Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating it was the final offer that would be valid for one month only. Two days later, Kent offered to pay $60,000 for the farm. Luke received Kent's offer a week later and he declined it. After ten days, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor? U3 O3 Kent acted in an incompetent manner toward the offer. A. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid B. Kent's acceptance was past the set time period in the offer. C. Luke's original offer of $75,000 is still valid, even though rejected
Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating it was the final offer that would be valid for one month only. Two days later, Kent offered to pay $60,000 for the farm. Luke received Kent's offer a week later and he declined it. After ten days, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor? U3 O3 Kent acted in an incompetent manner toward the offer. A. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid B. Kent's acceptance was past the set time period in the offer. C. Luke's original offer of $75,000 is still valid, even though rejected
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24. Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A
week later, Luke offered to sell the farm for $65,000, stating it was the final offer that
would be valid for one month only. Two days later, Kent offered to pay $60,000 for
the farm. Luke received Kent's offer a week later and he declined it. After ten days,
Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent
decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which
one of the following is the reason for the ruling in Luke's favor? U3 O3
Kent acted in an incompetent manner toward the offer.
A. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid
B. Kent's acceptance was past the set time period in the offer.
C. Luke's original offer of $75,000 is still valid, even though rejected
week later, Luke offered to sell the farm for $65,000, stating it was the final offer that
would be valid for one month only. Two days later, Kent offered to pay $60,000 for
the farm. Luke received Kent's offer a week later and he declined it. After ten days,
Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent
decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which
one of the following is the reason for the ruling in Luke's favor? U3 O3
Kent acted in an incompetent manner toward the offer.
A. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid
B. Kent's acceptance was past the set time period in the offer.
C. Luke's original offer of $75,000 is still valid, even though rejected
25. Which of the following would be considered an offer to form a unilateral contract?
U2 O2
a. An auction without reserve
b. A reward offer
c. An auction with reserve
d. An advertisement
26. An offer is terminated on the grounds of "supervening illegality" when U2 O3
A) the offeror or offeree passes away prior to the offer being accepted
B) the set period in the offer has expired
C) a statute or court decision deems an object of the offer unlawful
D) the subject matter in the offer has been destroyed
27. Jose parked his car in the UDC parking lot Downtown. On his return from the
business he had gone to conduct, he realised that the car was well washed and
polished by a man standing close to his car. Jose is not obligated to pay the man on
the basis of _______. (U2 O3)
a. Past consideration
b. Executed consideration
c. Executory consideration
d. Insufficient considerat
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