3 for the win

Maeve posts her motorcycle for sale on an online auction site. This is

• an offer.

• an invitation to negotiate, not an offer.

• a request, not an offer.

• a price list, not an offer.

A bank’s sale of its right to receive payment on a loan to a third party is a transfer but not an assignment.

• True

• False

An exchange of e-mails cannot create a complete and unambiguous binding agreement.

• True

• False

Primo tries to start his car with no success. He yells that he will sell the car to anyone for $10. Quanto, a passerby, hears Primo’s yell. This is not an effective offer because it lacks

• definite terms.

• practicality.

• serious intent.

• communication.

Any contract involving consumer goods must be in writing to be enforceable.

• True

• False

Hometown Bank posts on its website an offer of a reward for information leading to the apprehension of a certain criminal. This offer could normally be terminated by

• any of the choices.

• payment of the reward.

• a post on the website.

• apprehension of the criminal.

Marketing Inc. offers to create a campaign to increase N’Ice Cream Inc.’s online business. N’Ice agrees to pay for the service. These parties have

• a formal contract.

• no contract.

• an implied contract.

• an express contract.

A promise to do something that one has no prior legal duty to do is not legally sufficient consideration.

• True

• False

Contracting parties are bound only by terms that can be objectively inferred from promises made.

• True

• False

Macy offers to sell his fitness watch for $50 to Nona. Nona promises to pay Macy the price. Later, they exchange the watch for the funds. A contract was created when

• Nona paid for the watch.

• Nona promised to pay for the watch.

• Macy offered to sell the watch.

• Macy delivered the watch.