33. Byron bought out the entire inventory of 1,000 Sony LCD Television sets from the local K-Mart store that was being closed, for S150 each Byron hires Lorenzo as his agent, and give him authority to negotiate and signa sales contract with Costco Corporation for the sale of these Sony TV sets for the highest amount possible, hopefully for about 300 per set. Lorenzo is to get 5% commission on the sale. The Costco buyer makes this offer to Lorenzo: We will pay you (Lorenzo) a S10,000 under-the-table bonus if you let us buy the entire inventory of Sony TVs for $250 each. What obligation does Lorenzo have to Byron? a. Lorenzo has an obligation to share the information on the entire offer (including the S10,000 bonus) to his principal Byron b. Lorenzo has an obligation just to share the information on Costco's offer to buy the TVs for $250, and does not have to reveal the bonus that was offered to him. c. Lorenzo does not have any obligations to Byron - he can just sign an acceptance of Costco's offer of $250 per unit on behalf of Byron, and take the bonus without telling Byron 34. Marvin and Marietta are brother and sister. They also have an older brother, Roberto, who lives in Italy. Mom sets up a S50,000 bank account with Mom, Marvin, and Marietta allas Joint Tenants With Right of Survivorship. When Mom dies, she does not leave a Will Who now owns the $50,000? a. Roberto, because he is the elder brother. b. Roberto, Marvin, and Marietta cachown 1/3 of the account c. Marvin and Marietta cach owns of the account 35. An offer can be revoked by the maker of the offer: A) anytime B) anytime, prior to acceptance of the offer by the offeree C) only during the first 24 hours after the offer has been made. 36. When John comes home from work one evening, he finds that the leaves in his front yard have been raked and put in bags. Later, a man comes to collect for the yard work done. John refuses to pay for the work since he has never seen the man before and did not hire him to do his yard work. Which of the following answers is most accurate? a This is an implied, unilateral contract and John must pay the reasonable price request man. b. John has to pay as this is an implied, bilateral executed contract. c. The court would order John to pay the reasonable value of the yard work because of conferred on him d. John would not have to pay for the yard work as he did not have the opportunity to re proposed work. 37. The state "statute of limitations will determine how much time a plaintiff has, after an accident or breach of contract, in which to file a lawsuit against a defendant. True False. 38. Nick files an action in the local court, against Heather. He is claiming that she is about to publish a book that is defamatory to Nick's reputation. He wants the court to issue an order that would keep Heather from publishing the book. The type of court order that he is seeking would be: a. an equitable remedy called rescission b. an equitable remedy called specific performance c. an equitable remedy called injunction d. a legal remedy called damages e. a legal remedy called punitive damages 39. Sonia is a painter who has just finished a painting called "Deliverance." In addition to owning the physical painting itself, Sonia also automatically owns the copyrights to this painting. True False
