READ THE INFORMATION BELOW TO ANSWER THE QUESTIONS.

Its time for the Bizlaw County auction! For each of the auction items listed below, you will (1) determine which type of property the item is and (2) give an identifier that further describes the nature of the item.

A. A ring Hugh received from his grandmother several months before she died

B. A motorbike Ned got from the Harley-Davidson store for $53,000

C. A motorless army jeep left on the plot of land Corey bought

D. A pair of high-quality cleats that Candace found on the football field after a game

E. A Sony Walkman that Mary left in her will for her nephew, Zeppelin

F. The lyrics to an unpublished song that famous rapper 11 Nickels gave to his daughter when he retired

7. _________________ damages are designed to punish someone for breaching a contract and are usually only available in fraud or bad faith cases.

• Nominal
• Consequential
• Punitive
• Compensatory

8.

Which of the following contracts is required to be in writing?

• a prenuptial agreement
• a contract for the lease of a motorcycle with payments of $500
• a contract for the sale of a bed for $350
• a contract for the sale of a bicycle for $200

9.

A valid contract must include all of the following except which one?

• mutual respect
• legality
• agreement
• assent

10.

The __________ rule states that an offer made by one merchant to another may remain open for a set time during which it cannot be revoked.

• main purpose
• mirror image
• firm offer
• parol evidence

11.

A person who owes a duty under a contract is called a(n) _________________.

12.

A person who is owed a right under a contract is called a(n) _________________.

• assignee
• obligee
• delegatee
• offeree

• assignor
• delegator
• obligor
• offeror