MGMT 101 Midterm 2 ? STUDY GUIDE Chapters 9, 10, 11 and 12 a. an implied, unilateral contract. b. an express, unilateral contract. c. an implied, bilateral contract. d. an express, bilateral contract. a. goods. b. real estate. c. stock certificates. d. All of the above. a. This is an implied, unilateral contract and she must pay the price requested by the man. b. This is an express, voidable contract that either party may avoid. c. The court would order Myrtle to pay the reasonable value of the yard work because of the benefit conferred on her. d. Myrtle would not have to pay for the yard work. a. executed, bilateral, express contract. b. executory, bilateral, implied-in-law contract. c. executory, unilateral, express contract. d. executory, bilateral, express contract. a. A promise made by the defendant. b. A promise made by the plaintiff in response to the defendant's promise. c. Reliance on the defendant's promise. d. Enforcing the promise is the only way to avoid injustice. a. An exculpatory clause that relieves a riding stable of negligence. b. An exculpatory clause that relieves a riding stable of gross negligence. c. An exculpatory clause that relieves a riding stable from intentional torts. d. A riding stable?s exculpatory clause that is hidden in an eight-page document that all riders are required to sign. a. Ken wins. The agreement is enforceable. b. Barb wins. The agreement is denying her the right to do the only thing she knows how to do. c. Barb wins. The agreement is not enforceable because it is not ancillary to a legitimate bargain. d. Barb wins. The agreement is not reasonable as to time. a. The contract is voidable at Larry's option. b. The contract is void for lack of consideration. c. The contract is illegal and void. d. The contract is enforceable. a. it is unfair to one party. b. it contains a cancellation clause. c. it is oppressive and the weaker party did not fully understand the consequences of the agreement. d. it is signed by a minor. a. The contract will be valid. Cindy would not have been able to afford an attorney otherwise and therefore Lenny was doing a public service. b. The contract will be voidable at Cindy's option. c. The contract will be void as violating a statute. Lenny will not be able to recover anything. d. The contract will be unenforceable if Lenny did not get the agreement in writing. a. ancillary to a legitimate bargain. b. reasonable in time, geographical area, and scope of activity when ancillary to the sale of a business. c. necessary to protect trade secrets, confidential information, or customer lists developed over an extended time when ancillary to an employment contract. d. All of the above. a. The contract is voidable by Marty. b. The contract is void as soon as it is made. c. The contract is voidable by Cream-of-the-Crop Cycles. d. The contract is voidable by either Marty or Cream-of-the-Crop Cycles. a. win because he relied on the misrepresentation. b. win because there was a misrepresentation of a material fact. c. lose because he will not be able to prove reliance on the misrepresentation. d. lose because Forrester made a unilateral mistake. a. The contract is enforceable, since there was an offer, acceptance, and consideration. b. This is a bilateral mistake, so the contract can be rescinded by either party. c. This is a unilateral mistake, so the contract cannot be rescinded by Jeff. d. This is a unilateral mistake, but one where ACE Corp. knew that a mistake had been made. Jeff should be able to rescind the contract. a. a house. b. a real estate mortgage. c. an easement. d. All of the above. a. a formal written document drafted by an attorney. b. signed by the defendant and contain the name of each party, the subject matter of the agreement, and the essential terms and promises. c. notarized. d. All of the above. a. enforceable, because the statute of frauds does not apply to this interest in land. b. unenforceable, because there is no writing signed by Leslie. c. enforceable, because Willis has partially performed the oral contract and made improvements on the land. d. unenforceable, because the parol evidence rule applies. a. The contractor can collect from either the estate or Claire. b. The contractor can collect from the estate only. c. The contractor can collect from Claire only. d. The contractor must collect from the estate first, and then collect any deficiency from Claire. a. Abyan will win because the writing is not sufficient under the statute of frauds. b. Derek will win because the writing is sufficient under the statute of frauds. c. Abyan will win because Derek did not sign the writing. d. Derek will win because the statute of frauds does not apply to this situation. a. No. The parol evidence rule will most likely exclude any evidence of the discussion of the warranty. b. Yes. The UETA will allow evidence as to the discussion of the warranty. c. Yes. The evidence is needed because the contract is ambiguous. d. Yes. The contract was fully executed. a. justice demands it. b. conduct of the parties indicates they intended an agreement. c. there is promissory estoppel. d. there is undue influence. a. The plaintiff provided a benefit to the defendant. b. The plaintiff reasonably expected to be paid. c. The defendant acknowledges the obligation. d. The defendant would be unjustly enriched if he did not pay. a. Walter would win as there was no contract. b. Walter would win because of the UCC. c. Matt would win; this is an implied contract. d. Matt would win in quantum meruit. a. a void agreement because of the fraud involved. b. a voidable contract, one that Jack can void. c. a voidable contract, one that Jennifer can void. d. a void contract because of the UCC. a. express contracts. b. implied contracts. c. quasi-contracts. d. unilateral contracts. a. will not be formed because the flyer was sent out as an invitation to negotiate. b. will be formed because the first to respond gets the property. c. will be formed because the price is included. d. will not be formed because the flyer is a letter of intent, which does not constitute an offer. a. Mary's counteroffer terminates Carl's offer of $1,500. b. If Carl rejects Mary's counteroffer, she can still accept Carl's offer of $1,500. c. Neither offer is valid. Who would ever pay $1,000 or $1,500 for a beer can collection? d. Mary's offer is a firm offer. Carl has an exclusive right to consider her offer for a reasonable period of time. a. Jane can still accept the offer and John must find a 1955 Thunderbird to sell. b. The offer is terminated. c. Dick can still revoke his offer so long as he does so before Jane accepts. d. Jane can still accept the offer. She will be entitled to the insurance proceeds. a. a conditional offer. b. an unliquidated offer. c. an unilateral contract. d. an illusory promise, which is not consideration. a. Walter will win, as the promise is enforceable. b. Walter will lose, as he gave no consideration. c. Walter will lose unless the promise was in writing. d. Walter will win, as no consideration is required to modify an employment contract. a. the type of contract. b. whether the third party gave consideration. c. the reasonable expectations of the third party. d. the intent of the contracting parties. a. a donee beneficiary. b. an incidental beneficiary. c. a creditor beneficiary. d. Both a and c. a. permitted because contracts may be freely delegated. b. permitted because the contract is just for music lessons. c. prohibited because Johann and Eugene have very different skill levels. d. prohibited by the UCC. a. a novation. b. an accord and satisfaction. c. an assignment. d. a nullification. a. is not entitled to enforce a contract against either party. b. usually does not give consideration in return for the gift. c. will generally become a creditor beneficiary after his or her rights vest. d. is an incidental beneficiary. a. A beneficiary may enforce a contract if the parties intended to benefit him and if enforcing the promise will satisfy a duty of the promisee to the beneficiary. b. If a promisee intended to make a gift to the beneficiary, the beneficiary may not enforce the contract. c. An intended third party beneficiary has no enforceable rights in a contract. d. Incidental beneficiaries have enforceable rights against both contracting parties. a. win, as he is an intended beneficiary. b. win, as he is a donor beneficiary. c. lose, as he is a creditor beneficiary. d. lose, as he is an incidental beneficiary. a. assignor. b. assignee. c. delegator. d. delegatee. a. full performance. b. agreement. c. rescission. d. accord and satisfaction. a. full performance. b. rescission. c. accord and satisfaction. d. novation. a. is discharged from any further contractual obligations. b. is required to pay the full contract price, minus the value of Jennifer's defective performance. c. is required to pay the full contract price. d. may declare a material breach and pay only for the value received. a. define how much money the injured party can sue for under a breach of contract claim. b. define whether there has been substantial performance of a contract or a material breach. c. limit the time in which an injured party may sue. d. only apply to the sale of goods. There is no statute of limitations on a service contract. a. is obligated to find another person who will agree to teach during the academic year. b. is discharged from any further obligations under the contract. c. will be discharged from any obligations under the contract only if it can be shown that her death was unexpected. d. will not be discharged. If the University has to pay more in order to hire a comparable substitute professor at the last minute, then the estate will be responsible for the difference in pay. a. Dana may refuse to accept the painting if she really does not like it. b. Dana may refuse to accept the painting only if a reasonable person would not like it. c. Dana may refuse to accept the painting if she cannot afford to pay for it. d. Dana may not refuse to accept the painting. a. obligated to pay the $100. b. not obligated to pay under the commercial impracticability doctrine. c. not obligated to pay under the anticipatory breach doctrine. d. not obligated to pay under the frustration of purpose doctrine. a. compensatory damages. b. incidental damages. c. consequential damages. d. punitive damages. a. as a penalty for breaching the contract. b. only under the UCC when the sale of goods is the subject of the contract. c. to put the non-breaching party in the position it would have been in had the contract never been formed. d. to put the non-breaching party in the position it would have been in if the contract hadn't been breached. a. Paul, a full-time college student, sold his textbooks to State Bookstore. b. Randall, a part-time college student and full-time father, sold his textbooks to a friend. c. Zompa Inc., a toy manufacturer, contracted to sell dolls to TonTon Department Store. d. In all of the above situations the seller is a merchant. a. Cash in hand. b. A stock certificate. c. A computer. d. A membership to a health club. a. Jeremy, a full-time student, sold his snow blower to a friend for $450. b. Jeremy, a full-time student, purchased a used computer from Office Plus for $300. c. A toy manufacturer contracted to sell dolls valued at $10,000 to a department store. d. Tobias Department Store contracted to sell Jenny a $400 doll. a. state quantity. b. state price. c. be signed by both parties. d. be notarized. a. The parties may make a contract in any manner sufficient to show that they reached an agreement. b. Affixing a seal to a writing evidencing a contract for sale of goods constitutes writing a sealed instrument and causes to law of sealed instruments to apply to such contract. c. The UCC will enforce a deal even though it is difficult to say exactly when it was formed. d. A court may enforce a bargain even though one or more terms were left open. a. Infringement. b. Fitness for a particular purpose. c. Merchantability. d. Title. a. The claim is an express warranty. b. The claim is an implied warranty of merchantability. c. The claim is not a warranty because it is not in writing. d. The claim is not a warranty because it is sales puffery. a. No, the salesperson did not make any express warranties. b. Yes, the salesperson made an express warranty just by selling the goods. c. Yes, although the salesperson did not make any express warranties, the UCC imposes an express warranty on the sale. d. Yes, although the salesperson did not make any express warranties, the UCC imposes an implied warranty of merchantability under which the rotisserie is guaranteed to be fit for the ordinary purposes for which it is used. a. that it is valid to disclaim only the written warranties within the booklet. b. that it is valid to disclaim both oral and written warranties. c. it does not disclaim either the oral or written warranties. d. that it disclaims the oral warranties, but not the written warranties.
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