Law 2- Final Exam Questions With 100% Complete Solutions.

Law 2- Final Exam Questions With 100% Complete Solutions. The president of Deal Corporation wrote to Boyd, offering to sell the Deal factory for $300,000. The offer was sent by Deal on June 5 and was received by Boyd on June 9. The offer stated it would remain open until December 20. The offer: May be revoked by Deal any time prior to Boyd's acceptance. Diel entered into a written contract to sell a building to Stone. The contract was properly recorded. Stone breached the contract and Diel has brought an action for breach of contract. Stone pleads the statute of limitations as a defense. Which of the following statements is correct? The remedy sought by Diel will be barred when the period of time provided by the statute of limitations has expired. Union Bank loaned $200,000 to Wagner. Union required Wagner to obtain a life insurance policy naming Union as beneficiary. While the loan was outstanding, Wagner stopped paying the premiums on the policy. Union paid the premiums, adding the amounts to Wagner's loan. Wagner died and the insurance company refused to pay the policy proceeds to Union. Union may: Recover the policy proceeds because it is a creditor beneficiary. Kent, a 16-year old minor, purchased a used car from Mint Motors Inc. Ten