Assignment
Question 1
If an offeree accepts an offer before it is revoked:
a voidable contract is formed.
a valid contract is formed.
a void contract is formed.
an unenforceable contract is formed.
Question 2
Bill draws up a simple contract to buy Pam's horse. Pam initials the contract on the seller's signature line. Bill signs his full name as the buyer.
Bill has satisfied the Statute of Frauds requirements, but Pam has not.
Bill and Pam have not satisfied the Statute of Frauds.
Bill and Pam have satisfied the writing requirement as to signatures of the Statute of Frauds.
Pam must sign her full name to satisfy the writing requirement as to signatures of the Statute of Frauds.
Question 3
The Uniform Commercial Code concerns:
none of the above.
new goods only.
both new and used goods.
used goods only.
Question 4
When it is clear that the parties intended to enter into contract, but a term in the acceptance conflicts with a term in the offer, then:
there is no contract.
there is a contract, and the conflicting term in the offer is part of the contract.
there is a contract, but the conflicting terms cancel out.
the acceptance is viewed entirely as a counteroffer.
Question 5
When an anticipatory repudiation of a contract occurs, the injured party may:
immediately declare breach of contract.
do nothing and wait for performance per the contract.
consider the contract canceled.
all of the above.
Question 6
Damages in excess of any actual loss are:
compensatory damages.
nominal damages.
restitution.
punitive damages.
Question 7
The money damages recoverable when a contract has been breached and the other party suffered clear loss are considered:
punitive damages.
damages for annoyance and mental upset.
liquidated damages.
compensatory damages.
Question 8
Statutes of limitations apply, for the most part, to:
none of the above.
criminal wrongs only.
both criminal and civil wrongs.
civil wrongs only.
Question 9
Torts are specifically:
physical crimes against persons or property.
physical crimes against persons.
none of the above.
civil wrongs causing injuries to others not arising from breach of contract.
Question 10
If an offeree dies before the offer has been accepted, the offer:
may be accepted by the surviving spouse of the offeree.
may be accepted by the guardian appointed for any minor children of the offeree.
is automatically revoked by the death of the offeree.
may be rejected by the surviving spouse of the offeree.
Question 11
Sam is an employee of Big Time Industries, Inc. He constantly uses high-pressure tactics when selling Big Time's products. Mark, his boss, finds out about these tactics. In order to maintain an ethical workplace, Mark will most likely:
encourage other employees to use these tactics.
look the other way.
discharge Sam for unethical behavior.
congratulate Sam for achieving profits.
Question 12
Sam owns a small steel business. The Environmental Protection Agency (EPA) believes his business is polluting the air. The EPA may:
conduct, without notice, a hearing to revoke the company's operating permits.
issue a formal complaint against the company.
any of the above.
conduct an on-site inspection with no legitimate purpose.
Question 13
The basis for the law system in the U.S. today has its origins in:
Roman natural law.
Greek statutory positivism.
French Napoleonic law.
English common law.
Question 14
Susan is a candidate for mayor. Sarah tells the local newspaper that Susan is a drug addict. If the newspaper publishes this information and it is untrue, then it is:
slander.
libel.
intentional malice.
privileged communication.
Question 15
All goods not existing at the time of a transaction are called:
tangible goods.
existing goods.
intangible goods.
future goods.
Question 16
Billy has an online business selling wine. One of his disgruntled customers sets up a website using his company name and adds the word "thief" to it. Billy will most likely:
prevail in court.
could defend his company by buying the offensive Internet domain.
not prevail in court.
both B and C.
Question 17
If a liquidated-damages clause is unreasonably high, the clause will be held to be void as a(n):
punishment.
unliquidated damages clause.
penalty.
both A and C.
Question 18
The party in a quasi-contractual (unjust enrichment) action can recover:
lost profits.
the reasonable value of the benefit conferred upon the defendant.
damages for mental distress.
for all the damages sustained.
Question 19
Mike owns Saddle Up, a leather store. Anna owns Hitchen Post, a clothing store, in the same shopping area. Mike sends his employee to stand in front of the doors at Hitchen Post giving out coupons. This may be:
unethical but lawful.
wrongful interference with a business relationship.
none of the above.
lawful because of free enterprise laws.
Question 20
Statutes of Limitations never apply to:
criminal and civil wrongs from the same act.
criminal wrongs.
civil wrongs.
none of the above