20. Floyd offers to sell his 1967 Ford Mustang convertible to Tim. Before they c
ID: 424738 • Letter: 2
Question
20. Floyd offers to sell his 1967 Ford Mustang convertible to Tim. Before they conclude their negotiations Floyd dies. Which of the following is true? a. Floyd's heirs must sell the car to Tim. b. Floyd's heirs must continue to negotiate the offer and sell the car, if a reasonable price can be determined. c. The offer terminates automatically upon Floyd's death d. There is a contract if Tim accepts before learning of Floyd's death. Wally owns 200 acres of land. Wally offers to sell the land to Robert for $500 per acre. Robert replies tha does not need 200 acres of land but would like to buy 40 acres at SS00 per acre, Wally agrees to sell but ? not identify which 40 acres. Later, Wally refuses to sell any land to Robert. What is the result? a Robert wins; this is an enforceable contract with complete and definite terms. b. Robert wins; the UCC will decide which 40 acres are to be sold. 21. Wally wins; the original offer was not intended to be an offer but merely an invitation to d. Wally wins; this agreement is too indefinite since it does not identify which 40 acres are to be sold 22. The advantage of a corporation over a partnership is: shares are easily transferable to another person. it is easier to raise funds. d. All the above. 23. Rachel and Cyndi started a retail business called Zebra Toy Company. The business is operated as a partnership. Under partnership law a. Rachel is personally liable for any business contracts entered into by Cyndi b. Rachel is personally liable for any business debts, regardless of whether she or Cyndi created the obligation. cRachel is personally liable for any negligent act committed by Cyndi in the scope of the business activity d. All the above. 24, Which of the following is most likely to be considered a fixture: a. curtains a TV satellite dish mounted on the side of the house by three bolts c. d. a centrally-installed vacuum system. John owns a thoroughbred horse named Prince Charming that just ran in the Kentucky Derby. Prince Charming came in last, much to John's frustration and embarrassment. John exclaims in a loud voice, Tm selling that horse to the first person who hands me $100 bucks!" John has: a made an offer to anyone within hearing distance and will be bound by his offer to the 25. b. c. d. first person who produces $100. made a firm offer and will be bound by his offer for a reasonable period of time. made an acceptance to the first person who can produce $100. not made an offer because under the circumstances a reasonable person would not conclude that John had intent to make an offer.Explanation / Answer
20. (c). The offer terminates automatically upon Flaud's death.
Reason- In the given situation, there was only offer made and the negotiation was not yet take place. With concludes that there was no contract. A contract forms when there was both offer and acceptance. Hence when no contact is made, no obligation of any party comes in place. So, on the death of Flaud, offer terminates automatically. Their is no need of any legal heir.
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