ASCM 627 Summer 2016 Midterm Exam INSTRUCTIONS a. This Midterm exam covers all materials presented up to this point in the course. There are a total of 20 questions worth 5 points each for a total of 100 points. Enter your answer where indicated. All answers are to be in 'RED'. This is an open book/note/conference, etc. test, but it is not a group project and must be completed individually. You may also require access to LexisNexis Academic through the UMUC online Library. This exam does not intentionally cover the Legal Considerations in Contracting Student Material; however, that material may be helpful. b. Please read each question carefully. For multiple choice questions, select the best answer in order to have the correct answer. I have made efforts to have no trick questions, The answer to the one essay question should be concise (no greater than 250 words per answer), specific, and to-the-point. APA format and references not required (except of course where the reference/citation is the answer). Long, rambling answers will result in lost points. c. Your completed exam file must be renamed (with your name as part of the file name) and posted to your Assignments folder no later than the date and time specified in the Classroom (Saturday, June 18, 2016). There are no exceptions to the exam deadline date and time, so be sure to double-check that you have correctly posted the correct exam to your Assignments folder. NAME: [Enter Your Name Here] 1. Agents are said to have various types of authority. Although there a number of labels for such authority, I would like you to identify just three types of authority of agents. Your Answer => 2. What is the generic term for the organization or individual to whom an agent owes various duties and on whose behalf the agent acts? Your Answer => 3. What \"generic\" business law has been enacted in all 50 states for the purpose of establishing uniformity among the laws of the states? Your Answer => 1 4. With reference to the law referred to in the Question No. 3, which state has not enacted the part of that law pertaining to the sales of goods? Why was not enacted in that state? Your Answer => 5. Name the four essential elements of an enforceable contract. I'm looking for my list. Your Answer => 6. What two legally significant actions by the parties constitute an agreement? Your Answer => 7. In the law referred to in Question No. 3, provide the \"generic\" (i.e., not state specific) citation for the specific section that describes a \"firm offer.\" Your Answer => 8. Jimmy John and Donna Jean are negotiating the purchase of their first house. Jimmy John, fresh out of law school, assures his wife that Article 2 will protect them even if the contract of sale doesn't. Jimmy John is: a. Correct as all of Article 2 of the UCC covers real estate. b. Incorrect as Article 2 does not cover real estate. c. Misinformed - it's really Article 2A of the UCC. d. Going to make a great contracts lawyer. Your Answer => 9. Prior to the implementation of the law referred to in Question #3, a party reviewing an offer had to agree to that offer exactly as the offer was made. What is the name of the legal rule that embodied this requirement? Your Answer => 2 10. Part of our common law legal heritage from England is a statute enacted in the 17th Century that required certain types of contracts to be in writing to be enforceable. Many states have enacted laws that cover a similar issue in different ways. What is the generic name of this type of statute? Your Answer => 11. Under Maryland Commercial Law, what type of contract must be in writing to be valid? For an extra point, correctly cite the statutory section specifying this requirement. Your Answer => 12. In what way can an offer be accepted other than in writing (which could include faxes and emails and such) or orally? Your Answer => 13. ABC Corporation sends XYZ Ltd. a purchase order for $100,000 worth of goat cheese. The purchase order contains numerous terms and conditions. XYZ sends ABC an acknowledgment form with XYZ's terms and conditions. XYZ's form provides for arbitration if there is a dispute, and limits XYZ's liability to $50,000. As a result, the parties' terms conflict. What is the colloquial term for situation? What generic UCC reference addresses this situation? Your Answer => 14. You are a Contracting Officer for the Coast Guard. A solicitation is being prepared for bids to build a new prototype all-electric cutter for the Coast Guard. Your first impression is to use a cost-plus contract. You know, however, that there is one type of cost-plus contract that you legally cannot use. That type of contract is: a. Cost plus a fixed fee b. Cost plus incentive fee 3 c. Time and Materials d. Cost plus a percentage of cost Your Answer => 15. In the event that the parties to a contract fail to include a delivery provision, the \"gap filling\" provisions of the UCC will deem that delivery will be made: a. At the nearest warehouse b. At a convenient train station c. FOB Buyer's location d. None of the above. Your Answer => 16. Father and daughter are in contentious litigation. Both are represented by counsel. Father sends daughter a Mother's Day card that plays the Roy Orbison's song, \"Anything You Want...\" Does that constitute a settlement offer? Why, or why not? Your Answer => 17. You receive an email from Fozzie Bear, an employee of Her Majesty's Imperial Bank in Brisbane, Australia. He informs you that he is the bank's head auditor, and has isolated a long dormant account in the amount of US$4,552,155.24. He further informs you that the accountholder died many years ago without any heirs. With the assistance of another employee, he tells you that he can arrange for a transfer of the funds to your US account. In return for his services, he only asks for a 20% fee. If you accept Fozzie's offer, will you under US law have an enforceable contract? a. Yes, but I would want a written agreement. 4 b. Yes, we'll both get consideration out of the arrangement. c. No, the subject matter of this contract is probably illegal under US law. d. Yes, but only if I give the money to charity. Your Answer => 18. The Federal Acquisition Regulation (FAR) is very specific on requirements for government contractors regarding equal employment opportunity (EEO). FAR Subpart 22.8 actually implements a Presidential decree requiring federal contractors to implement EEO requirements. That presidential decree is specifically identified as: a. The Equal Employment Opportunity Act of 1972 b. Executive Order 11246 of September 24, 1965 c. Fair Employment Act of August 20, 1951 d. Buy American Act of July 26, 1962 Your Answer => 19. As a general rule, the US Government cannot be sued due to the legal concept of \"sovereign immunity.\" Despite that rule, a government contractor can sue the federal government due to the Government's \"waiver\" of sovereign immunity. Relative to contracting and procurement claims, under what law does the Government waive its immunity? (Hint: You'll need to cite the name and legal citation of that law as found in the US Code. There are two statutes; I will accept either one as long as it includes the correct citation.) Your Answer => 20. A government bidder or offeror can file a protest against a federal agency's procurement actions both before and after a contract award. Name the 3 venues in which the contractor can file such a protest. 5 Your Answer => 6