Which of the following is classified as liquidated damages Multiple Choice Deb paid her rent late and her landlord said that she would have to pay the additional $25 late fee that was specified in her rental agreement All of the hypotheticals are examples of liquidated damages Alberto, a magician, sued for what he lost in profits for a show as a result of the limo service he used to take him to the arena left his entire magic kit back on the street in front of his hotel Drago agreed to do Trixie's taxes for $500 The day before the taxes were due, Drago told Trixie he was sick of doing taxes and was going on a European vacation Trixie had to have another tax accountant do her taxes and they charged her $1,000 because it was last minute In January, Strong Incorporated entered into a contract to be the sole supplier of a standard type of computer chip to Technik Industries, a laptop computer manufacturer in Houston In June, Strong won the bid on a huge contract to be computer chip supplier to the Department of Defense and was unable to be the supplier of computer chips to Technik Without seeking Technik's permission, Strong delegated the duties on the Technik computer chip contract to ProTech, a company that manufactured laptops and computer chips Strong management believed this would be a perfect solution, as Protech was also based in Houston What is the status of this delegation Multiple Choice It is not a valid delegation because you may not delegate duties on a contract to a competitor of the nondelegating party It is a valid delegation because the manufacturing of standard computer chips does not involve special personal skills It is not a valid delegation because you may not delegate any business related duties without the explicit permission of the other party to the contract It is a valid delegation unless there is an antidelegation clause in the original contract between Strong and Technik Brandon's Computers Incorporated (BCI) entered into an agreement to purchase all of the computer chips that BCI needed for the next year from Chipco What is this agreement called Multiple Choice an exclusives contract an input contract an output contract a requirements contract Under the UCC, open terms, or missing provisions in a contract, are Multiple Choice entirely acceptable so long as there is evidence the parties intended to enter into a contract and other terms are sufficiently articulated to provide for remedy in the case of a breach absolutely forbidden and void the contract only allowed if the open term is quantity never acceptable because the UCC requires that all commercial transactions for the sales of goods be outlined with specificity and thoroughness Seale Manufacturing and Keen Enterprises entered into a contract for Seale to deliver 500 aircraft parts to Keen in consideration of $50,000 The contract was written and signed by both parties, but had no provision indicating when the risk of loss passed from Seale to Keen in the shipment Which of the following is generally true of this agreement Multiple Choice It will be considered a shipment contract It will be considered a unilateral contract It will not be considered a valid contract because contracts governed by the UCC require that shipment terms be stated clearly It will be considered a destination contract Honest Bill the used car salesman told Fran, a prospective customer, that the car she was considering had only been driven by a little old lady on Sunday and had only 30,000 miles on it Honest Bill knew this was a lie and that the mileage had been altered, as the car actually had 230,000 miles on it Which of the following would Honest Bill's actions be if Fran buys the car in reasonable reliance upon his lies and the car breaks down a week after she buys it Multiple Choice fraudulent misrepresentation trade libel product disparagement slander Basic Technologies manufactured an engine that was used in small airplanes The engineers specified B grade wiring to be used in the engine When Bonnie flew an airplane with a Basic Technologies engine, the wiring failed and the plane crashed, injuring her Bonnie claimed that the plane should have had the more heavy duty A grade wiring on the engine Bonnie is claiming which of the following products liability defects Multiple Choice warranty marketing manufacturing design

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Which of the following is classified as liquidated damages? Multiple Choice Deb paid her rent late and her landlord said that she would have to

Which of the following is classified as liquidated damages?

Multiple Choice

Deb paid her rent late and her landlord said that she would have to pay the additional $25 late fee that was specified in her rental agreement.
All of the hypotheticals are examples of liquidated damages.
Alberto, a magician, sued for what he lost in profits for a show as a result of the limo service he used to take him to the arena left his entire magic kit back on the street in front of his hotel.
Drago agreed to do Trixie's taxes for $500. The day before the taxes were due, Drago told Trixie he was sick of doing taxes and was going on a European vacation. Trixie had to have another tax accountant do her taxes and they charged her $1,000 because it was last minute.

In January, Strong Incorporated entered into a contract to be the sole supplier of a standard type of computer chip to Technik Industries, a laptop computer manufacturer in Houston. In June, Strong won the bid on a huge contract to be computer chip supplier to the Department of Defense and was unable to be the supplier of computer chips to Technik. Without seeking Technik's permission, Strong delegated the duties on the Technik computer chip contract to ProTech, a company that manufactured laptops and computer chips. Strong management believed this would be a perfect solution, as Protech was also based in Houston. What is the status of this delegation?

Multiple Choice

It is not a valid delegation because you may not delegate duties on a contract to a competitor of the nondelegating party.
It is a valid delegation because the manufacturing of standard computer chips does not involve special personal skills.
It is not a valid delegation because you may not delegate any business-related duties without the explicit permission of the other party to the contract.
It is a valid delegation unless there is an antidelegation clause in the original contract between Strong and Technik.

Brandon's Computers Incorporated (BCI) entered into an agreement to purchase all of the computer chips that BCI needed for the next year from Chipco. What is this agreement called?

Multiple Choice

an exclusives contract.
an input contract.
an output contract.
a requirements contract.

Under the UCC, open terms, or missing provisions in a contract, are

Multiple Choice

entirely acceptable so long as there is evidence the parties intended to enter into a contract and other terms are sufficiently articulated to provide for remedy in the case of a breach.
absolutely forbidden and void the contract.
only allowed if the open term is quantity.
never acceptable because the UCC requires that all commercial transactions for the sales of goods be outlined with specificity and thoroughness.

Seale Manufacturing and Keen Enterprises entered into a contract for Seale to deliver 500 aircraft parts to Keen in consideration of $50,000. The contract was written and signed by both parties, but had no provision indicating when the risk of loss passed from Seale to Keen in the shipment. Which of the following is generally true of this agreement?

Multiple Choice

It will be considered a shipment contract.
It will be considered a unilateral contract.
It will not be considered a valid contract because contracts governed by the UCC require that shipment terms be stated clearly.
It will be considered a destination contract.

Honest Bill the used car salesman told Fran, a prospective customer, that the car she was considering had only been driven by a little old lady on Sunday and had only 30,000 miles on it. Honest Bill knew this was a lie and that the mileage had been altered, as the car actually had 230,000 miles on it. Which of the following would Honest Bill's actions be if Fran buys the car in reasonable reliance upon his lies and the car breaks down a week after she buys it?

Multiple Choice

fraudulent misrepresentation
trade libel
product disparagement
slander

Basic Technologies manufactured an engine that was used in small airplanes. The engineers specified B-grade wiring to be used in the engine. When Bonnie flew an airplane with a Basic Technologies engine, the wiring failed and the plane crashed, injuring her. Bonnie claimed that the plane should have had the more heavy-duty A-grade wiring on the engine. Bonnie is claiming which of the following products liability defects?

Multiple Choice