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BUSA 690 (31)
Lecture 2

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Business Admin
BUSA 690
Peter Younkin

Which of the following statements best explains why the courts use an objective test to determine whether or not there is an intention to create legal relations  The law of contracts is intended to protect reasonable expectations - ABC Inc and XYZ Ltd entered into a written agreement for the purchase and sale of paper products. That agreement contained a clause that said: "This arrangement is not entered into, nor is this memorandum written, as a formal or legal agreement, and shall not be subject to legal jurisdiction in the Law Courts." ABC Inc wants the paper products, but XYZ Ltd refuses to deliver them. Which of the following statements is most likely TRUE?  The agreement is legally unenforceable because the parties did not intend to create legal relations - Which of the following statements is TRUE?  The courts recognize a difference between an offeree's inquiry and a counter offer - Which of the following statements is TRUE  none of the above o A firm offer can only be revoked in writing o An offeree can generally communicate a revocation in the same way that it communicated its offer o An offer that appeared in a newspaper can only be terminated by a revocation that appears in the same newspaper - An offer can be revoked  if it was a firm offer - Simon believed that he might want to buy certain shares from Melinda in the near future. On June 1st, he therefore paid her $1000 in exchange for an option to purchase 5000 shares in Acme Inc at $10 each on or before October 1st. Which of the following statements is TRUE?  If the market value of the shares immediately increased to $20 each and stayed there throughout the option period, Melinda might be obligated to sell 5000 shares to Simon at half of their market value - The Town of Oxbridge wants to build a new arts centre, but it is not sure which construction company it should hire for the job. Which type of statement is the town most likely to make  a call for tenders - Rabby Inc is an oil exploration company that wants a sophisticated piece of equipment to be designed for its operations in northern Alberta. It therefore wants to receive bids from various engineering companies. In the context of a normal tendering process, which of the following statements is TRUE?  Rabby
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