Question

1. An offer to purchase a notebook for $50 creates a power in the offeree to create a contract which is binding on the offeror

   True

   False

2. The use of force or fear is not necessary for an act of theft to be considered a robbery.

True

False

3. An offer :

		Must be fair and reasonable in order to serve as the basis for a contract
		which is valid vests power in the Offeree to make a contract by accepting
		Cannot be oral
		All of the above
		None of the above

4. The purpose of strict products liability liability statutes is to shift the cost of injuries from the victim to the manufacturer, who in turn can bear that burden by buying insurance funded with the proceeds of sales of the product.

True

False

5. Green Grocers, Inc., transports goods at the request of Hiway Transport Company without expressly agreeing on a price or terms. In a later dispute between these parties over the delivery, the doctrine of quasi contract can be used because

		both of the parties involved are businesses.
		at least one of the parties had greater bargaining power.
		the subject of the contract was a service.
		there is no actual contract covering the subject in dispute.

6. When a party makes a lawful offer, he creates a power in the other party to bind him to an enforceable contract by simply accepting the offer

True

False

7. The mental element of a crime is:

		the mens rea.
		not required when felonies are committed.
		the act of committing the crime
		not a necessary element for general intent crimes.

8. Under the general rule, and unless the offer says otherwise,

		An acceptance is only valid when received by the offer are
		An acceptance is valid when mailed
		A revocation is valid when mailed
		All of the above
		None of the above

9. A unilateral contract is formed when the one receiving the offer promises to perform; the requested act or performance.

True

False

10. A "formal contract" requires a special form or method of creation or formation to be enforceable.

True

False

Answer 1

1. False. An offer to purchase a notebook for $50 does not create a power in the offeree to create a contract which is binding on the offeror. A contract can be only create after the acceptance of the offer.

2. False. The use of force or fear is necessary for an act of theft to be considered a robbery. According to the law robbery is the crime of taking or attempting to take anything of value by force, threat of force, or by putting the victim in fear. According to common law, robbery is defined as taking the property of another, with the intent to permanently deprive the person of that property, by means of force or fear; that is, it is a larceny or theft accomplished by an assault.

3. None of the above. As contract does not need to be fair for both the parties it is about the terms and conditions they agreed upon. An offer can be oral.

4. False. There is no product liability law that mentions anything about insurance. Product liability claims are based on state laws and brought under the theories of negligence, strict liability, or breach of warranty.

5. There is no actual contract covering the subject in dispute. A quasi contract is a retroactive arrangement between two parties who have no previous obligations to one another. It is created by a judge to correct a circumstance in which one party acquires something at the expense of the other.

6. True. When a party makes a lawful offer, he creates a power in the other party to bind him to an enforceable contract by simply accepting the offer.

7. The mens rea. This is a necessary element—that is, the criminal act must be voluntary or purposeful. Mens rea is the mental intention (mental fault), or the defendant's state of mind at the time of the offense, sometimes called the guilty mind.

8. All of the above. An acceptance is valid when received by the offeree. An acceptance is valid when mailed. A revocation is valid when mailed.

9. True. A unilateral contract is formed when the one receiving the offer promises to perform; the requested act or performance. A unilateral contract is a contract agreement in which an offeror promises to pay after the occurrence of a specified act. In a unilateral contract, the offeror is the only party with a contractual obligation. Unilateral contracts are primarily one-sided.

10. True. A "formal contract" requires a special form or method of creation or formation to be enforceable. A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. A seal can be any impression made upon the document by the parties to the contract. This was traditionally done in wax stating the intentions of the parties to be bound by the contract.