Question

Alan offers, on day 1, to sell a book to Bob for $100. He then changes his mind and puts a revocation letter in the mail on day 2. Bob puts a letter in the mail on day 3 accepting the offer, and then on day 4 receives the revocation letter. The most accurate statement concerning the contract implications of this is

Group of answer choices

a contract has been formed on day 1

a contract has been formed on day 2

a contract has been formed on day 3

no contract has been formed

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Question 101 pts

Mark says to David "If you walk across the Brooklyn Bridge on April 30, I will pay you $100." David agrees to do this but then changes his mind and does not walk across the bridge on April 30. Of the following statements, the most accurate one is

Group of answer choices

David has breached a contract

David has not breached a contract because he was never paid $100

David has not breached a contract because there was no consideration

David has not breached a contract because there was no acceptance

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Question 111 pts

Suppose that, in the preceding question, David starts to walk across the Brooklyn Bridge but after he has completed three-quarters of the walk, Mark says to him "I revoke my offer." At this point in time,

Group of answer choices

there is no longer any contract because the offer has been revoked prior to acceptance

Mark has breached a contract with David to pay him $100

Mark's revocation is not effective because David has started to walk across the bridge

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Question 121 pts

Suppose that, in the previous two questions, David never tells Mark that he will walk across the Bridge, but on April 30 he does so. The most accurate statement below is

Group of answer choices

Mark owes David $100 because a contract was formed and David performed his contractual obligations

Mark does not owe David $100 because David never formally accepted the offer

Mark will only owe $100 if David can prove that Mark knew he was going to walk across the Bridge

Mark does not owe David $100 because Mark is not getting anything of value out of the agreement

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Question 131 pts

Acme Contractors agreed to build a home for $200,000. The contract called for performance in 80 days, but because of the owner's breach of the contract it took Acme 100 days to complete the contract. During this 100-day period, Acme had another contract, also in the amount of $200,000, and had home office overhead in the amount of $10,000. Acme sues the owner for delay damages. Under the Eichleay case, Acme is

Group of answer choices

not entitled to damages for lost home office overhead because it would have incurred that overhead in any event

entitled to $1,000 in lost home office overhead

entitled to $5,000 in lost home office overhead

entitled to $10,000 in lost home office overhead

Answer 1

Q. 1 .Alan offers, on day 1, to sell a book to Bob for $100. He then changes his mind and puts a revocation letter in the mail on day 2. Bob puts a letter in the mail on day 3 accepting the offer, and then on day 4 receives the revocation letter. The most accurate statement concerning the contract implications of this is

Answer:- no contract has been formed ( as there was no formal acceptance)

Question 101 pts

Mark says to David "If you walk across the Brooklyn Bridge on April 30, I will pay you $100." David agrees to do this but then changes his mind and does not walk across the bridge on April 30. Of the following statements, the most accurate one is

Answer:- David has breached a contract ( as after accepting he have denied to do a task).

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Question 111 pts

Suppose that, in the preceding question, David starts to walk across the Brooklyn Bridge but after he has completed three-quarters of the walk, Mark says to him "I revoke my offer." At this point in time,

Mark's revocation is not effective because David has started to walk across the bridge. All other options are not correct. Since task is still not completed by David therefore Mark have not breached contract. There would have been breach of contract if task would have been conpleted and then Mark would have revoked his offer.

Question 121 pts

Suppose that, in the previous two questions, David never tells Mark that he will walk across the Bridge, but on April 30 he does so. The most accurate statement below is

Answer:-

Mark does not owe David $100 because David never formally accepted the offer. ( without any formal acceptance the contract is not formed).

Question 131 pts

Acme Contractors agreed to build a home for $200,000. The contract called for performance in 80 days, but because of the owner's breach of the contract it took Acme 100 days to complete the contract. During this 100-day period, Acme had another contract, also in the amount of $200,000, and had home office overhead in the amount of $10,000. Acme sues the owner for delay damages. Under the Eichleay case, Acme is

Answer:- not entitled to damages for lost home office overhead because it would have incurred that overhead in any event