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business
business law principles

Questions and Answers of Business Law Principles

16.3 Assignments. Hensley purchased a house but was unable to pay the full purchase price. She borrowed funds from Thrift Savings and Loan, which in turn took a mortgage at 6.5 interest on the house.
16.2 Hypothetical Question with Sample Answer. Aron, a college student, signs a one-year lease agreement that runs from September 1 to August 31. The lease agreement specifies that the lease cannot
16.1 Third Party Beneficiaries. Wilken owes Rivera $2,000. Howie promises Wilken he will pay Rivera the $2,000 in return for Wilken’s promise to give Howie’s son guitar lessons. Is Rivera an
5 How do a third party beneficiary's rights become vested so that this party can sue to enforce the contract?
4 What factors indicate that a third party beneficiary is an intended beneficiary?
3 What rights can be assigned despite a contract clause expressly prohibiting assignment?
2 If a contract requires a party to perform personal services, can the right to receive those services be assigned?
1 What is the difference between an assignment and a delegation?
15.9 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 15.” Click on “Video Questions” and view the video titled Midnight Run. Then answer the
15.8 Critical Legal Thinking. Review the discussion of the doctrine of election of remedies in this chapter. What are some of the advantages and disadvantages of this doctrine?
15.7 A Question of Ethics. In 2004, Tamara Cohen, a real estate broker, began showing property in Manhattan to Steven Galistinos, who represented comedian Jerry Seinfeld and his wife, Jessica.
15.6 Remedies. On July 7, 2000, Frances Morelli agreed to sell to Judith Bucklin a house at 126 Lakedell Drive in Warwick, Rhode Island, for $77,000. Bucklin made a deposit on the house. The closing
15.5 Case Problem with Sample Answer. Tyna Ek met Russell Peterson in Seattle, Washington. Peterson persuaded Ek to buy a boat that he had once owned, the O’Hana Kai, which was in Juneau, Alaska.
15.4 Waiver of Breach. In May 1998, RDP Royal Palm Hotel, L.P., contracted with Clark Construction Group, Inc., to build the Royal Palms Crowne Plaza Resort in Miami Beach, Florida. The deadline for
15.3 Measure of Damages. Johnson contracted to lease a house to Fox for $700 a month, beginning October 1. Fox stipulated in the contract that before he moved in, the interior of the house had to be
15.2 Hypothetical Question with Sample Answer. In which of the following situations might a court grant specific performance as a remedy for the breach of the contract? 1 Tarrington contracts to sell
15.1 Liquidated Damages. Carnack contracts to sell his house and lot to Willard for $100,000. The terms of the contract call for Willard to pay 10 percent of the purchase price as a deposit toward
5 What is the rationale underlying the doctrine of election of remedies?
4 When do courts grant specific performance as a remedy?
3 Under what circumstances is the remedy of rescission and restitution available?
2 What is the standard measure of compensatory damages when a contract is breached? How are damages computed differently in construction contracts?
1 What is the difference between compensatory damages and consequential damages? What are nominal damages, and when do courts award nominal damages?
14.10 Critical Thinking and Writing Assignment for Business. The Caplans own a real estate lot, and they contract with Bergman Construction, Inc., to build a house on it for $360,000. The
14.9 Critical Legal Thinking. The concept of substantial performance permits a party to be discharged from a contract even though the party has not fully performed her or his obligations according
14.8 A Question of Ethics. King County, Washington, hired Frank Coluccio Construction Co. (FCCC) to act as general contractor for a public works project involving the construction of a small utility
14.7 Case Problem with Sample Answer. Kermit Johnson formed FB&I Building Products, Inc., in Watertown, South Dakota, to sell building materials. In December 1998, FB&I contracted with Superior Truss
14.6 Discharge by Operation of Law. Train operators and other railroad personnel use signaling systems to ensure safe train travel. Reading Blue Mountain & Northern Railroad Co. (RBMN) and Norfolk
14.5 Substantial Performance. Adolf and Ida Krueger contracted with Pisani Construction, Inc., to erect a metal building as an addition to an existing structure. The two structures were to share a
14.4 Performance. In May 1996, O’Brien-Sheipe Funeral Home, Inc., in Hempstead, New York, hired Teramo & Co. to build an addition to O’Brien’s funeral home. The parties’ contract did not
14.3 Impossibility of Performance. Millie contracted to sell Frank 1,000 bushels of corn to be grown on Millie’s farm. Owing to a drought during the growing season, Millie’s yield was much less
14.2 Hypothetical Question with Sample Answer. In the following situations, certain events take place after the contracts are formed. Discuss which of these contracts are discharged because the
14.1 Anticipatory Repudiation. ABC Clothiers, Inc., has a contract with Taylor & Sons, a retailer, to deliver one thousand summer suits to Taylor’s place of business on or before May 1. On April
5. Did the court decide that Kent was entitled to a remedy, and if so, what was the remedy?
4. Did Jacob & Youngs substantially perform all of the terms of its contract with Kent in good faith? Why or why not?
3. How did the court apply this rule in this case, and what was the court’s conclusion?
2. What rule of law did the court apply to the chief issue before it?
1. What was the main issue that the parties to this dispute asked the New York Court of Appeals to resolve?
5 Will the courts allow parties to avoid performing their contractual duties when performance becomes extremely difficult or expensive?
4 When is a breach considered material, and what effect does that have on the other party's obligation to perform?
3 What is substantial performance?
2 How are most contracts discharged?
1 What is a condition precedent, and how does it affect a party's duty to perform a contract?
13.10 Critical Legal Thinking. As discussed elsewhere in this chapter, the Statute of Frauds was originally designed to protect innocent persons from the perjury of others with respect to oral
13.9 A Question of Ethics. William Williams is an attorney in Birmingham, Alabama. In 1997, Robert Shelborne asked Williams to represent him in a deal in London, England, from which Shelborne
13.8 Contract for a Sale of Goods. Milton Blankenship agreed in writing to buy 15 acres of Ella Mae Henry’s junkyard property for $15,000 per acre with a ten-year option to buy the remaining 28.32
13.7 The Parol Evidence Rule. Carlin Krieg owned a dairy farm in St. Joe, Indiana, that was appraised at $154,000 in December 1997. In August 1999, Krieg told Donald Hieber that he intended to sell
13.6 Case Problem with Sample Answer. Novell, Inc., owned the source code for DR DOS, a computer operating system that Microsoft Corp. targeted with anticompetitive practices in the early 1990s.
13.5 Interest in Land. Sierra Bravo, Inc., and Shelby’s, Inc., entered into a written “Waste Disposal Agreement” under which Shelby’s allowed Sierra to deposit on Shelby’s land waste
13.4 The One-Year Rule. On January 1, Damon, for consideration, orally promised to pay Gary $300 a month for as long as Gary lived, with the payments to be made on the first day of every month. Damon
13.3 Collateral Promises. Jeremy took his mother on a special holiday to Mountain Air Resort. Jeremy was a frequent patron of the resort and was well known by its manager. The resort required each
13.2 Hypothetical Question with Sample Answer. Gemma promises a local hardware store that she will pay for a lawn mower that her brother is purchasing on credit if the brother fails to pay the debt.
13.1 The One-Year Rule. On May 1, by telephone, Yu offers to hire Benson to perform personal services. On May 5, Benson returns Yu’s call and accepts the offer. Discuss fully whether this contract
5 What is parol evidence? When is parol evidence admissible to clarify the terms of a written contract?
4 If a written contract is required, what terms are considered essential and must be contained in the written document?
3 When will an oral promise to pay another person's debt be enforced?
2 If it is possible for a contract to be performed within one year, must it be in writing?
1 What contracts must be in writing to be enforceable?
12.10 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 12.” Click on “Video Questions” and view the video titled Mistake. Then answer the
12.9 Critical Legal Thinking. Describe the types of individuals who might be capable of exerting undue influence on others.
12.8 A Question of Ethics. On behalf of BRJM, LLC, Nicolas Kepple offered Howard Engelsen $210,000 for a parcel of land known as lot five on the north side of Barnes Road in Stonington, Connecticut.
12.7 Fraudulent Misrepresentation. According to the student handbook at Cleveland Chiropractic College (CCC) in Missouri, academic misconduct includes “selling . . . any copy of any material
12.6 Case Problem with Sample Answer. The law firm of Traystman, Coric and Keramidas represented Andrew Daigle in a divorce in Norwich, Connecticut. Scott McGowan, an attorney with the firm, handled
12.5 Negligent Misrepresentation. Cleveland Chiropractic College (CCC) promised prospective students that CCC would provide clinical training and experience—a critical part of a chiropractic
12.4 Fraudulent Misrepresentation. William Meade, Leland Stewart, Doug Vierkant, and David Girard applied for, and were offered, jobs at the El-Jay Division of Cedarapids, Inc., in Eugene, Oregon.
12.3 Fraudulent Misrepresentation. Larry offered to sell Stanley his car and told Stanley that the car had been driven only 25,000 miles and had never been in an accident. Stanley hired Cohen, a
12.2 Hypothetical Question with Sample Answer. Grano owns a forty-room motel on Highway 100. Tanner is interested in purchasing the motel. During the course of negotiations, Grano tells Tanner that
12.1 Genuineness of Assent. Jerome is an elderly man who lives with his nephew, Philip. Jerome is totally dependent on Philip’s support. Philip tells Jerome that unless Jerome transfers a tract of
5 What is parol evidence? When is parol evidence admissible to clarify the terms of a written contract?
4 If a written contract is required, what terms are considered essential and must be contained in the written document?
3 When will an oral promise to pay another person’s debt be enforced?
2 If it is possible for a contract to be performed within one year, must it be in writing?
1 What contracts must be in writing to be enforceable?
12.10 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 12.” Click on “Video Questions” and view the video titled Mistake. Then answer the
12.9 Critical Legal Thinking. Describe the types of individuals who might be capable of exerting undue influence on others.
12.8 A Question of Ethics. On behalf of BRJM, LLC, Nicolas Kepple offered Howard Engelsen $210,000 for a parcel of land known as lot five on the north side of Barnes Road in Stonington, Connecticut.
12.7 Fraudulent Misrepresentation. According to the student handbook at Cleveland Chiropractic College (CCC) in Missouri, academic misconduct includes “selling . . . any copy of any material
12.6 Case Problem with Sample Answer. The law firm of Traystman, Coric and Keramidas represented Andrew Daigle in a divorce in Norwich, Connecticut. Scott McGowan, an attorney with the firm, handled
12.5 Negligent Misrepresentation. Cleveland Chiropractic College (CCC) promised prospective students that CCC would provide clinical training and experience—a critical part of a chiropractic
12.4 Fraudulent Misrepresentation. William Meade, Leland Stewart, Doug Vierkant, and David Girard applied for, and were offered, jobs at the El-Jay Division of Cedarapids, Inc., in Eugene, Oregon.
12.3 Fraudulent Misrepresentation. Larry offered to sell Stanley his car and told Stanley that the car had been driven only 25,000 miles and had never been in an accident. Stanley hired Cohen, a
12.2 Hypothetical Question with Sample Answer. Grano owns a forty-room motel on Highway 100. Tanner is interested in purchasing the motel. During the course of negotiations, Grano tells Tanner that
12.1 Genuineness of Assent. Jerome is an elderly man who lives with his nephew, Philip. Jerome is totally dependent on Philip’s support. Philip tells Jerome that unless Jerome transfers a tract of
5 What happens if a person misrepresents a fact unintentionally?
4 Does a party to a contract ever have a duty to disclose information to the other party?
3 What elements must exist for fraudulent misrepresentation to occur?
2 What is the difference between a mistake of value or quality and a mistake of fact?
1 In what types of situations might genuineness of assent to a contract's terms be lacking?
11.10 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 11.” Click on “Video Questions” and view the video titled The Money Pit. Then answer the
11.9 Critical Legal Thinking. Are legalized forms of gambling, such as state-operated lotteries, consistent with a continuing public policy against the enforcement of gambling contracts? Why or why
11.8 A Question of Ethics. Dow AgroSciences, LLC (DAS), makes and sells agricultural seed products. In 2000, Timothy Glenn, a DAS sales manager, signed a covenant not to compete. He agreed that for
11.7 Licensing Statutes. Under California law, a contract to manage a professional boxer must be in writing and the manager must be licensed by the state athletic commission. Marco Antonio Barrera
11.6 Case Problem with Sample Answer. Gary Forsee was an executive officer with responsibility for the U.S. operations of BellSouth Corp., a company providing global telecommunications services.
11.5 Misrepresentation of Age. Millennium Club, Inc., operates a tavern in South Bend, Indiana. In January 2003, Pamela Avila and other minors gained admission by misrepresenting that they were at
11.4 Covenants Not to Compete. In 1993, Mutual Service Casualty Insurance Co. and its affiliates (collectively, MSI) hired Thomas Brass as an insurance agent. Three years later, Brass entered into a
11.3 Mental Incompetence. Joanne is a seventy-five-year-old widow who survives on her husband’s small pension. Joanne has become increasingly forgetful, and her family worries that she may have
11.2 Hypothetical Question with Sample Answer. A famous New York City hotel, Hotel Lux, is noted for its food as well as its luxury accommodations. Hotel Lux contracts with a famous chef, Chef
11.1 Contracts by Minors. Kalen is a seventeen-year-old minor who has just graduated from high school. He is attending a university two hundred miles from home and has contracted to rent an
5 What is an exculpatory clause? In what circum- stances might exculpatory clauses be enforced? When will they not be enforced?
4 Under what circumstances will a covenant not to compete be enforceable? When will such covenants not be enforced?
3 Does the mental incompetence of one party necessarily make a contract void?

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