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Business law quiz 2




Question;Which of;the following is not required for promissory estoppel to apply?;The promise made must be reasonable.;The;promise made must be relied on by the promisee to the promisee's detriment.;The;promisor must suffer an injustice if the promise isn't enforced.;The;promisor must know that the promisee is likely to rely on the promise.;2.;Bud calls;Lou and says, "I'll sell you my car for a thousand bucks;interested?" Lou says, "I'll look it up on the Internet. If the Blue;Book price is close, I'll pay you $1,000 in the morning." At sunrise Lou;shows up with $1000.;Bud;must sell him the car because Lou accepted the evening before when he;promised to look up the car's value.;Bud must sell him the car because he;cannot revoke his offer after Lou accepted.;Bud;does not have to sell the car because his promise was unclear.;Bud;does not have to sell the car because the payment is based on past;consideration.;3.;After an;offer is made, the offeror may revoke that offer at any time, even if the;offeree has not been given a reasonable period of time to decide whether or not;to accept.;True;False;4.;With;regard to the court, adequacy of consideration means;the;consideration exchanged must be exactly equal in value.;the;consideration exchanged must be reasonably close in value.;the;court will adjust the consideration if the value exchanged is unfair.;the court doesn't care about value as long;as the mutual assent is valid.;5.;In Stevens;v. Publicis, S.A., the courts addressed the statute of;frauds issue of what constitutes a writing in today's cyber world and;determined that;technology;aside, a writing must contain an original signature to create a true;contract.;since;e-mail could be written by anyone, an e-mail must be followed by a document;with an original signature.;an e-mail with the sender's typed;signature shows an intent to authenticate the contents and satisfies statute;of frauds requirements.;the;statute of frauds requires that certain contracts be in writing to be;enforceable but does not address or concern itself with signatures.;6.;Duress;must be based on a physical threat and not an economic one.;True;False;7.;The term option;contract refers to the choices that one has when entering into a;contract.;True;False;8.;An option;contract is a contract that gives one of the parties a choice of consideration;to accept.;True;False;9.;Beth has;a contract with Annie in which Annie is to deliver 1,000 hand-decorated;beverage holders in 60 days. When Beth calls the Psychic Hotline for her weekly;reading, the psychic informs her that she has entered into a contract and the;other party will not perform all the conditions and specifications in;accordance with the agreement. Beth may sue for an anticipatory repudiation.;True;False;10.;Which of;the following is classified as an equitable remedy?;consequential;damages;reformation;restitution;liquidated;damages;11.;Alan has;accepted a new job. Which of the following is not a contract condition related;to that job?;Medical;and dental benefits will start after Alan has worked for six months.;Alan;will receive a bonus provided that he obtains six new clients within 30 days.;Alan's salary will be $1,000 a week.;Alan cannot;begin work unless he passes a drug and alcohol screening.;12.;When a;party successfully sues for an equitable remedy for a breach of contract, that;party does not receive a monetary award.;True;False;13.;A;rescission of a contract may occur when either party chooses to end the;agreement.;True;False;14.;An;assignment may be of current and/or future rights.;True;False;15.;Mel is;under contract with a textbook publisher to write an instructor's manual to;accompany a new textbook. The contract states that the instructor's manual is;to be completed by August 1. On July 1, the publisher calls Mel and asks for an;update. Mel states that he's working hard and making progress. He then states;that the August 1 deadline is "doable but it's going to be tough.;Based on Mel's statement, the textbook publisher may claim an anticipatory;repudiation and find another author to complete the project.;True;False;16.;When a;party breaches a contract, the nonbreaching party always has the option of;seeking legal or equitable remedies.;True;False;17.;If a;party has been delivered nonconforming goods and has rejected them and is then;forced to cover in order to maintain business operations, the party may sue the;seller for the difference in price plus consequential damages.;True;False;18.;Shovels R;Us sends a purchase order to Acme Snow Shovel Inc., for 500 shovels to be;delivered by September 30, 2014, in time for the winter season. Acme returns an;acknowledgment form indicating that the shovels will be delivered on March 1;2015. The acknowledgment letter forms a valid contract.;True;False;19.;Johnson;Builders is selling a newly built home to Sheila. JRK Realtors is handling the;transaction. This sale is covered under Article 2 of the UCC.;True;False;20.;The;mirror image rule is not enforced under UCC standards.;True;False;Time;remaining: 0:11:44;21.;Acme;Rocket Company is shipping 500 toy rockets by boat to Rockets R Us. Acme is;located in Miami, and Rockets R Us is located in Boston. If goods are shipped;FOB Miami;Rockets R Us bears the risk of loss if the;boat sinks on its way to Boston.;Rockets;R Us bears the risk of loss once the shipment arrives in Boston.;Acme;bears the risk of loss if the boat sinks on its way to Boston.;Acme;bears the risk of loss until the goods are accepted by Rockets R Us.;22.;The;United Nations Convention on Contracts for the International Sale of Goods does;not recognize a formal writing requirement similar to the UCC statute of frauds;requirement.;True;False;23.;While the;common law recognizes commercial impracticability as a means to terminate a;contract, the UCC rejects and does not recognize commercial impracticability.;True;False;24.;Your;cousin, who is a CPA, calls you and says that a client paid him in diamonds and;he's selling them. If you purchase one of those diamonds, at the time of the;sale your cousin would be considered a merchant of those diamonds.;True;False;25.;The UCC;was written, published, and enacted by Congress.;True;False


Paper#58883 | Written in 18-Jul-2015

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