PAPER 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
◉ You return a lost dog to its owner. You did not know a reward was
being offered for the dog. You do not have a legal right to the reward.
(T/F).
Answer: True
◉ You leave your poodle at a new grooming shop and tell them to
wash the dog⎯a $30 service. They do that and also paint the poodle's
nails and tie ribbons in his hair⎯these services are an extra $10. You
pay them for the wash. What about the extra $10 in services?
a. an express contract existed; you must pay the $10
b. an implied contract existed; you must pay the $10
c. a quasi-contract existed; you must pay the $10
d. no contract for these services existed, no extra payment
e. the UCC would hold that no contract existed, so no payment.
Answer: d. no contract for these services existed, no extra payment
◉ Ads are usually considered:
,a. invitations for others to submit offers to buy
b. fully binding contracts
c. partially binding contracts
d. express contracts
e. implied contracts.
Answer: a. invitations for others to submit offers to buy
◉ You pay $200 for the right to be the only buyer a seller will deal
with for ten days for a piece of property that is for sale for $250,000.
This is:
a. called a terminable contract
b. called an option contract
c. called a revocable contract
d. not a contract because the consideration is not relevant to the
value of the property
e. none of the other choices.
Answer: b. called an option contract
◉ Roberta says "Susan, I will sell you my car for $5,000." Susan says,
"I'll give you $4,500." Roberta says "No." Later Susan calls Roberta
and says, "I have $5,000 and want the car." Roberta:
a. must sell the car for $5,000, since the offer was accepted
, b. must sell the car for $5,000 since the offer was accepted in a
timely fashion
c. does not have to sell the car due to the counteroffer, which is a
rejection
d. does not have to sell the car because her offer was not accepted in
a timely fashion
e. none of the other choices.
Answer: c. does not have to sell the car due to the counteroffer,
which is a rejection
◉ Twenty years after you take this class you are successful and
wealthy. Knowing that this class was the key to your success, you
look up your old professor and send a letter saying, "Because you
helped me so much, I am going to send you a check for $100,000."
Later you come to your senses and do not send the check. Your old
professor sues you for the money:
a. you have to pay; there is a valid contract
b. you do not have to pay; the
professor did not send a timely letter of acceptance
c. you do not have to pay; there is a lack of consideration
d. you do not have to pay; promissory estoppel applies
e. you do not have to pay; you were legally insane.
Answer: c. you do not have to pay; there is a lack of consideration