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business
essentials of business law

Questions and Answers of Essentials of Business Law

Question with Sample Answer—Assignment. 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 be
Spotlight on Drug Testing—Third Party Beneficiaries.Bath Iron Works (BIW) offered a job to Thomas Devine, contingent on Devine’s passing a drug test. The testing was conducted by NorDx, a
Assignments. Senna Hills, Ltd., granted Southern Union Co. the right to distribute propane in a residential subdivision developed by Senna in exchange for a fee. Under their agreement, Senna’s
Duties That Cannot Be Delegated. Bruce Albea Contracting, Inc., the contractor on a highway project, subcontracted the asphalt work to APAC-Southeast, Inc. Their contract prohibited any delegation
Case Problem with Sample Answer—Conditions of Performance. James Maciel leased an apartment in Regent Village, a university-owned housing facility for Regent University (RU) students in Virginia
Notice of Assignment. Arnold Kazery was the owner of a hotel leased to George Wilkinson. The lease included renewal options of ten years each. When Arnold transferred his interest in the property to
A Question of Ethics—Assignment and Delegation.Premier Building & Development, Inc., entered a listing agreement giving Sunset Gold Realty, LLC, the exclusive right to find a tenant for some
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 to the
Business Law Critical Thinking Group Assignment.ABC Clothiers, Inc., has a contract with John Taylor, owner of Taylor & Sons, a retailer, to deliver one thousand summer suits to Taylor’s place of
What is the standard measure of compensatory damages when a contract is breached? How are damages computed differently in construction contracts? LO1
What is the difference between compensatory damages and consequential damages? What are nominal damages, and when do courts award nominal damages? LO2
Under what circumstances is the remedy of rescission and restitution available? LO3
When do courts grant specific performance as a remedy? LO4
What is a limitation-of-liability clause, and when will courts enforce it? LO5
What is the standard measure of compensatory damages when a contract is breached? How are damages computed differently in construction contracts? LO6
What is the difference between compensatory damages and consequential damages? What are nominal damages, and when do courts award nominal damages? LO6
Under what circumstances is the remedy of rescission and restitution available? LO6
When do courts grant specific performance as a remedy? LO6
What is a limitation-of-liability clause and when will courts enforce it? LO6
Liquidated Damages. Carnack contracts to sell his house and lot to Willard for $100,000. The terms of the contract call for Willard to make a deposit of 10 percent of the purchase price as a down
Question with Sample Answer—Mitigation of Damages. Lauren Barton, a single mother with three children, lived in Portland, Oregon. Cynthia VanHorn also lived in Oregon until she moved to New York
Spotlight on Types of Damages—Compensatory Damages. 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
Quasi Contract. Middleton Motors, Inc., a struggling Ford dealership in Wisconsin, sought managerial and financial assistance from Lindquist Ford, Inc., a successful Ford dealership in Iowa. While
Liquidated Damages. Planned Pethood Plus, Inc. (PPP), a veterinary clinic, borrowed $389,000 from KeyBank. The term of the loan was ten years. A “prepayment penalty” clause provided a formula to
Damages. Before buying a house, Dean and Donna Testa hired Ground Systems, Inc. (GSI), to inspect the sewage and water disposal system. GSI reported a split system with a watertight septic tank, a
Case Problem with Sample Answer—Consequential Damages. After submitting the high bid at a foreclosure sale, David Simard entered into a contract to purchase real property in Maryland for $192,000.
A Question of Ethics—Performance and Damages.On a weekday, Tamara Cohen, a real estate broker, showed a townhouse owned by Ray and Harriet Mayer to Jessica Seinfeld, the wife of comedian Jerry
Critical Legal Thinking. Review the discussion of the doctrine of mitigation of damages in this chapter. What are some of the advantages and disadvantages of this doctrine?(See pages 357–358.)
Business Law Critical Thinking Group Assignment.Frances Morelli agreed to sell Judith Bucklin a house in Rhode Island for $177,000. The sale was supposed to be closed by September 1, when the parties
How do Article 2 and Article 2A of the UCC differ? What types of transactions does each article cover? LO1
In a sales contract, if an offeree includes additional or different terms in an acceptance, will a contract result? If so, what happens to these terms? LO2
What exceptions to the writing requirements of the Statute of Frauds are provided in Article 2 and Article 2A of the UCC? LO3
What law governs contracts for the international sale of goods? LO5
How do Article 2 and Article 2A of the UCC differ? What types of transactions does each article cover? LO3
In a sales contract, if an offeree includes additional or different terms in an acceptance, will a contract result? If so, what happens to these terms? LO3
What exceptions to the writing requirements of the Statute of Frauds are provided in Article 2 and Article 2A of the UCC? LO3
What law governs contracts for the international sale of goods? LO3
Statute of Frauds. Fresher Foods, Inc., orally agreed to purchase one thousand bushels of corn for $1.25 per bushel from Dale Vernon, a farmer. Fresher Foods paid$125 down and agreed to pay the
Question with Sample Answer—Merchant’s Firm Offer. On September 1, Jennings, a used-car dealer, wrote a letter to Wheeler, stating, “I have a 1955 Thunderbird convertible in mint condition that
Spotlight on Goods and Services—The Statute of Frauds. Fallsview Glatt Kosher Caterers ran a business that provided travel packages, including food, entertainment, and lectures on religious
Case Problem with Sample Answer—Passage of Title. Kenzie Godfrey was a passenger in a taxi when it collided with a car driven by Dawn Altieri. Altieri had originally leased the car from G.E.
Additional Terms. B.S. International, Ltd. (BSI), makes costume jewelry. JMAM, LLC, is a wholesaler of costume jewelry.JMAM sent BSI a letter with the terms for orders, including the necessary
Delivery without Movement of the Goods. Aleris International, Inc., signed a contract to buy a John Deere loader from Holt Equipment Co. The agreement provided that “despite physical delivery of
Goods Held by the Seller or Lessor. Douglas Singletary bought a manufactured home from Andy’s Mobile Home and Land Sales. The contract stated that the buyer accepted the home “as is where is.”
Partial Performance and the Statute of Frauds. After a series of e-mails, Jorge Bonilla, the sole proprietor of a printing company in Uruguay, agreed to buy a used printer from Crystal Graphics
A Question of Ethics—Statute of Frauds. Daniel Fox owned Fox & Lamberth Enterprises, Inc., a kitchen remodeling business. Fox leased a building from Carl Hussong. When Fox planned to close his
Case Analysis Question. Go to Appendix I at the end of this text and examine the excerpt of Case No. 3, Spray-Tek, Inc. v. Robbins Motor Transportation, Inc. Review and then brief the case, making
Business Law Critical Thinking Group Assignment.Mountain Stream Trout Co. agreed to buy “market size” trout from trout grower Lake Farms, LLC. Their fiveyear contract did not define market size.
What are the respective obligations of the parties under a contract for the sale or lease of goods? LO1
What is the perfect tender rule? What are some important exceptions to this rule that apply to sales and lease contracts? LO2
What options are available to the nonbreaching party when the other party to a sales or lease contract repudiates the contract prior to the time for performance? LO3
In contracts subject to the UCC, are parties free to limit the remedies available to the nonbreaching party on a breach of contract? If so, in what ways? LO5
What are the respective obligations of the parties under a contract for the sale or lease of goods? LO2
What is the perfect tender rule? What are some important exceptions to this rule that apply to sales and lease contracts? LO2
What options are available to the nonbreaching party when the other party to a sales or lease contract repudiates the contract prior to the time for performance? LO2
In contracts subject to the UCC, are parties free to limit the remedies available to the nonbreaching party on a breach of contract? If so, in what ways? LO2
Remedies. Genix, Inc., has contracted to sell Larson five hundred washing machines of a certain model at list price.Genix is to ship the goods on or before December 1. Genix produces one thousand
Question with Sample Answer—Anticipatory Repudiation. Moore contracted in writing to sell her 2010 Hyundai Santa Fe to Hammer for $16,500. Moore agreed to deliver the car on Wednesday, and Hammer
Spotlight on Revocation of Acceptance—Remedies of the Buyer. L.V.R.V., Inc., sells recreational vehicles(RVs) in Las Vegas, Nevada, as Wheeler’s Las Vegas RV. In September 1997, Wheeler’s sold
Breach and Damages. Utility Systems of America, Inc., was doing roadwork when Chad DeRosier, a nearby landowner, asked Utility to dump 1,500 cubic yards of fill onto his property.Utility agreed but
Right of Inspection. Jessie Romero offered to deliver two trade-in vehicles—a 2003 Mitsubishi Montero and a 2002 Chevrolet Silverado pickup—to Scoggin-Dickey Chevrolet Buick, Inc., in exchange
Right to Recover Damages. Woodridge USA Properties, L.P., bought eighty-seven commercial truck trailers from Southeast Trailer Mart, Inc. (STM). Gerald McCarty, an independent sales agent who
Case Problem with Sample Answer—Nonconforming Goods. Padma Paper Mills, Ltd., converts waste paper into usable paper. In 2007, Padma entered into a contract with Universal Exports, Inc., under
A Question of Ethics—Revocation of Acceptance.Scotwood Industries, Inc., sells calcium chloride flake for use in ice melt products. Between July and September 2004, Scotwood delivered thirty-seven
Critical Legal Thinking. Under what circumstances should courts not allow fully informed contracting parties to agree to limit remedies?
Business Law Writing. Suppose that you are a collector of antique cars and you need to purchase spare parts for a 1938 engine. These parts are not made anymore and are scarce. You discover that Beem
Business Law Critical Thinking Group Assignment.Kodiak agrees to sell 1,000 espresso machines to Lin to be delivered on May 1. Due to a strike during the last week of April, there is a temporary
What factors determine whether a seller’s or lessor’s statement constitutes an express warranty or is mere puffery? LO1
What implied warranties arise under the UCC? LO2
Can a manufacturer be held liable to any person who suffers an injury proximately caused by the manufacturer’s negligently made product? LO3
What are the elements of a cause of action in strict product liability? LO4
What defenses to liability can be raised in a product liability lawsuit? LO5
What factors determine whether a seller’s or lessor’s statement constitutes an express warranty or is mere puffery? LO1
What implied warranties arise under the UCC? LO1
Can a manufacturer be held liable to any person who suffers an injury proximately caused by the manufacturer’s negligently made product? LO1
What are the elements of a cause of action in strict product liability? LO1
What defenses to liability can be raised in a product liability lawsuit? LO1
Product Liability. Carmen buys a television set manufactured by AKI Electronics. She is going on vacation, so she takes the set to her mother’s house for her mother to use.Because the set is
Question with Sample Answer—Implied Warranties.Tandy purchased a washing machine from Marshall Appliances. The sales contract included a provision explicitly disclaiming all express and implied
Product Liability. Jason Clark, an experienced hunter, bought a paintball gun. Clark practiced with the gun and knew how to screw in the carbon dioxide cartridge, pump the gun, and use its safety and
Defenses to Product Liability. Brandon Stroud was driving a golf car made by Textron, Inc. The golf car did not have lights, but Textron did not warn against using it on public roads at night. When
Product Misuse. Five-year-old Cheyenne Stark was riding in the backseat of her parents’ Ford Taurus. Cheyenne was not sitting in a booster seat. Instead, she was using a seatbelt designed by Ford,
Product Liability. Yun Tung Chow tried to unclog a floor drain in the kitchen of the restaurant where he worked. He used a drain cleaner called Lewis Red Devil Lye that contained crystalline sodium
Case Problem with Sample Answer—Product Liability. David Dobrovolny bought a new Ford F-350 pickup truck. A year later, the truck spontaneously caught fire in Dobrovolny’s driveway. The truck was
Spotlight on Apple—Implied Warranties. Alan Vitt purchased an iBook G4 laptop computer from Apple, Inc. Shortly after the one-year warranty expired, the laptop failed to work due to a weakness in
A Question of Ethics—Strict Product Liability. Susan Calles lived with her four daughters, Amanda, age 11, Victoria, age 5, and Jenna and Jillian, age 3. In March 1998, Calles bought an Aim N Flame
Business Law Critical Thinking Group Assignment.Bret D’Auguste was an experienced skier when he rented equipment to ski at Hunter Mountain Ski Bowl in New York. When D’Auguste entered an
What is a contract? What is the objective theory of contracts? LO3
What are the four basic elements necessary to the formation of a valid contract? LO3
What is the difference between express and implied contracts? LO3
How does a void contract differ from a voidable contract? What is an unenforceable contract? LO3
What rules guide the courts in interpreting contracts? LO3
Unilateral Contract. Rocky Mountain Races, Inc., sponsors the “Pioneer Trail Ultramarathon” with an advertised first prize of $10,000. The rules require the competitors to run 100 miles from the
Question with Sample Answer—Implied Contract.Janine was hospitalized with severe abdominal pain and placed in an intensive care unit. Her doctor told the hospital personnel to order
Contract Classification. For employment with the Firestorm Smokejumpers—a crew of elite paratroopers who parachute into dangerous situations to fight fires—applicants must complete a series of
Spotlight on Taco Bell—Implied Contract. Thomas Rinks and Joseph Shields developed Psycho Chihuahua, a caricature of a Chihuahua dog with a “do‑not‑back‑down”attitude. They promoted and
Quasi Contract. Kim Panenka asked to borrow $4,750 from her sister, Kris, to make a mortgage payment. Kris deposited a check for that amount into Kim’s bank account. Hours later, Kim asked to
Interpretation of Contracts. Lisa and Darrell Miller had a son, Landon. When the Millers divorced, they entered into a “Joint Plan” (JP). Under the JP, Darrell agreed to “begin setting funds
Case Problem with Sample Answer—Quasi Contract. Robert Gutkowski, a sports marketing expert, met with George Steinbrenner, the owner of the New York Yankees, many times to discuss the Yankees
A Question of Ethics—Unilateral Contracts. International Business Machines Corp. (IBM) hired Niels Jensen as a software sales representative. According to the brochure on IBM’s “Sales Incentive

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