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OMGT 4313 Law and Ethics Final Questions & answers
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OMGT 4313 Law and Ethics Final Questions & answers
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OMGT 4313 Law and Ethics FinalArticle 2 of the Uniform Commercial Code (UCC) Applies to which types of contracts? -
ANS-Contracts for sale of goods
Does an international sales contract for the sale of goods exceeding $500 have to be in
writing to be enforceable in court ? - ANS-No, because the 1980 U.N Convention on
Contracts for the International Sale of Goods does not include a statute of frauds
What is the standard measure of compensatory damages in a contract lawsuit? -
ANS-the difference between the value of the breaching party's contractually promised
performance and the value of the breaching party's actual performance
If a court decides a contract must be rescinded, what follows? - ANS-restitution (each
side must return goods, property, or funds previously conveyed under the rescinded
contract)
Sometimes courts decide that monetary damages are not an appropriate remedy for a
breach of contract. In such instances, courts 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 of and restitution - ANS-I, II, and IV
I. Specific performance
II. reformation
III. Rescission and restitution
May an intended third party to a contract sue if one of the parties breaches the
contract? - ANS-Yes
Lara was joking with a friend about selling her car for $2000 and only riding her bike to
and from work. The friend said " I accept your offer" . Is there an enforceable contract
between Lara and her friend? (i.e If Lara refuses to deliver the car to her friend , will the
friend succeed in a lawsuit to compell Lara to deliver the car? - ANS-No, because Lara
did not objectively intend to be bound by her offer to sell her car for $2000.
,How is a contract different from a promise creating a moral obligation? - ANS-a contract
is enforceable in court; a moral obligation is not
How must the offorree accept the offer to form a bilateral contract? - ANS-promising to
perform; once there is a promise for a promise, then an enforceable contract is formed.
Generally, employees of a company who deal with third parties are __________ of the
company. - ANS-agents
An agent may have express authority (duties specifically stated in writing or orally) and
implied authority. What is implied authority ? - ANS-authority to do what is reasonably
necessary to carry out express authority
May a 14-year-old entrepreneur be a principal, contracting with another person to be his
agent ? - ANS-No, a person must have contractual capacity to be a principal
Taxi Co. Contracts to purchase two limousines from Custom Cars with a 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 canceled the prom and wedding contracts? - ANS-Yes
because these were consequential damages: indirect losses related to Custom Car's
breach, which was foreseeable as Custom Cars knew of the prom and wedding
contracts.
Tour Co. contracts to provide tours of Yellowstone National Park to a group of tourist
from Europe in June. The tourist are scheduled to fly back to Europe on July 1st.
Because of a standoff in Congress, national park funding is cut and Yellow Stone
National Park is closed to all tourist for the month of June. What is the likely outcome of
this situation? - ANS-The contract is discharged and Tour Co. is not required to perform
because of impossibility of performance.
Under the common law of contracts a party is entitled to payment if the party
substantially performs the contract. The elements of a substantial performance are 1.)
The party performed in good faith, 2.)The performance must not vary greatly from the
promised performance, and 3.) - ANS-The performance creates substantially the same
benefit as the contractually promised performance
, A parties duties under a contract may be discharged (terminated) by the parties
performance of the duties or by - ANS-Agreement of the parties
Party A and Party B enter into a contract. Party B seeks to have Party C take the place
of Party B. All three parties agree to this substitution, agreeing to extinguish the original
contract, and create a new contract between Party A and Party C. This is called -
ANS-novation
Which of the following are a defense to a negligience claims?
I. Superseding Event
II. Assumption of risk
III.res ipsa loquitor - ANS-I and II only
I.Superceding Event
II. Assumption of risk
Ed left his healthy prized bulldog, Bowzer ,with Dog Hotel for one weekend. When Ed
arrived to pickup Bowzer, he learned that Bowzer had died. Ed sued Dog Hotel. Ed's
attorney argued that Dog Hotel is liable because of ______. - ANS-es ipsa loquitor
If a defendant loses i a civil case, the defendant is found _______. - ANS-liable
In a contract for a sale of goods, what happens if the acceptance contains a term that is
different than a term contained in the offer? - ANS-the battle of the forms analysis is
applied
How does the UCC differ from the common law of contracts with regard to the terms of
the contract? - ANS-The UCC allows contracts to be formed with indefinite terms,
whereas the common law requires definite terms.
Some contracts include a condition. A condition is a qualification based on the
occurrence or non-occurrence of a __________________ which will trigger
performance of the contract or terminate the contract. - ANS-future event
Office Hospitality Co. contracts to provide Dunkin' Donuts coffee to the all the break
rooms of Mega Factory for one year. Two months into the contract, Dunkin' Donuts
decides not to supply Office Hospitality Co. Starbucks agrees to supply Office
Hospitality Co. and the break rooms of Mega Factory have Starbucks coffee instead of
Dunkin' Donuts coffee for the final ten months of the contract. At the end of the year
Mega Factory refuses to pay Office Hospitality, alleging breach of contract. If Office
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