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(51 solutions)

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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

The weekly Kroger advertisement states that five-pound chubs of ground chuck are available for eighty-nine cents per pound. Arlene sees the advertisement; she realizes that ground chuck has not been priced this low in quite some time, so she hurries to the store to purchase some. Arlene loads seven chubs of ground chuck in her shopping cart. When she goes to the checkout to pay, however, the cashier informs Arlene that the price in the advertisement is a typo and that the correct price is $1.89 per pound. Arlene insists that the store must honor the price listed in the advertisement, because it is an offer that she has just accepted. The cashier calls the store manager for a decision. The store manager will likely explain to Arlene:

that the advertisement is a valid offer because its terms are definite.

that the advertisement is a valid offer because it is in writing.

that the advertisement is a valid offer, and the store must honor the price in the advertisement.

that advertisements are not offers, but merely a request for offers.

that advertisements are not offers, but merely a request for offers....

Posted by Cleveland on September 13, 2024

arah is shopping at Sylvia’s thrift store, and notices that the inside of the store needs repainting. Sarah offers to paint the store for $400. Sylvia does not respond to Sarah’s offer. Later that day, Sarah returns to the store with painting supplies in hand and begins painting the store. When Sarah is finished, she demands payment of $400 from Sylvia. Will Sylvia have to pay Sarah for painting the store?

Yes, Sylvia will have to pay Sarah for painting the store, even though she did not verbally agree to the contract.

Yes, Sylvia will have to pay Sarah for painting the store because silence is always an acceptance of an offer.

No, Sylvia will not have to pay Sarah for painting the store because Sarah did not verbally agree to the contract.

No, Sylvia will not have to pay Sarah for painting the store because silence can never be an acceptance of an offer.

Yes, Sylvia will have to pay Sarah for painting the store, even though she did not verbally agree to the contract....

Posted by Cleveland on September 13, 2024

Milo is the owner of a sporting goods store that has only been open for three months. The holiday season is coming up, and Milo realizes that he will need extra help. Milo asks his friend Jess to help him out at the store. Milo and Jess agree that Jess will work during the months of November and December. However, because Milo is unsure how much help he will need and how much he will be able to pay, they agree to decide each week on the hours that Jess will work for the following week, and to decide the hourly rate after Jess has worked two weeks before she receives her first paycheck. Just before November 1, Jess takes a job at another store. If Milo tries to sue Jess for breach of contract, the court will probably decide:

that the parties had no contract because the terms of the offer were not definite.

that the parties had no contract because the terms were not in writing.

that the parties had a contract, and Jess breached the contract.

that the parties had a contract, but the damages could not be ascertained because the hourly rate and number of hours had not been determined.

that the parties had no contract because the terms of the offer were not definite....

Posted by Cleveland on September 13, 2024

Owen offers to sell his motorcycle to Julian for $5,000. After he makes the offer, Owen has second thoughts. Owen can revoke the offer to sell his motorcycle to Julian:

anytime, whether or not Julian has accepted the offer.

even after Julian has accepted but before Julian has delivered the money to Owen.

at no time, because offers to sell merchandise are irrevocable.

as long as Julian has not yet accepted the offer.

as long as Julian has not yet accepted the offer....

Posted by Cleveland on September 13, 2024

You decide to get a credit card in order to begin building your credit history. It is your first credit card and when you receive the agreement with the credit card company filled with legally complex boilerplate language, you sign it knowing that if you do not, you will not be able to get the card. Buried deep within the terms, however, a discrepancy existed that the credit card company never caught before sending the agreement to customers. One section allowed for the credit card company to raise interest rates as long as it provided users a 30 day notice, but another section stated that interest rates could only be changed once per year. The company has increased your interest rate four times already this year and you decide you have had enough and take them to court.

In whose favor will the court interpret the terms of the contract?

The court will rewrite the terms of the agreement so that a fair outcome is reached.

The court will interpret it in your favor because you did not draft the agreement.

The court will interpret it in favor of the credit card company because they drafted the document.

The court will interpret it in favor of neither party and will use its own judgment for what is fair.

The court will interpret it in your favor because you did not draft the agreement....

Posted by Cleveland on September 13, 2024

Brindley has an old shed on her property that needs to be removed. She posts the following ad on Facebook: “Shed needs to be gone. You take down and haul away. (Much of the wood is reusable.) $100 to the first person to show up and haul this away.” This is an example of a(n):

unconscionable contract.

bilateral contract.

unilateral contract.

illegal contract.

unilateral contract....

Posted by Cleveland on September 13, 2024

Maryanne offers to sell her 2015 Mustang convertible to April for $15,000, and April agrees to those terms. April brings the $15,000 to Maryanne, and Maryanne promises to deliver the Mustang to April the next day after she has it detailed. At this point, Maryanne and April have:

no contract.

an executed contract.

an executory contract.

a unilateral contract.

an executory contract....

Posted by Cleveland on September 13, 2024

Jones Construction Company is building a series of new subdivisions in Newtown over the next two years. Jones enters into a verbal agreement with Harley Concrete Inc. to construct all the driveways and sidewalks in the subdivisions that Jones will be building. Jones and Harley agree on a price of $130 per cubic yard and that Jones will pay Harley at the end of each project. Harley completes the first project, which is four sidewalks and sixteen driveways, and bills Jones for the project. Jones decides that the price is too high and refuses to pay, claiming that they have no obligation to pay because the parties did not have a valid contract. If Harley sues Jones for payment the court would probably:

hold that Harley is entitled to nothing because the contract violates the Statute of Frauds.

apply quasi contract theory and award the fair market value of the work that Harley completed.

hold that Harley is entitled to nothing because parties are free to terminate contracts if they so choose.

apply quasi contract theory and award $130 per cubic feet, the contract price, to Harley.

apply quasi contract theory and award the fair market value of the work that Harley completed....

Posted by Cleveland on September 13, 2024

Mia contracted with Greencare Lawn Service for a pest treatment on Mia’s lawn for $1,000. Pat lives next door to Mia. Greencare mistakenly treats Pat’s lawn instead of Mia’s. Pat watched them perform the treatment while looking through the window of his living room, but did not go outside and stop them. When Greencare seeks payment from Pat, Greencare can probably receive:

from Pat an amount less than the contract amount that will reimburse Greencare for expenses incurred, in order to avoid unjust enrichment.

$1,000 from Mia, because there was a contract.

nothing, because Greencare’s contract was with Mia, not Pat.

$1,000 from Pat, because Pat received the full value of the service.

from Pat an amount less than the contract amount that will reimburse Greencare for expenses incurred, in order to avoid unjust enrichment....

Posted by Cleveland on September 13, 2024

Zayn boards the Big Rock Metro to ride downtown to his job. Zayn gives his money to the driver and takes his seat. Neither the driver nor Zayn says anything. Zayn and the bus driver:

have no contract.

have an implied contract.

have an express contract.

have a formal contract.

have an implied contract....

Posted by Cleveland on September 13, 2024

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