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23. Stein promised to give his 19-year old nephew $3,000.00 on his 22nd birthday. The nephew was most pleased to hear this from Stein and as a courtesy invited him to his graduation Hudson County Community College. This is an example of: a. A legal contract and demonstrates a gift promise as consideration. 11 b. An invalid/unenforceable contract for it lacks consideration. A gratuitous promise does not require any legal benefit be received by the promisor and therefore is said not to support or be valid consideration for a contract. c. Unenforceable because it should have been in writing under the Statute of Frauds. d. None of the above. d. None of the above. 24. On April 1, Al Nextbestplayerinbaseball, sends a letter to the New York Yankees offering to play for them for $500,000.00 per season for the first 3 seasons. The offer states that the team has to accept the offer by April 11". It does not specify any particular mode/manner/method of accepting nor when the acceptance will be considered effective. The Yankees receive the offer by regular mail on April 4. On April 10, the Yankees send Al an acceptance by U.S. mail. Al receives the acceptance on April 151 The likely result under the mailbox rule is: a. Although Al received the acceptance 4 days past the deadline for acceptance, a valid contract has been formed because the Yankees dispatched their scceptance by sending it by U.S. mail on April 10th and under the mailbox rule, such an acceptance is effective when placed into the control of the U.S. Postal system. b. Although Al received the acceptance 4 days past the deadline for acceptance, a valid contract has not been formed because the Yankees dispatched their acceptance after the stated time period within which the acceptance was required to be sent. c. The acceptance is late because it was received by Al past the deadline and under the mailbox rule this would invalidate the acceptance so no valid contract can be considered formed. d. The acceptance should have been sent by a faster method of communication to be effective under the mailbox rule, thus no valid contract can be considered formed. 25. The legal significance of stating that the four (4) main elements to a contract: (1) agreement; (2) capacity to contract; (3) consideration; and (4) lawful purpose are "essential elements is: a. They are equally important. b. They belong together. c. They are all required to exist for there to be a valid enforceable contract. If any one or more are not present, then there can be no valid enforceable contract. d. As long as there are a majority of the elements, then common law contract law provides that there is still a valid enforceable contract