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  Question 14 (1 point) Wilson, who lives in Brampton, decides to retire and close his advertising business

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Question 14 (1 point)

1. Wilson, who lives in Brampton, decides to retire and close his advertising business. As a result, Wilson has a large amount of office computer equipment and furniture that he wants to sell. In order to reach the Toronto market, he advertises the equipment and furniture in the Toronto Globe and Mail newspaper and requests the best offer. On September 10^th, Jones, who is looking to start an advertising business and needs office equipment and furniture, sees the advertisement. Jones sends Wilson an e-mail stating that he will buy the equipment for $50,000 cash. On September 11^th, Wilson responds to Jones’ e-mail and says he will only sell for $70,000 cash payable upon delivery of the equipment and furniture to the buyer. On September 12^th, Jones sends an e-mail to Wilson saying he will pay $70,000, but only $50,000 in cash on delivery with the balance payable in six (6) months. On September 14^th, Wilson sends an e-mail asking if he could pay more of the purchase price in cash on delivery. The next day Wilson faxes Jones and says that he will take the $50,000 cash and the 20,000 payable over six (6) months.

            An essential requirement for a valid contract is a valid offer and a valid acceptance in response to that offer. Under the legal rules related to offer and acceptance, identify what is Jones’ e-mail of September 12^th?

Question 14 options:

	Offer
	Acceptance
	Inquiry
	Invitation to treat
	Counter-offer
	rejection

Question 15 (1 point)

1. Wilson, who lives in Brampton, decides to retire and close his advertising business. As a result, Wilson has a large amount of office computer equipment and furniture that he wants to sell. In order to reach the Toronto market, he advertises the equipment and furniture in the Toronto Globe and Mail newspaper and requests the best offer. On September 10^th, Jones, who is looking to start an advertising business and needs office equipment and furniture, sees the advertisement. Jones sends Wilson an e-mail stating that he will buy the equipment for $50,000 cash. On September 11^th, Wilson responds to Jones’ e-mail and says he will only sell for $70,000 cash payable upon delivery of the equipment and furniture to the buyer. On September 12^th, Jones sends an e-mail to Wilson saying he will pay $70,000, but only $50,000 in cash on delivery with the balance payable in six (6) months. On September 14^th, Wilson sends an e-mail asking if he could pay more of the purchase price in cash on delivery. The next day Wilson faxes Jones and says that he will take the $50,000 cash and the 20,000 payable over six (6) months.

            An essential requirement for a valid contract is a valid offer and a valid acceptance in response to that offer. Under the legal rules related to offer and acceptance, identify what is Wilson’s e-mail of September 14^th?

Question 15 options:

	Offer
	Acceptance
	Inquiry
	Invitation to treat
	Counter-offer
	rejection

Question 16 (1 point)

Wilson, who lives in Brampton, decides to retire and close his advertising business. As a result, Wilson has a large amount of office computer equipment and furniture that he wants to sell. In order to reach the Toronto market, he advertises the equipment and furniture in the Toronto Globe and Mail newspaper and requests the best offer. On September 10^th, Jones, who is looking to start an advertising business and needs office equipment and furniture, sees the advertisement. Jones sends Wilson an e-mail stating that he will buy the equipment for $50,000 cash. On September 11^th, Wilson responds to Jones’ e-mail and says he will only sell for $70,000 cash payable upon delivery of the equipment and furniture to the buyer. On September 12^th, Jones sends an e-mail to Wilson saying he will pay $70,000, but only $50,000 in cash on delivery with the balance payable in six (6) months. On September 14^th, Wilson sends an e-mail asking if he could pay more of the purchase price in cash on delivery. The next day Wilson faxes Jones and says that he will take the $50,000 cash and the 20,000 payable over six (6) months.

            An essential requirement for a valid contract is a valid offer and a valid acceptance in response to that offer. Under the legal rules related to offer and acceptance, identify what is Wilson’s fax of September 15^th?

Question 16 options:

	Offer
	Acceptance
	Inquiry
	Invitation to treat
	Counter-offer
	rejection

Question 17 (1 point)

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Hal has an expensive sports car which he bought last year. It was recently valued at $250,000. He has gotten himself in financial trouble and needs to find $25,000 by the end of the day. He posts an ad to sell the car. Kyle agrees to buy the car. Which of the following is true?

Question 17 options:

	The consideration was sufficient
	Kyle must increase the price to a reasonable level for the contract to be enforceable
	Because the price is so low, the contract is not fair to Hal and is not binding
	There was inadequate consideration
	A judge would consult fair market value and determine if the price were sufficient