Part I: Was a contract formed? Instructions: Answer the questions about whether a contract was formed by these parties. 1. Sally lost her cat and she placed an ad online that read "Lost cat: Black tabby cat with white speckles, reward $400." Bob found the cat and returned her to Sally. Sally paid Bob $400. a. Who are the parties to the contract? b. What is the consideration (what did each party agree to do)? c. Is this a bilateral or unilateral contract? Define the type and explain how you know. 2. On Monday, Jim wanted to sell his car, a 2010 Toyota Corolla. He placed an ad online that provided "White 2010 Toyota Corolla, 125,000 miles, great condition. $5,000." Jenny emailed Jim on Tuesday, and said she wanted to buy the car. Jim the seller and Jenny the buyer two agreed to meet on Friday and exchange the money for the car. a. Today is Thursday. As of today, is the contract executed or executory? b. What is the consideration? c. If Jim sells Jenny his car, and Jenny gives Jim the money, is this a bilateral or unilateral contract? 3. Vinnie wanted to sell his car, a 2019 Toyota Camry. The car has 30,000 miles on it, but had been in a bad accident, requiring the front of the car and engine to be rebuilt. Vinnie fixed the car and, in his opinion, it looked "as good as new." Vinnie placed an ad and Becky answered. Becky asked Vinnie, "How is the car? Has it ever been in an accident? I want a car with a clean record." Vinnie told Becky, "Its like new! Drives like a dream." He did not tell Becky that the car had been an accident. Using the elements of fraud, answer whether Vinnie has committed fraud. 4. Sara Seller found an old painting in her parent's attic. She sold it at a yard sale to Bob Buyer. Both Sara (the seller) and Bob (the buyer) thought the painting was worth $400. Later, Sara found out it was an original design and worth $10,000. She would like to get her painting back from Bob! Does this describe a mutual or unilateral mistake, or neither? If it is a mistake, what can happen here? Can Sara get her painting back? Part 2: Statute of Frauds Instructions: For this part, answer whether the following contracts must be in writing to be enforceable. State which rule of the statute of frauds applies. 5. Sally is offered a full time position at the company of her dreams. The CEO offers her a bonus if she agrees to work for a three year period. Must this contract be in writing to be enforceable? If so, what rule applies? 6. Samantha's parents, Bessie and Bob, are getting older and decide to down size their home and move to a smaller apartment. Samantha's best friend, Liz, wants to buy the home from Bessie and Bob. Bessie and Bob are so excited because they've known Liz all her life and think she'd be a great homeowner. They are also thrilled to not have to hire a real estate agent. They meet over lunch and agree to a price of $250,000 for the house. Must this contract be in writing to be enforceable? If so, what rule applies? 7. Andrew's antique car needed repair. He hired Moe to repair the car for a price of $3000, including parts and labor. Must this contract be in writing to be enforceable? If so, what rule applies? Part 3: Contract Damages and Remedies: 8. Harry Homeowner hired Larry Landscaper to landscape Harry's yard. They agreed that Larry will build new many flower beds and plants and reseed the entire lawn. Harry Homeowner agrees to pay Larry Landscaper $15,000 for the entire job. The next week, in anticipation of the job, Larry Landscaper purchased the new trees and flowers, and other materials. He spends $5,000. The next day, Harry Homeowner called Larry Landscaper to say, "sorry, I don't want your work." a. Has either party breached the contract? If so, which party? b. Consider expectation damages and reliance damages. Which remedy is best applied to this scenario? c. What can Larry Landscaper do to mitigate his damages