Question 23 (1 point) Pam hires Angela to be her real estate agent. Pam tells Angela, "I am leaving town, but I give you power to buy a house for me anywhere on South Street while I am gone." After Pam leaves, Angela finds a house on South Street and enters into a contract for its purchase. Then, Angela hires an appraiser, a surveyor, and a home inspector to evaluate the house. Angela did this because it is normal industry practice to hire these people as part of a real estate purchase. When Pam returns from the trip, she says, "Angela, I can't believe you spent my money on an appraiser, a surveyor, and a home inspector! I only gave you permission to buy a house." Wa there an agency relationship with regard to all of Angela's actions? a) Yes. Angela had implied authority to buy the house and express authority to do the other things. Ob) ) No. Angela had implied authority to buy the house, but she had no authority to do the other things. c) Yes. Angela had express authority to buy the house and implied authority to do the other things. d) No.Angela had express authority to buy the house, but she had no authority to do the other things. Question 24 (1 point) Dunder Mifflen, Inc., contracts to sell 200 reams of paper to Vance Refrigeration, Inc. The contract anticipates that Dunder Mifflen will ship the goods on a truck. The day before the reams are shipped, a hurricane hits, and all the roads are destroyed. Dunder Mifflen calls Vance and informs it that they cannot honor the contract because they cannot get their trucks through town. Vance tells Dunder Mifflen to rent a helicopter and ship the goods. Dunder Mifflen responds that renting a helicopter would be so expensive it would severely harm its business. What is the most likely result O a) Dunder Mifflen must still ship the goods because performance is still possible b) Dunder Mifflen does not have to ship the goods because performance is commercially impracticable Oc) Dunder Mifflen must still ship the goods because a party may never be released from its contractual obligations d) Dunder Mifflen does not have to ship the goods because a party always has the right to be released from its contractual obligations Question 25 (1 point) When a party offers to perform their obligations under a contract, it is called a) breach b) a condition c) substantial performance d) release e) tender Question 26 (1 point) The "parol evidence rule" keeps evidence out of court that comes into existence before a fully integrated contract is signed. True False Question 27 (1 point) Liquidated damages are a) an equitable remedy applied by a court b) related to property flooding due to storm surge c) awarded by a court for the unforseen financial harm suffered by an innocent party d) None of the above Question 28 (1 point) If a contract is ambiguous, the person who wrote it will be able to decide what it means. True False Question 29 (1 point) How are a waiver and a release similar? a) both make a party liable for failing to perform b) both excuse nonperformance of a contract Oc) both occur after a contracting party fails to perform d) both occur before a contracting party fails to perform