PLEASE EXPLAIN EACH ANSWER PLEASE

True And False

1. If an offer specifies that it must be accepted by fax before a certain deadline, your acceptance by email message before the deadline will result in a legally binding contract.

2. Your business purchases a new computer. A week later, you see the same model at a different store at a significantly lower price and realize you paid too much. If you attempt to return the computer to the store where you bought it, the store must refund your money.

3. If they change their mind about a contract, individuals under the age of majority may be excused from their contractual obligations.

MULTIPLE CHOICE

1. A property developer is negotiating the purchase of several acres of land from the owner to develop a residential complex. The owner has made an attractive offer that is set to expire within 24 hours. The property developer wants more time to consider the offer before making a final commitment. What should the property developer do to gain additional time?

a. Make a counteroffer on slightly different terms.

b. Allow the offer to lapse and make a new offer later.

c. Enter into an option agreement with the owner.

d. Reject the offer and make a new offer later.

2. If found to be untrue, which of the following statements made by a car salesperson to a potential buyer would constitute a misrepresentation that could render the contract unenforceable?

a. The colour of the car matches your eyesits perfect for you!

b. In my opinion, this car is the best value for your money.

c. This car is accident-free and has had only one previous owner.

d. You wont get a better deal anywhere else.

3. A retailer based in British Columbia orders a large quantity of toys from a toy manufacturer in Ontario. The transaction is conducted online. The retailer fills in an online form on the manufacturers website, pays with a credit card, and clicks a submit button to complete the transaction. The contract is formed when:

a. the retailer purchasing the toys clicks the submit button.

b. the transaction data are processed by the retailers Internet service provider.

c. the transaction data reach the toy manufacturers Internet service provider.

d. the toy manufacturer sends an email message to the retailer confirming the transaction.

Definitions

1. What situation might constitute a breach of contract?

2. What is the obligation of a non-breaching party to mitigate its damages?

3. What options does a business have when the other party to a contract breaches it?

4. In what circumstances might a party to a contract be permitted to rescind the agreement?