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Questions and Answers of Business Law

(Multiple Choice Questions)1. CPA QUESTION: Decal Corp. incurred substantial operating losses for the past three years. Unable to meet its current obligations, Decal filed a petition of
On November 5, The Fred Hawes Organization, Inc., a small subcontractor, opened an account with Basic Distribution Corp., a supplier of construction materials. Hawes promised to pay its bills within
If Hertz can avoid paying damages because of this violation of the law (driving without a license and drunk driving), couldn’t Hertz rewrite the contract so that its insurance is voided by any
Mark Milbank built custom furniture in Port Chester, New York. His business was unsuccessful, and he repeatedly borrowed money from his wife and her father. He promised that the loans would enable
Lydia D’Ettore received a degree in computer programming at DeVry Institute of Technology, with a grade point average of 2.51. To finance her education, she borrowed $20,516.52 from a federal
MATCHING QUESTIONS___ A. Material___ B. Intended beneficiary___ C. Discharged___ D. Consequential1. A type of breach that substantially harms the innocent party2. When a party has no more obligations
TRUE/FALSE 1. Contract dates and deadlines are strictly enforceable unless the parties agree otherwise.2. Where one party has clearly breached, the injured party must mitigate damages.3. Courts award
After filing for bankruptcy, Yvonne Brown sought permission of the court to reaffirm a $6,000 debt to her credit union. The debt was unsecured and she was under no obligation to pay it. The credit
Multiple Choice Question 1. 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 isA.
Robert Britton was an office manager at the Academy of Cosmetic Surgery Medical Group. Mary Price made an appointment for a consultation about a lipectomy (removal of abdominal fat). Britton wore a
Nationwide Discount Furniture hired Rampart Security to install an alarm in its warehouse. A fire would set off an alarm in Rampart’s office, and the security company was then supposed to notify
Evans built a house for Sandra Dyer, but the house had some problems. The garage ceiling was too low. Load-bearing beams in the “great room” cracked and appeared to be steadily weakening. The
Did Dan Holiday violate the automatic stay provisions of the Bankruptcy Code? What is the penalty for a violation?
Racicky was in the process of buying 320 acres of ranch land. While that sale was being negotiated, Racicky signed a contract to sell the land to Simon. Simon paid $144,000, the full price of the
ETHICS: The National Football League (NFL) owns the copyright to the broadcasts of its games. It licenses local television stations to telecast certain games and maintains a “blackout rule,”
1.What is the goal of the automatic stay?2.How did Dan Holiday Furniture violate the automatic stay provisions?
Why should Jerry lose her house to pay off a loan that she never took out?
Is this good public policy?
1. But didn’t Frank Jackson say he wanted to continue paying the store?2. The court awarded punitive damages to Jackson—would a court do that anytime a creditor violates the automatic stay?
What is the opposing argument?
Did the Hotel violate Sechuan Garden’s automatic stay?
1. What is the significance of being a third-party beneficiary?2. How did Mandarin manifest its intent to benefit Schauer by entering the contract?
What does a third party have to show to prove they are intended third-party beneficiaries?
1. What is the goal of the automatic stay?2. How did the hotel’s behavior violate the automatic stay provisions?
Using that standard, explain what happened in this case.
Then why does the court hold that Schauer is an intended third party beneficiary?
1. What other kinds of behavior would also violate an automatic stay?2. Do you have any sympathy for the hotel?
1. What is the legal issue here?2. What is the difference between an assignment and a delegation?
Why did Peterson want to assign his winnings?
To take advantage of Florida’s generous laws, Bowie Kuhn, the former baseball commissioner, traded in his New Jersey home for a million dollar mansion in Florida. Was this an ethical decision? Kuhn
Are assignments generally allowed or generally not allowed?
Why are claims paid in this order?
1. In this case, who is the obligor?2. Would this assignment substantially change the obligor’s rights or duties?3. If the District does not want lottery winners to assign their money, what should
Comment on Bashir’s defenses.
Do students agree with these priorities?
Brunswick failed to pay the option price of $150,000 when it notified Route 18 of its exercise of the 99-year lease option. Why doesn’t that end the case in favor of Route 18?
1. The definition of good faith is nebulous. What standard does the court apply?2. It seems in these cases that courts could wind up interfering with legitimate competitive business practices.
What is the moral of this story?
Make an argument that Williams had a right to delay the closing until after August 1.
Make an argument that Williams had no right to delay the closing.
What is the logic behind making these debts nondischargeable?
Assume that the contract had simply stated that Pezza was obligated “to excavate and remove 50,000 to 60,000 cubic yards of rock and gravel.” Pezza then discovered the ledge, and refused to
1. In that case, would Pezza have to remove the gravel even if he lost money on the deal?2. What would have happened at that point if Pezza refused to finish the job?3. In fact, though, this was not
Will the court approve a reaffirmation agreement that shows a negative monthly balance?
1. What is a cosigner?2. What does reaffirmation mean?
1. What debt did the Hoffmans want to reaffirm?2. How did the status of Mrs. Hoffman’s mother as a co-signer discourage the Hoffmans from defaulting on the loan?
It seems as though Pezza anticipated that there might be hidden ledge, thoughtfully put a clause in the contract limiting his obligation to remove visible rock, yet still got sued. What went wrong?
Why wouldn’t a court allow a debtor to pay back a debt voluntarily, it seems counter to the goals of bankruptcy?
Why did Sears pressure debtors into signing these illegal reaffirmation contracts?
1. Did these contracts turn out to be profitable in the long run?2. What is the moral of this story?
Was Fox’s plan of reorganization feasible and fair? Should the court impose a cramdown?
1. Two out of six classes of creditors opposed Midland’s plan yet the court imposed a cramdown. Is this fair?2. What was United’s conflict of interest?3. Under what circumstances will a court
What went wrong with this bankruptcy case?
1. Does 47th Street Photo involve a type I or type II error?2. Which is worse—the type I errors of the U.S. Bankruptcy Code or the type II errors common in Europe (in which companies that might be
Some commentators think the bankruptcy code should be amended to eliminate Chapter 11. Why?
Can a judgment awarded to the victim of an intentional shooting be discharged under Chapter 13? Did LeMaire file his plan in good faith?
1. Why would a debtor be allowed to discharge debts under Chapter 13 that he is not able to discharge under Chapter 7?2. Several commentators suggested that Simpson could simply refuse to testify in
Is it reasonable to permit consumers to discharge debts that result from “willful and malicious” injuries?
1. Several commentators suggested that Simpson could simply refuse to testify in the civil trial and then, when judgment was entered against him, file for bankruptcy protection. Is this accurate?2.
Is there any way Pezza could have avoided the lawsuit?
1. What if Iannuccillo refused to agree to the discharge language?2. What are consequential damages?3. What were the unique circumstances of Bi-Economy?
Wasn’t the unique circumstance that it went out of business?
What point was the court trying make by explaining the difference between a loss and damages?
Why is Harleysville liable for Bi-Economy going out of business?
1. Baxendale was obviously late in transporting the shaft. What is the dispute about, anyway?2. In Baxendale’s view, why would it be unfair to hold him liable for lost profits?3. According to this
Judge Alderson establishes a standard for analyzing such cases. What is it?
1. If Hadley had done that, would he have recovered his lost profits?2. What labels does the law put on the two types of damages that Judge Alderson described?3. Lawrence wanted money for lost
1. How are consequential damages different from compensatory damages?2. How does a court decide whether to award consequential damages?3. In this case, should the court award consequentials?
The lost profits were not specified in the insurance policy. Why should Lawrence collect for something that he never specifically asked to insure?
Make an argument that Landmark-One should win.
Make an argument that the Sullivans should win.
1. How did this dispute arise?2. Why didn’t BMC honor his disaffirmance?
Was the bank a third-party beneficiary of the Starretts’ agreement?
Does Schauer have any right to sue for breach of contract?
Was Peterson entitled to assign his lottery winnings?
Did Route 18 breach its duty of good faith and fair dealing?
Did commercial impracticability discharge Pezza’s obligation to excavate?
Is Bi-Economy entitled to consequential damages for the destruction of its business?
Should the defendant be liable for profits lost because of his delay in delivering the shaft?
Under the insurance contract, were lost profits a foreseeable harm, entitling Lawrence to consequential damages?
Are the Sullivans entitled to reliance damages for the hours of work they performed?
Were the Hylers entitled to rescission based on misrepresentation?
Was Milicic entitled to a preliminary injunction?
Matching Questions___ A. Additional terms___ B. Strict liability___ C. Merchantability___ D. Different terms1. An implied warranty that goods are fit for their ordinary purpose2. Generally become
True/False Questions1. In a contract for the sale of goods, the offer may include any terms the offeror wishes; the offeree must accept on exactly those terms or reject the deal.2. Seller can be
Multiple-Choice Questions1. Marion orally agrees to sell Ashley her condominium in Philadelphia for $700,000. The parties have known each other for 20 years and do not bother to put anything in
Nina owns a used car lot. She signs and sends a fax to Seth, a used car wholesaler who has a huge lot of cars in the same city. The fax says, “Confirming our agreement—I pick any 15 cars for year
YOU BE THE JUDGE: WRITING PROBLEM United Technologies advertised a used Beechcraft Baron airplane for sale in an aviation journal. Attorney Thompson Comerford spoke with a United agent who described
ETHICS: Texaco, Inc., and other oil companies sold mineral spirits in bulk to distributors, which then resold to retailers. Mineral spirits are used for cleaning and are harmful or fatal if
Lewis River Golf, Inc., grew and sold sod. It bought seed from defendant, O. M. Scott & Sons, under an express warranty. But the sod grown from the Scott seeds developed weeds, a breach of Scott’s
1. What is the predominant purpose test?2. Why is this important?
What is the point the Naffziger’s are making, albeit unsuccessfully, about the predominant purpose of the contract?
Why does the court disagree?
What evidence was there that the Naffziger’s intended to form an agreement to buy Festival Foods?
What sections of the UCC does the court look at?
1. What two issues does the court address?2. How did this lawsuit arise?
Why didn’t the parties clear up the disagreement before going ahead with the deal?
Sanders explicitly said it needed the boilers in August. Superior did not deliver until October, yet the court is ruling that Superior wins. How can that be fair? Why shouldn’t Sanders get what it
How could Sanders have protected itself?
1. What was the tractor’s selling price at the auction? 2. How much does Bakie owe after this decision? 3. What did Inland expressly warrant to the Kellers?

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