Promissory Note - Contracts - Exam, Exams of Contract Law

This is the Exam of Contracts which includes Breach of Contract, Acceptance in Bilateral, Referential Tender, Tender Documents, Rejection of Tender etc. Key important points are: Promissory Note, Binding Contract, General Contract for Project, General Contractor Bid, Solicited Bids, Refused to Pay, Advisory List, Paperwork for Selling, Proper Licenses

Typology: Exams

2012/2013

Uploaded on 02/13/2013

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EXAM NO.
CONTRACTS
Professor John Orcutt
Fall Semester 2009
MIDTERM QUIZ-IN CLASS
INSTRUCTIONS:
1.
This is aclosed-book examination. You may not bring any materials to the
examination with the exception
ofESL
students who are allowed to bring and use a
Home Language/English dictionary.
2.
This is aI-hour examination and is worth 60 points (or 10%
of
your fmal grade). The
examination consists
of
three essay questions:
Q1 =17 points Q2 =
18
points
Q3
=25 points
It
is
your
responsibility to apportion
your
time appropriately amongst the questions.
If
you base your time on the possible points per question, the time apportionment
should be:
Q1 =17 minutes Q2 =
18
minutes
Q3
=25 minutes
3.
The grading
of
examinations is anonymous. So, you must write your examination
number on the examination and your blue book. YOU MAY NOT WRITE YOUR
NAME ON ANYTHING -YOU MAY ONLY USE YOUR EXAM NUMBER.
4. Please write your answers in ablue book. The only answers that will
be
graded are
the answers written into ablue book. While you are free to use scratch paper, answers
written on scratch paper, or anything else other than ablue book, will not be read and
will not be counted for any credit. Please write only on the front side
of
the pages in
the blue book. Please remember that organization, persuasiveness, neatness and
legibility all count in determining your grade on the essay answers. To improve the
organization
of
an answer, you may wish to quickly outline the answer
on
aseparate
sheet
of
paper prior to writing your full answer in the blue book.
5.
Ihave tried
my
bestto write and proofread the exam so that there are no distracting
typos
or
other errors -but, Imay not have been totally successful.
If
you believe there
is atypo or other error that makes it difficult to answer aparticular question, please
provide your best answer and explain any assumption you used to answer the.
question.
6.
For those
of
you who are taking this exam
on
alaptop computer, the above rules are
modified to permit usage
of
alaptop and are supplemented
by
the laptop exam rules
that are provided to you by the Registrar.
Good luck on
the
examination!
DO NOT TURN
TO
PAGE 2UNTIL
THE
PROCTOR
TELLS YOU
TO
BEGIN
Page 1
of3
pf3

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CONTRACTS

Professor John Orcutt Fall Semester 2009 MIDTERM QUIZ - IN CLASS

INSTRUCTIONS:

  1. This is a closed-book examination. You may not bring any materials to the examination with the exception ofESL students who are allowed to bring and use a Home Language/English dictionary.
  2. This is a I-hour examination and is worth 60 points (or 10% of your fmal grade). The examination consists of three essay questions:

Q1 = 17 points Q2 = 18 points Q3 = 25 points

It is your responsibility to apportion your time appropriately amongst the questions. If you base your time on the possible points per question, the time apportionment should be:

Q1 = 17 minutes Q2 = 18 minutes Q3 = 25 minutes

  1. The grading of examinations is anonymous. So, you must write your examination number on the examination and your blue book. YOU MAY NOT WRITE YOUR NAME ON ANYTHING - YOU MAY ONLY USE YOUR EXAM NUMBER.
  2. Please write your answers in a blue book. The only answers that will be graded are the answers written into a blue book. While you are free to use scratch paper, answers written on scratch paper, or anything else other than a blue book, will not be read and will not be counted for any credit. Please write only on the front side of the pages in the blue book. Please remember that organization, persuasiveness, neatness and legibility all count in determining your grade on the essay answers. To improve the organization of an answer, you may wish to quickly outline the answer on a separate sheet of paper prior to writing your full answer in the blue book.
  3. I have tried my best to write and proofread the exam so that there are no distracting typos or other errors - but, I may not have been totally successful. If you believe there is a typo or other error that makes it difficult to answer a particular question, please provide your best answer and explain any assumption you used to answer the. question.
  4. For those of you who are taking this exam on a laptop computer, the above rules are modified to permit usage of a laptop and are supplemented by the laptop exam rules that are provided to you by the Registrar.

Good luck on the examination!

DO NOT TURN TO PAGE 2 UNTIL THE PROCTOR TELLS YOU TO BEGIN

QUESTION NO.1 (17 points possible -17 minutes suggested):

Jay and Bob are long-time friends. The recent recession hit Jay hard. He lost his job and struggled to find a new job. Luckily for Jay, Bob has been around to help. Bob gave Jay $1,000 per month for the last ten months (or a total of $10,000), which really helped Jay to get by. Jay recently got ajob, and now wants to pay Bob back. Jay prepared the following promissory note:

"Dated October 1, 2009:

To Bob,

Effective June 1,2010, I promise to pay you $10,000 upon demand. Thank you for your help for the last ten months.

[Signed] Jay"

Jay and Bob would like for the promissory note to be enforceable and have asked for you to look at it. Please advise the parties on what, if anything, they should do to ensure the enforceability of the promissory note.

QUESTION NO.2 (18 points possible -18 minutes suggested):

Siegfried raises various exotic animals. One of Siegfried's most prized animals, a white tiger named Montecore, was stolen from Siegfried. Siegfried desperately wanted to recover the animal, so he did two things:

  1. Siegfried listed Montecore on a national stolen animal advisory list; and
  2. Siegfried published an award announcement in a number of newspapers that stated he would pay $50,000 to the person who returned Montecore to him.

Roy is a wholesaler of exotic animals, including tigers. An individual (who has since disappeared) tried to sell Montecore to Roy. Because this individual did not have the proper licenses and other paperwork for selling a tiger, Roy assumed that Montecore had been stolen. Roy confiscated Montecore and checked the stolen animal advisory list. Roy quickly realized that Montecore belonged to Siegfried and returned the tiger to him.

Three days after returning Montecore to Siegfried, Roy first learned of the reward for returning the tiger. Roy contacted Siegfried and demanded the $50,000. Siegfried has refused to pay Roy the $50,000.

Please analyze whether Roy is entitled to the $50,000 payment.