Quiz 3: SP23: LEGAL ENVIRONMENT OF BUSINESS: 1518

SP23-BL-BUS-L201-1518 Quizzes Quiz 3 ! Quiz 3 Due Mar 25 at 11:59pm Points 20 Ques ! ons 16 Available Mar 24 at 12am - Mar 25 at 11:59pm Time Limit 16 Minutes Allowed A " empts 3 Instruc ! ons A ! empt History A " empt Time Score KEPT A ! empt 2 3 minutes 18 out of 20 LATEST A ! empt 2 3 minutes 18 out of 20 A ! empt 1 5 minutes 13.5 out of 20 " Correct answers are hidden. Score for this a ! empt: 18 out of 20 Submi ! ed Mar 24 at 2:08pm This a ! empt took 3 minutes. Quiz 3 will be available in Canvas beginning on Friday, March 24 at 12:00 am and will close on Saturday, March 25 at 11:59pm . You will have 16 minutes to complete the quiz. Once you start the quiz, you cannot pause and come back to it. You will be able to take the quiz up to three " mes. th This quiz is open book and open notes. Please study before taking this quiz. Working together is permi ! ed. However, being misguided by a peer is not a valid reason for a grade appeal. Take the Quiz Again 1 / 1 pts Ques ! on 1 The o ff eree is the party who makes the o ff er. True False 1 / 1 pts Ques ! on 2 An o ff eree is the "master of the o ff er" True False 1 / 1 pts Ques ! on 3 Which of the following factors does the court look at to determine if a proposal is an o ff er: Par " es to a contract must have present intent to enter binding agreement Terms must be definite O ff er must be communicated to any other person O ff er must be communicated to the o ff eree by the o ff eror 1 / 1 pts Ques ! on 4 All contracts must be accepted in wri " ng to be legally enforced. True False 1 / 1 pts Ques ! on 5 In Contract Law, the general rule is that revoca " on is e ff ec " ve ___________________ only when made in wri " ng. when received. only when published in a public newspaper. only when part of the performance required has occured. 1 / 1 pts Ques ! on 6 In Contract Law, not every proposal is an o ff er. True False 1 / 1 pts Ques ! on 7 In order to determine if an o ff eror has a present intent to contract, Courts use a subjec " ve contract theory. True False 1 / 1 pts Ques ! on 8 Every promise is legally enforceable. True False 2 / 2 pts Ques ! on 9 At an auc " on, generally, sellers are invi " ng o ff ers, except if the terms "without reserve" are used. "Without reserve" results in a seller making an o ff er. True False 2 / 2 pts Ques ! on 10 John promises to sell Sylvia his house for $235,000. Sylvia agrees to pay $235,000. The closing date is in three days. What is the nature of this contract? Bilateral and executed Unilateral and executory Bilateral and executory Unilateral and executed 1 / 1 pts Ques ! on 11 Many contracts involve goods and services. The test most frequently applied to determine whether Ar " cle 2 applies when a contract price includes both goods and services is: to ask if any contractor or subcontractor is providing a service to ask if the contract price includes taxes to ask which element, goods or services, predominates in the contract whether there is an obliga " on imposed by law to prevent unjust enrichment 1 / 1 pts Ques ! on 12 When one party confers a benefit on another who knowingly accepts and retains it under circumstances that make it unjust to do so without paying for it. This theory can be applied to prevent unjust enrichment: res ipsa loquitor quasi-contract theory promissory estoppel voidable contract theory 2 / 2 pts Ques ! on 13 Which of the following are elements of Promissory Estoppel: Reliance is reasonable and foreseeable Clear unambiguous promise Reliance is unreasonable but foreseeable Detriment to person who relied on promise Reliance on the promise 1 / 1 pts Ques ! on 14 BestBuy runs an ad in the newspaper that says Apple iPad is $100. Is this an o ff er? Yes, because this ad is highly targeted No. This is an adver " sement, invi " ng the customer to make an o ff er No, because the adver " sement has not been communicated to a su ffi cient number of customers. Yes, because all adver " sements that include a specific price are o ff ers 1 / 1 pts Ques ! on 15 On your way to class, you no " ce a poster o ff ering $100 to the first person to find their lost dog. This proposed contract can be described as: Bilateral Unilateral 0 / 2 pts Ques ! on 16 Incorrect Incorrect On Feb. 2, Sylvia o ff ers to sell her Honda Accord to John for $12,500. John thinks this is a great o ff er, however, it's a lot of money and he needs " me to think about it. He gives Sylvia $130 to keep the o ff er open for a week. On Feb. 6, Sylvia emails John revoking her o ff er. John has not yet decided if he would like to buy the car. Can Sylvia revoke her o ff er? No, because John paid greater than 1% of the purchase price. Yes, Sylvia can revoke an o ff er any " me prior to acceptance. Yes, Sylvia has submi ! ed her revoca " on in wri " ng. No, Sylvia may not revoke. John's op " on contract has not expired. Quiz Score: 18 out of 20 Last A " empt Details: Time: 3 minutes Current Score: 18 out of 20 Kept Score: 18 out of 20 2 A ! empts so far # View Previous A ! empts 1 More A ! empt available Take the Quiz Again (Will keep the highest of all your scores) 2 Spring 2023 Home Announcements Syllabus Modules Assignments Quizzes McGraw-Hill Connect Launch Akindi Chat Grades People IT Support 24/7 IU Libraries Campus Course Policies Research Help Student Engagement Roster (Student) NameCoach Care Referral Course Ques " onnaire Kaltura: Media Gallery Account Dashboard Courses Groups Calendar Inbox History Kaltura: My Media Help 50