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OMGT 4313 Final GRADED A LATEST 2023/2024 -200 QUESTIONS AND ANSWERS
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OMGT 4313 Final GRADED A LATEST 2023/2024 -200 QUESTIONS AND ANSWERS
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OMGT 4313 Final GRADED A LATEST2023/2024 -200 QUESTIONS AND
ANSWERS
The _________________ establishes a deadline by which a party must sue to
enforce a contract - CORRECT ANSWER Statute of limitations
Under the common law of contracts, a party is entitled to payment if the party
substantially performs the contract. The elements of substantial performance are
1) the party performed in good faith, 2) the performance must not vary greatly
from the promised performance, and 3) ____________. - CORRECT ANSWER the
performance creates substantially the same benefit as the contractually promised
performance
Tour Co. contracts to provide tours of Yellowstone National Park to a group of
tourists from Europe in June. The tourists are scheduled to fly back to Europe on
July 1st. Because of a standoff in Congress, national park funding is cut and
Yellowstone National Park is closed to all tourists for the month of June. What is
the likely outcome of this situation? - CORRECT ANSWER The contract is
discharged and Tour Co. is not required to perform because of impossibility of
performance.
If Party A breaches the contract, Party B may sue for damages. Party B still must
perform any outstanding duties under the contract, unless Party A's breach was
________________, in which case Party B is discharged from performance. -
CORRECT ANSWER material
,Sometimes courts decide monetary damages are not an appropriate remedy for a
breach of contract. In such instances, the court may award an equitable remedy.
Which of the following is a type of equitable remedy? I. specific performance, II.
reformation, III. compensatory damages, IV. rescission and restitution. - CORRECT
ANSWER I, II, and IV
A contract is not enforceable when a party did not voluntarily consent to the
contract. Which of the following circumstances may create lack of voluntary
consent? I. fraud, II. duress, III. insanity. - CORRECT ANSWER I and II
Often a breach of contract lawsuit results in an award of money damages.
However, sale of land contracts are usually treated differently. How do most states
resolve lawsuits where the seller of land has breached and not delivered the
parcel of land? - CORRECT ANSWER courts order the seller to specifically
perform the contract, awarding ownership of the land to the non-breaching buyer.
Taxi Co. contracts to purchase two limousines from Custom Cars with delivery to
occur on May 1. Taxi Co. explained to Custom Cars that on-time delivery was very
important because the limousines were booked for 4 proms and 8 weddings in
May. Custom Cars breached the contract and never delivered the two limousines.
Taxi Co. had to cancel the prom and wedding contracts. In a lawsuit, will Taxi Co.
be able to recover the profits it lost when it cancelled the prom and wedding
contracts? - CORRECT ANSWER Yes, because these were consequential damages:
indirect losses related to Custom Cars' breach, which were foreseeable as Custom
Cars knew of the prom and wedding contracts
Sherry signs a contract for an outdoor adventure class with Wilderness Co. The
contract says Wilderness Co. will not be liable to Sherry for any harm she incurs
because of fraudulent acts on the part of Wilderness Co. Sherry is injured because
of a fraudulent act of Wilderness Co. and brings a lawsuit against Wilderness Co.
Wilderness Co. asks the court to dismiss the lawsuit because of the exculpatory
, clause in the contract. What is the probable ruling of the court? - CORRECT
ANSWER Sherry's lawsuit may proceed because courts usually will not enforce
contract provisions excluding liability for fraudulent acts.
What is the name for a situation where the parties fail to form a contract and have
no contractual legal rights? - CORRECT ANSWER void contract
If there is a dispute as to whether a contract was formed, courts look to the
______________ . - CORRECT ANSWER the objective facts as interpreted by a
reasonable person
Big Co. hires Melody to steal trade secrets (which is a crime) from a competitor.
Big Co. does not pay Melody after she delivers the trade secrets to Big Co. What is
the likely outcome if Melody sues Big Co. for breach of contract? - CORRECT
ANSWER She will lose because the contract was for an illegal purpose and
therefore is void
A plaintiff in a negligence lawsuit proves that the defendant owed a duty of care,
breached the duty of care, and that defendant's breach of the duty caused injury
to the plaintiff. However, the plaintiff fails to prove defendant's breach of duty was
proximate cause for plaintiff's injury. What is the outcome? - CORRECT ANSWER
Plaintiff has not proven its claim and will not recover a judgment from the
defendant.
Which negligence doctrine states the following "violation of a statute that
proximately causes an injury" creates liability? - CORRECT ANSWER negligence
per se
Ed left his healthy prize bulldog, Bowzer, with Dog Hotel for one weekend. When
Ed arrived to pick up Bowzer, he learned that Bowzer had died. Ed sued Dog Hotel.
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