Basic business law Multiple choice questions

Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 47) Lee and May want to rescind (or undo) their contract under which Lee sold a laser printer to May for $200. As restitution damages: a) Lee must return the $200 only. b) May must return the printer only. c) Lee must return the $200 and May must return the printer. d) none of the above. 48) Jay tells Kim that he will buy her textbook from the last semester for $80. Kim agrees. Jay and Kim have: an express contract. b) an implied-in-fact contract. c) an implied-in-law contract. d) a contract by promissory estoppel. 49) Tom enters a coffee shop in which he has an open account, fills a cup of coffee, holds it so the cashier can see it, acknowledges the cashier's nod, and walks out with the coffee, knowing that he will be billed for it at the end of the month. Tom has formed: an express contract. an implied-in-fact contract. an implied-in-law contract. nothing. d) 50) Sam announces that he plans to advertise his business at a price below its market value. Tina gives Sam a check for the price he suggests. Sam: a) is bound to sell his business to Tina. b) may refuse to accept the check, because he only expressed an intent to do something in the future. c) cannot refuse to accept the check, because he expressed an opinion as to the worth of the business. d) may refuse to accept the check, because such a contract if formed between them would lack consideration