Termination of the Power of Acceptance Self-Quiz 2

 

 

 

 

 

 

 

 

On April 1st, Sol calls David and offers to buy his harp for $10,000. Sol promises to keep the offer open for two weeks and, in return, David promises to pay Sol a nickle to keep the offer open. On April 5th, Sol calls David and tells him that he is retracting the offer because he no longer wants to buy the harp. On April 7th, David calls Sol and accepts Sol’s offer to buy the harp for $10,000. Sol refuses to buy the harp. David sues Sol for breach of contract, arguing that his acceptance of the terms of Sol’s offer created a binding agreement between them. Sol argues that David did not accept the offer until after Sol had withdrawn it, which he had the right to do because David had only given nominal consideration to keep the offer open. David will win this case.
True
False
Harpers, Inc. has received news that the symphony is going to commission a new ten-foot oak and gold harp to be built for their upcoming world tour. The symphony has asked that all bids be submitted by April 30th at 5:00 PM. Harpers begins preparing its bid and, in doing so, they ask various artisans to give them sub-bids for doing the gilding for the harp. On April 1st, Gilders, Inc. gives Harpers a written bid to do the gilding work for $5,000 and says that the bid will be held open for acceptance by Harpers until May 5th. Harpers uses Gilders’ bid in making up their overall bid. On April 30th, Harpers submits its bid to the symphony. When the symphony reviews the bids on April 31st, Harpers’ bid is the lowest and they are immediately awarded the contract. At 10:00 AM the next day, before Harpers has formally accepted Gilders’ sub-bid, Gilders contacts Harpers and tries to revoke its sub-bid. Harpers sues Gilders but Gilders argues that they revoked their bid before Harpers accepted it. Gilders will win this case:
True
False
Sol is an avid classical music fan and for his birthday, Sol’s daughter, Michelle, hires David, the harpist for the symphony, to give her father and his friends a private concert. Michelle promises to pay David $5,000 if David gives a one hour performance. David arrives at Sol’s house and begins to play. David has not finished playing the first line on his sheet music when Michelle interrupts him and tells him that she is withdrawing her offer and will not pay David the $5,000. David sues Michelle for breach of contract. Michelle argues that she should not have to pay the $5,000 because David had only just started playing when she withdrew her offer. Michelle will win this case:
True
False
Sol is an avid classical music fan and for his birthday, Sol’s daughter, Michelle, hires David, the harpist for the symphony, to give her father and his friends a private concert. Michelle promises to pay David $5,000 if David gives a one hour performance. David arrives at Sol’s house and begins preparing for the concert. While David is tuning his harp, Michelle interrupts him and tells him that she is withdrawing her offer and will not pay David the $5,000. David sues Michelle for breach of contract. Michelle argues that she should not have to pay the $5,000 because David was still preparing for the concert when she withdrew her offer. Michelle will win this case:
True
False
On April 1st, Sol sends David an offer to buy David’s harp for $5,000. The offer states that it will be held open until April 15th. On April 8th Sol is stabbed while walking down the street and dies of his injuries the next day. On April 12th, David, unaware of Sol’s death, mails an acceptance of Sol’s offer. Sol’s estate informs David that they will not be buying the harp. David sues for breach of contract, arguing that he accepted the offer before the time for acceptance had lapsed. David will win this case:
True
False
On April 1st, Sol sends David an offer to buy David’s harp for $5,000. The offer states that it will be held open until April 15th and David gives Sol $5 in exchange for keeping the offer open. On April 8th Sol is stabbed while walking down the street and dies of his injuries two days later. On April 12th, David, unaware of Sol’s death, mails an acceptance of Sol’s offer. Sol’s estate informs David that they will not be buying the harp. David sues for breach of contract, arguing that he accepted the offer before the time for acceptance had lapsed. David will win this case:
True
False

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