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business
essentials of business law

Questions and Answers of Essentials of Business Law

A contract with several unrelated parts, each of which can stand alone.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf. executory c
The requirement that a contract cannot violate the law.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf. executory c ontract g.
A contract with several related parts, each dependent on the other parts for satisfactory performance.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte.
A contract whose meaning is not determined by the conduct of the parties.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf. executory
A contract that has not yet been completed by both parties.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf. executory c ontract g.
A contract that allows the incompetent party to withdraw.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf. executory c ontract g.
A contract that has been fully completed by both parties.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf. executory c ontract g.
A contract that lacks an essential element and hence was never legally a contract.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf.
A requirement for contracts for the sale of goods for $500 or more.a. competent pa rtyb. considerationc. divisible c ontractd. entire, or indivisible, contracte. executed c ontractf. executory c
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.All agreements between two competent parties are contracts.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Written contracts must be handwritten to be legally enforceable.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Implied contracts are those dealing only with personal transactions.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Entire contracts are those composed of several related parts.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.To be legally enforceable, contracts must be in writing.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Contracts do not need to be stated in legal language.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.Implied contracts are neither oral nor written.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.The terms of express contracts are specifi cally stated.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.A contract is considered executed as soon as all parties have performed all parts of it.
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn.In a contract between a minor and an adult, the adult must perform his or her part of the
Certain business and personal transactions are neither oral nor written, but are nevertheless legally binding. The terms of these agreements are understood from the actions or conduct of the parties,
For many years the law has required that certain kinds of contracts, such as those involving $500 or more, be in writing to be enforceable. Should the amount of $500 be increased to refl ect the
Do you think it is unethical for an underage person who looks much older to enter into a contract with another person who in good faith expects the underage party to fulfi ll the terms of the
Study each of the cases below. Indicate whether the contract is executed, executory, or neither, and whether it is valid, voidable, or void, by placing an X in the space provided.Knoll and Kalichuk
Study each of the cases below. Indicate whether the contract is executed, executory, or neither, and whether it is valid, voidable, or void, by placing an X in the space provided.Arslantian, a
William Storey Sr. promised his nephew, William Storey II, that he would pay him $5,000 if his nephew avoided drinking, using tobacco, swearing, and playing cards and billiards for money until he
Hodge, a 54-year-old employee of a bank, discussed his job and future with Tilley, president of Evans Financial Corporation and his employer. They agreed orally on a number of matters, including job
Grogan, a marketing consultant, was hired by Kreger Bottling Company to conduct market research into the taste preferences of consumers in a major city. Before he concluded the project, he was asked
Using the Internet and search engines, locate the Web site of one of several legal databases to expand your depth of knowledge of the legal terms related to the kinds of contracts described in the
A new and different response to an offer.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public of fer i. request f or a pr oposal j.
A principle that states that an acceptance sent via the postal system or by courier is effective when sent.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef.
Agreement to a proposal or an offer.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public of fer i. request f or a pr oposal j. revocation
A call for a bid or estimate for materials to be furnished or work to be done.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public of fer
The prevailing legal view of a newspaper advertisement.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public of fer i. request f or a pr
The offeror’s rescinding of an offer that has never been accepted by the offeree.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public
The party to whom an offer is made.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public of fer i. request f or a pr oposal j. revocation
The reason for termination of an offer that has not been accepted by the offeree within the time limits specifi ed.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r
An offer to large groups of people, only one of whom can accept.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public of fer i. request f
The person who makes an offer.a. acceptanceb. counterofferc. invitation to tra ded. lapse of timee. mailbox r ulef. offeree g. offeror h. public of fer i. request f or a pr oposal j. revocation
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.In order for an offer to be valid, it must be defi nite and certain.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The person who makes a proposal to enter into a contract is the offeror.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.In order for an acceptance to be valid, it must be communicated to the of feror.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.Requests for proposals and announcements asking for bids or estimates are usually considered
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.According to the UCC, uncertainty with respect to specifi c terms does not necessarily
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.A newspaper advertisement of goods for sale is usually considered an invitation to trade.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.If an advertisement contains a positive promise and a positive statement of what the
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.A direct, unqualifi ed rejection terminates an offer.
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.An offer that includes specifi c time limits expires automatically when the time is up,
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn.The mailbox rule states that an acceptance sent via the postal system or by courier is
Fletcher-Harlee Corp., a general contractor, solicited bids from subcontractors on various aspects of a building project for which it intended to compete. In response, Pote Concrete Contractors, Inc.
Browne offered to sell Houlihan his recently purchased 50-inch plasma screen television set for $6,400. Houlihan sent Browne an e-mail accepting the offer but asked if she could pay Browne in four
Bell Microproducts, Inc. mailed to McGurn an offer of employment that stated that if McGurn was terminated without cause during the fi rst 12 months of employment, he would receive a severance
Sanderson Mart ran an advertisement in the Daily Tribune that stated,“Special offer to our customers—3/8-inch Electric Hand Drills, Saturday only—$14.99, only 100 in stock, while they last! Be
A contract regarded as shockingly unfair and unjust.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h. puffi ng i.
Domination of a person’s will by force or by threat of force or injury.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h.
A contract characterized by unequal bargaining power of the parties.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h. puffi ng
A “meeting of the minds.”a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h. puffi ng i. unconscionable contract j. undue
Intentional misstatement of a material fact.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h. puffi ng i. unconscionable
Purposely not disclosing material facts to a contracting party.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h. puffi ng i.
The power to control the actions of another that results from a special or confi dential relationship.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake
Unintentional misstatement of a material fact.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h. puffi ng i. unconscionable
A belief not in accord with the facts that may be concerned with the nature of the subject matter or the quality of the subject matter.a. contract of adhesionb. duressc. fraudd. intentional c
A mere expression of opinion.a. contract of adhesionb. duressc. fraudd. intentional c oncealmente. misrepresentationf. mistake g. mutual a greement h. puffi ng i. unconscionable contract j. undue
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.Fraud may be committed either by spoken or written words or by acts or conduct.
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.Intentional concealment of material facts is just as fraudulent as making false
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.A contract resulting from the use of undue infl uence is voidable at the option of the
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.When threats are used to force someone to enter into a contract, the agreement may be
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.The distinction between fraud and misrepresentation is important because the remedies
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.When the UCC was written, it was intended that the unconscionable clause would apply only
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.For a contract to be dissolved because of a mistake, the law usually requires that the
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.A contract of adhesion is characterized by unequal bargaining power of the parties.
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.If a person knowingly makes a false statement of a material fact in a contract with the
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn.A contract considered shockingly unjust or unfair is an unconscionable contract.
What are some examples of duress?
Brooking agreed to sell a tract of land to Dover Pool & Racquet Club, Inc., on which Dover planned to build a swim and tennis club. Neither party to the contract knew that just before the contract
Weaver, a high school dropout, leased a gas station from American Oil Company and signed a standard agreement prepared by the oil company’s lawyers. The lease (contract) contained a clause in fi ne
Malina, the owner of an old, multistory factory building, offered to lease the building to Larson, a manufacturer. Larson wanted to know whether the construction of the fl oors was strong enough to
Power-Sports wished to obtain Harley-Davidson’s permission to purchase a motorcycle dealership. Power-Sports provided written and oral statements about its business model and, based upon these
Mustang Pipeline Co. hired Driver Pipeline Co. to lay 100 miles of pipeline in 98 days. On day 58, Driver had only completed 15 miles of pipe and gave up. Realizing that Driver was unlikely to make
A manufacturer delivers a new tractor to Farmer Ted on the first day of the harvest season. But the tractor will not start. It takes two weeks for the right parts to be delivered and installed. The
Brunswick owned a tennis club on property that it leased from Route 18. Upon expiration of its 25-year lease, Brunswick had the option of either buying the property or purchasing a 99-year lease,
What are the penalties if Artist breaches the movie contract? Are these reasonable? Too heavy? Too light?
Sophia negotiated a contract with Pete under which she would buy his company for $10 million plus the amount of the company’s outstanding debt (approximately $1 million). But when Pete sent a draft
Lara owns a used car lot. She emails Seth, a used car wholesaler who has a huge lot of cars in the same city. The email reads, “Confirming our agrmt—I pick any 15 cars from your lot—30% below
Do you think that the UCC Statute of Frauds as it currently exists is more likely to prevent fraud, or is it more likely to encourage misunderstandings and deception? Why? Overall, is it sensible to
Ohio Fresh Eggs (OFE) operated an egg farm. OFE and LandTech entered into a contract in which OFE promised to sell its chicken manure to LandTech. As to quantity, the contract read: “all available
A.C. Furniture (ACF) manufactured custom furniture for national restaurant chains. A representative of Arby’s Restaurant Group emailed ACF an order for 4,500 chairs at $44 per chair, with detailed
Jim’s birth certificate lists him as “James Brown Smith”; his driver’s license identifies him as “Jim Smith”; his business card reads “J.B. Smith”; and his friends call him Jimbo. How
Sheri signs a contract with Farmer Charlie on February 1. Under the deal, she will pay $25,000 for Charlie’s entire pumpkin crop on October 1. Charlie plants pumpkin seeds on March 1, and they
Having heard that it was a profitable new business, Smith decided to breed emus. They are flightless birds that reproduce rapidly and provide high-quality meat. For $4,000, Penbridge Farms sold Smith
When Michael Eagan married James Gory’s daughter Jennifer, the two men started a business flipping houses. Eagan found the houses and supervised their renovation. Gory provided the funds, purchased
Blackriver Partnership is in the process of winding up. It has three partners: Jason, Kiera, and Lancelot. The partnership has assets of $90,000, but debts of $60,000, including $30,000 it owes to
Four friends pooled their money to buy a small airplane because they enjoyed flying. Sometimes they flew separately, other times they went on vacation trips together. Abbi, who was one of the owners,
Facebook’s charter has an exculpatory clause, which protects directors from liability unless they act in bad faith or they intentionally engage in wrongdoing. Is that a reasonable standard?
Which of the following statements is/are true?(a) Shareholders can amend the bylaws.(b) Directors can amend the bylaws.(c) Both shareholders and directors must approve any amendment to the bylaws.(d)
Under the Williams Act, _______________.(a) If shareholders offer more stock than the bidder wants, it must purchase shares pro rata(b) Target companies must reveal the names of any shareholders who
When Attack made an offer to acquire the stock of Target, the Target board welcomed the offer. Not so when Francis Co. also indicated an interest in Target. In its negotiations with Francis, the
A majority of shareholders at Weed, Inc., wanted to reinstate the former CEO of the company and sell off an unprofitable division. Do shareholders have the right to make these two decisions?(a) Yes
Companies are required to _______________.I. Disclose the relationship between financial performance and executive compensationII. Appoint a lead director to run the meetings of the independent
A company is allowed to hold its annual meeting online _______________.(a) If a majority of its shareholders approve(b) If it also holds a live meeting for shareholders who want to attend in
By law, a candidate for the board of a publicly traded company must receive a _______________.(a) Majority of the votes cast(b) Majority vote of the shares outstanding(c) Plurality of the votes

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