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 months later, the car was stolen and never recovered. Which of the following statements is correct? Kent may disaffirm the purchase because Kent is a minor. Race entered into a written contract to sell a parcel of land to Lark for $150,000. At the time the agreement was executed, Race had consumed a large amount of alcoholic beverages that significantly impaired Race's ability to understand the nature and terms of the contract. Lark knew Race was very intoxicated and that the land had been appraised at $280,000. Race wishes to avoid the contract. The contract is: Voidable at Race's option. Fred entered into a written contract with Joe to purchase a car. The written contract was intended to be the final and complete agreement of the parties. Fred is unhappy with the performance of the car and has commenced an action for breach of contract based on an oral representation made at the time the written contract was executed. Fred may introduce evidence of the representation if it: Serves to clarify an ambiguous term in the written contract Stahl Corp. entered into a written contract to purchase a warehouse from Mehl for $385,000. Thereafter, Mehl received an offer from another purchaser to buy the warehouse for $395,000. As a result, Mehl has refused to transfer the warehouse to Stahl. Stahl has commenced an action for specific performance. Mehl has raised the statute of frauds as a defense. In order for Stahl to successfully prevail on the statute of frauds issue, it must be shown among other requirements that the contract was signed by: Mehl.