts, fbut fagain fdecides fnot fto fattend fthe fdinner fat fthe flast fminute.
, What fwere fthe fpromises fmade? fCheck fAll fThat
fApply fProfessor fFried fwill fattend fdinner.
Vincent fwill fmeet fProfessor fFried.
Professor fFried fwill fcontact fPortia fif fhis fplans fchange.
Portia fwill fpay fProfessor fFried f$500 ffor
fattending fdinner. fcorrect
Was fthere fan fintent fto fcreate flegal frelations? fWhy for fWhy fNot?
Yes, fthere fwas fan fintent fto fcreate flegal frelations fbecause fthere
fwas fa fbargain fbetween fProfessor fFried fand fPortia. fcorrect
No, fthere fno fintent fto fcreate flegal frelations, fbecause fthere fwas fno
fformal fagreement fbetween fProfessor fFried fand fPortia.
Frolic fand fBanter?
1/1 f point f (graded)
The flaw fwon't fenforce fcontracts fthat fare fmerely f"frolic fand fbanter" f--
fthat fneither fside ftakes fseriously. fWhy fdo fyou fthink fthat fis? fPlease
fchoose fthe foption fyou fthink fis fbest, fand fexplain fyour freasoning fin fthe
fdiscussion f below.
Courts fdo fnot flike fbeing fin fthe fbusiness fof fdetermining fwhat fis fa fjoke
fand fwhat f is f not, f so f the f burden f should f be f on f the f people f making f the
f agreement fto fmake fit fclear fthat fthe fagreement fis fnot fa fjoke. fcorrect
People f should f be f free f to f be f silly f without f fear f of f legal f retribution.
It fwould fbe fridiculous ffor fcourts fto fenforce fcontracts fmeant fas
fjokes, fand fsociety fwouldn't fstand ffor fit fif fcourts ftried fto fenforce
fthem.
Other f reason f (please f explain f in f the f discussion f below)
Legally fEnforceable fContracts?
3/3 fpoints f(graded)
Which f of f these f three f situations f could f be f a f legally f enforceable
f contract? fRead fthrough feach fsituation fand fdecide ffor fyourself.
You fand fyour ffather fhave fbeen fdiscussing fBill, fa ffriend fof fyours fwhom fyour
ffather fhas falways fconsidered fquite fdimwitted. fYou fdefend fBill's fdrive,
fcapabilities, fand fprospects fat fhis fnew fjob, fbut fyour ffather fsays fto fyou, f"If
fBill fever fgets fpromoted, fI'll fgive fyou fa fmillion fdollars."
Is fthis fa fsituation fthat fcan fbe fa flegally fenforceable fcontract?
Yes
Unit 1
Deadweight Loss Problem 1
2/2 points (graded)
Vera and Vladimir live in the Arctic. Vera is an expert ice fisher, and Vladimir is an
excellent hunter. Neither is any good at the other activity – Vera is a terrible hunter,
and Vladimir is awful at fishing.
Vera can only ice fish in the winter, but she can freeze what she catches to eat
during the summer. Vladimir can only hunt in the summer, but he can’t freeze
what he kills.
It’s winter, and all of the meat that Vladimir killed during the summer has been
eaten or has spoiled. He’s hungry. He sees that Vera is still slowly but surely
catching fish, and that she isn’t eating all of them – she’s freezing the extras. He
asks her if he can have some of her extra fish, but she says no, because she needs
to freeze them so she’ll have something to eat in the summer, when she can’t fish.
As a result, Vladimir doesn’t have anything to eat.
What is the deadweight loss in this situation?
Vera is freezing her extra fish.
Vladimir has nothing to eat in the winter.
correct Vera won't have anything to eat in the
summer.
Vladimir will be unable to eat all of the meat he catches.
Answer
Correct:
You are correct. The food is inefficiently allocated between Vladimir and Vera,
so Vladimir does not have anything to eat during the winter.
Why is this deadweight loss happening?
Vera and Vladimir do not trust each other; therefore, Vladimir cannot
make a promise to give Vera meat in the summer in exchange for fish.
Vladimir cannot fish; therefore, Vladimir is going hungry.
They cannot agree on a fair price for fish, therefore Vera does not want to sell
her fish.
Schlumberger-Private
They cannot trade, therefore they are unable take advantage of the
surplus produced by the other. correct
,Answer
Correct:
This is the correct answer. If Vladimir and Vera figured out a way to trade
their surplus food, they could both have enough to eat throughout the year.
Deadweight Loss Problem 2
2/2 points (graded)
Alex and Amy are at a company dinner, where there is exactly one roll of
silverware per person.
Amy picks up a roll that accidentally contains two knives and no spoon,
and discovers she has no way of eating her soup. Amy buttered and ate
her bread.
Meanwhile, Alex opens his roll to see that he has two spoons and no knife.
He has some trouble buttering his bread, but he figures out a way to
butter it with the spoon. This draws disapproving frowns from those
around him. He has no trouble eating his soup.
The dinner is very large, and Amy tries to search the room for someone
with an extra spoon. But there are too many people, so she gives up.
What are the deadweight losses in this situation? (Select 2 Answers)
Amy could not eat her
soup. Amy ate her
bread.
Alex made a mess buttering his bread.
Amy wasted her time looking for a spoon without any
success. Alex ate his soup.
correct
Answer
Correct
:
Correct. If Amy had the extra spoon, she could have eaten her soup.
Correct. If Alex had Amy's extra knife, he could have buttered his bread
without making a mess.
What is causing it? (Select 1 Answer)
Each person has only one roll of
silverware. Alex has made both of his
spoons dirty.
, The room is too large for Amy and Alex to find each other and trade.
correct
Scenario 1
2/2 points (graded)
Albert is in the fourth grade and loves video games much more than he
loves studying-- so much so that he has consistently been getting 20% on
his homework assignments. Albert’s mother is concerned and tells him that
she wants him to work harder in school. She bribes him, saying that she will
cook Albert whatever he wants for dinner Friday night if he gets 100% on all
of his homework assignments for the week. On Friday afternoon, Albert
comes home from school and proudly shows his mother his last homework
assignment, with yet another 100% written at the top. He then requests that
a seven course steak dinner.
What was the promise made?
Albert's mother promised him a new video game, if he stops getting only
20% on his homework assignments.
Albert’s mother promised to cook him whatever he wants for dinner
Friday night if Albert got 100% on all of his homework assignments for the
week. correct
Albert’s mother promised to cook him whatever he wants for dinner
Friday night if Albert got 100% on his last homework assignment for the
week.
Was there an intent to create legal relations? Why or why not?
Yes, fbecause fthere fwas fbargain fmade fbetween fAlbert fand fhis fmother.
fThe fparties fhave fan fformal frelationship f(mother fand fson) fthat fcould fbe
fconsidered flegally fbinding
Yes, fbecause fthere fwas fa fbargain fmade fbetween fAlbert fand fhis
fmother. f No, fbecause fthere fwas fno fbargain fmade fbetween fAlbert
fand fhis fmother.
The f parties fhave fan finformal frelationship f(mother f and fson) fand fdo fnot
f intend
to fbe flegally
fbinding fcorrect
Scenario f2
2/2 fpoints f(graded)
Reconsider fthe finvitation fto fdinner fwith fslightly frevised ffacts. fPortia fdoes
fnot fknow fProfessor fFried, fbut fstill fwants fhim fto fattend fher fdinner fto
fimpress fVincent. fShe femails fProfessor fFried, fintroducing fherself,
fextending fan finvitation fto fdinner, fand foffering fto fimmediately fpay
fProfessor fFried f$500 fif fhe fwill fattend fthe fdinner. fProfessor fFried
faccepts, fbut fagain fdecides fnot fto fattend fthe fdinner fat fthe flast fminute.
, What fwere fthe fpromises fmade? fCheck fAll fThat
fApply fProfessor fFried fwill fattend fdinner.
Vincent fwill fmeet fProfessor fFried.
Professor fFried fwill fcontact fPortia fif fhis fplans fchange.
Portia fwill fpay fProfessor fFried f$500 ffor
fattending fdinner. fcorrect
Was fthere fan fintent fto fcreate flegal frelations? fWhy for fWhy fNot?
Yes, fthere fwas fan fintent fto fcreate flegal frelations fbecause fthere
fwas fa fbargain fbetween fProfessor fFried fand fPortia. fcorrect
No, fthere fno fintent fto fcreate flegal frelations, fbecause fthere fwas fno
fformal fagreement fbetween fProfessor fFried fand fPortia.
Frolic fand fBanter?
1/1 f point f (graded)
The flaw fwon't fenforce fcontracts fthat fare fmerely f"frolic fand fbanter" f--
fthat fneither fside ftakes fseriously. fWhy fdo fyou fthink fthat fis? fPlease
fchoose fthe foption fyou fthink fis fbest, fand fexplain fyour freasoning fin fthe
fdiscussion f below.
Courts fdo fnot flike fbeing fin fthe fbusiness fof fdetermining fwhat fis fa fjoke
fand fwhat f is f not, f so f the f burden f should f be f on f the f people f making f the
f agreement fto fmake fit fclear fthat fthe fagreement fis fnot fa fjoke. fcorrect
People f should f be f free f to f be f silly f without f fear f of f legal f retribution.
It fwould fbe fridiculous ffor fcourts fto fenforce fcontracts fmeant fas
fjokes, fand fsociety fwouldn't fstand ffor fit fif fcourts ftried fto fenforce
fthem.
Other f reason f (please f explain f in f the f discussion f below)
Legally fEnforceable fContracts?
3/3 fpoints f(graded)
Which f of f these f three f situations f could f be f a f legally f enforceable
f contract? fRead fthrough feach fsituation fand fdecide ffor fyourself.
You fand fyour ffather fhave fbeen fdiscussing fBill, fa ffriend fof fyours fwhom fyour
ffather fhas falways fconsidered fquite fdimwitted. fYou fdefend fBill's fdrive,
fcapabilities, fand fprospects fat fhis fnew fjob, fbut fyour ffather fsays fto fyou, f"If
fBill fever fgets fpromoted, fI'll fgive fyou fa fmillion fdollars."
Is fthis fa fsituation fthat fcan fbe fa flegally fenforceable fcontract?
Yes
