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Kaplan University ACC 505 -Unit 1 Exam Answers (9, 10, 11)

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Question;Chapter 9 -- Practice ExamMatching QuestionsMatch the following terms with their definitions:A. Implied contractB. Mirror image rule.C. OffereeD. OfferorE. Bilateral contract1. A party that makes an offer.2. An agreement based on one promise in exchange for another.3. A party that receives and offer.4. An agreement based on the words and actions of the parties.5. A common law principle requiring the acceptance to be on exactly the terms of the offer.True/False QuestionsCircle true or false:1. T F To be enforceable, all contracts must be in writing.2. T F Abdul hires Sean to work in his store, and agrees to pay him $9 per hour. This agreement is governed by the Uniform Commercial Code.3. T F If an offer demands a reply within a stated period, the offeree's silence indicates acceptance.4. T F Without a meeting of the minds there cannot be a contract.5. T F An agreement to sell cocaine is a voidable contract.;Multiple-Choice Questions1. Mark, a newspaper editor, walks into the newsroom and announces to a group of five reporters: ?I?ll pay a $2,000 bonus to the first reporter who finds definitive evidence that Senator Blue smoked marijuana at the celebrity party last Friday.? Anna, the first reporter to produce the evidence, claims her bonus based on(a) Unilateral contract.(b) Promissory estoppel.(c) Quasi-contract.(d) Implied contract.(e) Express contract.2. Raul has finished the computer installation he promised to perform for Tanya, and she has paid him in full. This is(a) An express contract.(b) An implied contract.(c) An executed contract.(d) A bilateral contract.(e) No contract.;3. Consider the following:I. Madison says to a group of students, "I'll pay $35 to the first one of you who shows up at my house and mows my lawn."II. Lea posts a flyer around town that reads, "Reward: $500 for information about the person who keyed my truck last Saturday night in the Wag-a-Bag parking lot. Call Lea at 555-5309."Which of these proposes a unilateral contract?(a) I only(b) II only(c) Both I and II(d) None of the above;4. On Monday night, Louise is talking on her cell phone with Bill. ?I?m desperate for a manager in my store,? says Louise. ?I?ll pay you $45,000 per year, if you can start tomorrow morning. What do you say???It?s a deal,? says Bill. ?I can start tomorrow at 8 a.m. I?ll take $45,000 and I also want 10 percent of any profits you make above last year?s.? Just then Bill loses his cell phone signal. The next morning he shows up at the store, but Louise refuses to hire him. Bill sues. Bill will(a) Win, because there was a valid offer and acceptance.(b) Win, based on promissory estoppel.(c) Lose, because he rejected the offer.(d) Lose, because the agreement was not put in writing.(e) Lose, because Louise revoked the offer.;5. Which of the following amounts to an offer?(a) Ed says to Carmen, "I offer to sell you my pen for $1."(b) Ed says to Carmen, "I'll sell you my pen for $1."(c) Ed writes, "I'll sell you my pen for $1," and gives the note to Carmen. (d) All of the above;Chapter 10-- Practice ExamMatching Questions.Match the following terms with their definitions:A. FraudB. RestitutionC. Part performanceD. Exculpatory clauseE. Consideration 1. A contract clause intended to relieve one party from potential tort liability2. The idea that contracts must be a two way street3. The intention to deceive the other party4. Restoring the other party to its original position5. Entry onto land, or improvements made to it, by a buyer who has no written contract;True/False QuestionsCircle true or false:1. T F A contract may not be rescinded based on puffery.2. T F An agreement for the sale of a house does not need to be in writing if the deal will be completed within one year.3. T F Noncompete clauses are suspect because they tend to restrain free trade.4. T F A seller of property must generally disclose latent defects that he knows about.5. T F A court is unlikely to enforce an exculpatory clause included in a contract for surgery.6. T F An agreement for the sale of 600 plastic cups, worth $0.50 each, must be in writing to be enforceable.Multiple-Choice Questions1. In which case is a court most likely to enforce an exculpatory clause?(a) Dentistry(b) Hang gliding(c) Parking lot(d) Public transportation(e) Accounting;2. Sarah, age 17, uses $850 of her hard-earned, summer-job money to pay cash for a diamond pendant for the senior prom. She has a wonderful time at the dance but decides the pendant was an extravagance, returns it, and demands a refund. The store has a ?no refund? policy that is clearly stated, on a sign on the wall. There was no defect in the pendant. The store refuses the refund. When Sarah sues, she will(a) Win $850(b) Win $425(c) Win, but only if she did not notice the ?no refund? policy(d) Win, but only if she did not think the ?no refund? policy applied to her(e) Lose;3. Tobias is selling a surrealist painting. He tells Maud that the picture is by the famous French artist Magritte, although in fact Tobias has no idea whether that is true or not. Tobias?s statement is(a) Bilateral mistake(b) Unilateral mistake(c) Fraud(d) Innocent Misrepresentation(e) Legal, as long as he acted in good faith;4. Louise e-mails Sonya, ?I will sell you my house at 129 Brittle Blvd. for $88,000, payable in one month. Best, Louise.? Sonya e-mails back, ?Louise, I accept the offer to buy your house at that price. Sonya.? Neither party prints a copy of the two e-mails.(a) The parties have a binding contract for the sale of Louise?s house.(b) Louise is bound by the agreement but Sonya is not.(c) Sonya is bound by the agreement but Louise is not.(d) Neither party is bound because the agreement was never put in writing.(e) Neither party is bound because the agreement was never signed.(e) An adhesion contract;5. In February, Chuck orally agrees to sell his hunting cabin, with 15 acres, to Kyle for $35,000, with the deal to be completed in July, when Kyle will have the money. In March, while Chuck is vacationing on his land, he permits Kyle to enter the land and dig the foundation for a new cottage. In July, Kyle arrives with the money but Chuck refuses to sell. Kyle sues.(a) Chuck wins because the contract was never put in writing.(b) Chuck wins because the contract terms were unclear.(c) Kyle wins because a contract for vacation property does not need to be written.(d) Kyle wins because Chuck allowed him to dig the foundation.(e) Kyle wins because Chuck has committed fraud.;6. Ted's wallet is as empty as his bank account, and he needs $3500 immediately. Fortunately, he has three gold coins that he inherited from his grandfather. Each is worth $2500, but it is Sunday, and the local rare coins store is closed. When approached, Ted's neighbor Andrea agrees to buy the first coin for $2300. Another neighbor, Cami, agrees to buy the second for $1100. A final neighbor, Lorne, offers "all the money I have on me" - $100 ? for the last coin. Desperate, Ted agrees to the proposal. Which of the deals is supported by consideration?(a) Ted's agreement with Andrea, only(b) Ted's agreements with Andrea and Cami, only(c) All three of the agreements(d) None of the agreements;Chapter 11 -- Practice ExamMatching QuestionsMatch the following terms with their definitions:A. MaterialB. Intended beneficiaryC. DischargedD. Consequential1. A type of breach that substantially harms the innocent party.2. When a party has no more obligations under a contract.3. Damages that can be recovered only if the breaching party should have foreseen them.4. A third party who should be able to enforce a contract between two others.;True/False QuestionsCircle true or false:1. T F Contract dates and deadlines are strictly enforceable unless the parties agree otherwise.2. T F Where one party has clearly breached, the injured party must mitigate damages3. T F Courts award the expectation interest more often than any other remedy.4. T F A party who delegates duties remains liable for contract performance.;Multiple-Choice Questions1. Bob, a mechanic, claims that Cathy owes him $1,500 on a repair job. Bob wants to assign his claim to Hardknuckle Bank. The likeliest reason that Bob wants to do this is(a) Cathy also owes Hardknuckle Bank money.(b) Hardknuckle Bank owes Bob money on a consumer claim.(c) Hardknuckle Bank owes Bob money on a repair job.(d) Bob owes Hardknuckle Bank money.(e) Bob and Cathy are close friends.;2. The agreement between Bob and Cathy says nothing about assignment. May Bob assign his claim to Hardknuckle?(a) Bob may assign his claim but only with Cathy?s agreement.(b) Bob may assign his claim, but only if Cathy and Hardknuckle agree.(c) Bob may assign his claim without Cathy?s agreement.(d) Bob may assign his claim but Cathy may nullify the assignment.(e) Bob may not assign his claim because it violates public policy.;3. Jody is obligated under a contract to deliver 100,000 plastic bottles to a spring water company. Jody?s supplier has just gone bankrupt, any other suppliers will charge her more than she expected to pay. This is(a) Consequential damages(b) Impossibility(c) Expectation interest(d) Substantial performance(e) Legally irrelevant;4. An example of true impossibility is(a) Strict performance(b) Failure of condition(c) Illegality(d) Material breach(e) Consequential interest;5. Museum schedules a major fundraising dinner, devoted to a famous Botticelli picture, for September 15. Museum then hires Sue Ellen to restore the picture, her work to be done no later than September 14. Sue Ellen is late with the restoration, forcing the Museum to cancel the dinner and lose at least $500,000 in donations. Sue Ellen delivers the picture, in excellent condition, two weeks late. Museum sues.(a) Museum will win.(b) Museum will win if, when the parties made the deal, Sue Ellen knew the importance of the date.(c) Museum will win provided that it was Sue Ellen?s fault she was late.(d) Museum will win provided that it was not Sue Ellen?s fault she was late.(e) Museum will lose.;6. Tara is building an artificial beach at her lakefront resort. She agrees in writing to buy 1,000 tons of sand from Frank for $20 per ton, with delivery on June 1, at her resort. Frank fails to deliver any sand, and Tara is forced to go elsewhere. She buys 1,000 tons from Maureen at $25 per ton, and then is forced to pay Walter $5,000 to haul the sand to her resort. Tara sues Frank. Tara will recover(a) Nothing(b) $5,000(c) $10,000(d) $15,000(e) $30,000

 

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