BUS 250 FINAL flautt ole miss || with 100% Error-free
Answers.
Jennifer and Hunter enter into a contract on November 1 of this year. Jennifer's friend, Nicole,
tells her, "The law generally restricts the time within which an action can be brought by either
party to a contract." Nicole's statement is: correct answers True, because of the statute of
limitations
Any property other than an interest in real property is best described as correct answers Personal
Property
Sidney bets on Ole Miss against Mississippi State, and the Rebels are 8 point favorites. The
game was back and forth for the first half, but the Bulldogs came out fired up for the second half
and unleashed a running attack for which the Rebels had no answer. Ole Miss loses by 14 and of
course, they don't cover the spread, and Sidney loses a bundle on that game. When Sidney can't
pay, Bookie Bryan threatens to sue Sidney for breach of contract. Which missing element might
prevent Bookie Bryan from enforcing this gambling agreement? correct answers Legality of
Purpose
Rescission is usually permitted where the parties to a contract are both mistaken about a material
fact. correct answers True
Lanier and Pat agree to open a liquor store together. They sign a written agreement for this, but
their agreement is hand written, not notarized and not witnessed. Under these circumstances, this
agreement will not be legally binding on either party. correct answers False
The parol evidence rule only applies to written contracts. correct answers True
David's Business Law syllabus outlines all of the requirements his students have to meet in order
to make an "A" in the class. One of those requirements is to comply with his attendance policy of
not cutting more than 3 classes for any reason. Caroline has a 98 average in the class, but her 5
absences will cost her 10 point on her final grade, which will give her an 88. If the syllabus is
considered to be a contract between teacher and student that is created when the student begins
attending and performing class activities that include doing homework, coming to class and
taking tests, which of the following statements is true?
I. David has the right to expect Caroline and his other students to obey his attendance
policy if they want to earn an "A" in the class.
II. Caroline and the other students have voluntarily assumed the duty to obey David's
attendance policy if they want to earn an "A" in the class.
III. correct answers I and II only
A material breach by the seller will discharge the buyer from his obligations under a contract.
correct answers True
, Nico owns a building that he believes is worth $250,000. Laura knows that Nico's building has a
historical significance because Elvis slept there, and that makes the building much more
valuable, but she only offers Nico $265,000 for it. Nico is suspicious of Laura and asks her why
she wants to buy the place. She says that she's always liked the building. Nico then asks Laura if
she's aware of some information that makes the building worth more than he thinks, and Laura
says nothing. For some reason, Laura's silence is reassuring to Nico, and he sells Laura the
building for $265,000. Nico later learns that the building was worth much more than Laura paid,
and also that Laura was aware of that. Laura's response, or lack of one, to Nico's question, was a
misrepresentation of fact requisite for fraud. correct answers False
The return to the aggrieved party of the consideration, or its value, which he gave to the other
party is: correct answers Restitution
Which of the following would most probably be considered a valid offer? correct answers "$200
reward for return of lost yellow-gold men's wedding band inscribed with initials JD. Believed to
have been accidentally left in girls' dorm on campus. Return to John Doe, 350 Fillmore East,
Oxford."
Algonquin, an attorney who is trying to buy a building, occupies a fiduciary relationship with
Kingfish, his client. If Algonquin buys the building from Kingfish at a low price, but before
buying it, he made full disclosure about the value of building to Kingfish, and made sure
Kingfish received independent advice from someone else, this could prevent Kingfish from
being able to avoid the transaction. correct answers True
There is only one way to completely and legally discharge a contract. correct answers False
If Wiley makes a counteroffer, it operates as an implied rejection of the original offer. correct
answers True
A liquidated debt is an obligation the existence or amount of which is not in dispute. correct
answers True
A misrepresentation is material if:
I. it would likely induce a reasonable person to enter into a transaction.
II. the maker knows it would likely induce the other party to enter into the transaction.
III. it is made knowingly. correct answers I and II only
When a bid is made at an auction, it can be revoked if the auctioneer has not yet accepted the bid
because the auctioneer has the power of acceptance. correct answers True
If a person who has been declared incompetent by the courts enters into an agreement, that
agreement is void, because it does not meet all the requirements of a binding contract. Which
essential element of a contract is missing? correct answers Contractual Capacity
