Business Law Department Exam - 14857 Words

DEPARTMENT EXAM TEST BANK SPRING 2011 True/False Indicate whether the sentence or statement is true or false. __F___ The Offeror Is The Party With The Power To Decide Whether To Create A Contract. __T___ An offer made as a joke, where a reasonable person would conclude that it was made as a joke, cannot result in a contract. __T___ The communication of an offer can be made by the offeror or the offeror s agent. __T___ Generally, advertisements, catalogs, price lists, etc. are not treated as offers. __F___ A counteroffer is treated as both a revocation and a new offer. _T____ Consideration can consist of giving up a legal right. __T___ A promise to act or to refrain from doing an act can serve as consideration. __F___†¦show more content†¦The parties agree on a term of nine (9) months, and a $10,000 salary per month. Per their agreement, Teresa is to begin work on January 1. This contract falls within the scope of the statute of frauds, and thus will likely have to be in writing to be enforceable. ___F__ An offer can never be validly accepted by the offeree’s silence. __F___ Wendy offers to pay Jose $1,000 if he agrees to promise to paint her house this month. If Jose accepts the offer, it will create a unilateral, executed contract. __F___ A contract to provide lawn and landscaping service for â€Å"the next six (6) months† falls within the scope of the statute of frauds, and must be in writing to be enforceable. __T___ Fred offers to paint Debbie’s home for $500. Debbie tells Fred she will only pay $450, and Fred agrees. Under these facts, Debbie is the â€Å"offeror.† __T___ Sarah, an artist, e-mails Patricia and offers to paint her portrait for $499.99. Patricia calls Sarah back and accepts the offer. Sarah promises to paint the portrait within one (1) year, if not sooner, and Patricia agrees to pay within six (6) months of the portrait’s receipt. This is an enforceable, bilateral, executory contract. ___F__ Sue leases her 3 Bedroom, 2-bath home to Trisha for $300,000 for one year. The parties sign a written lease. Article 2-A of the UCC governs this contract. ___F__ Bob, a schoolteacher, sells his neighbor Sam an old office chair at a garage sale. Bob has given Sam an â€Å"implied warrantyShow MoreRelatedGeneral Contractor Licensing For Virginia953 Words   |  4 Pagesobtain your contractor’s license from the Department of Professional and Occupational Regulation Board if you play to do any construction work totaling $1,000 or higher. Construction work can also include demolition, home improvement, or home repair projects. Your contractor’s license will be based on your experience and the size of the projects you plan to undertake. The board will determine what caps are placed upon your business accordingly. 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