Business Law 2700 Auburn University (Questions + Answers) Solved
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Business Law 2700 Auburn University
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Business Law 2700 Auburn University
BamBam may not assign the rights and obligations under her life insurance policy to her
father, Fred, if the assignment would materially alter the risk and duties of the insurance
company. - ️️True. When a transfer of assignment in a contract, or in this case of
an insurance policy, the righ...
Business Law 2700 Auburn University
BamBam may not assign the rights and obligations under her life insurance policy to her
father, Fred, if the assignment would materially alter the risk and duties of the insurance
company. - ✔️✔️True. When a transfer of assignment in a contract, or in this case of
an insurance policy, the rights and obligations must not benefit one party to incur loss to
another.
Richie's Roofers, Inc. doesn't want to perform their contract with you because they can
get 2 times the money from someone else to work for them. You agree with Richie's
Roofers, Inc. to meet the other party's price because you are desperate to get Richie's
Roofers, Inc. work completed for your project. The new contract in enforceable as an
Accord and Satisfaction. - ✔️✔️False. There must be a dispute.
The assent of parties to a contract must be voluntary. - ✔️✔️True. No contract may be
enforced if a party does not voluntarily agree to its terms.
JimBob bought what he thought was the prettiest brass ring out of a box of brass rings
at IdaMae's yard sale for 50 cents. JimBob thought this would look nice on the left finger
of his 13 year old cousin LuLu. It turns out the ring was worn by Catherine the Great,
was made of solid 24K gold, and worth $300,000.00. IdaMae can claim this was a
mutual mistake of value and get the ring back from JimBob. - ✔️✔️False. Mutual
Mistakes of Value or of Fact are insufficient cause to nullify any agreements.
Raffles agreed to purchase a shipload of cotton on the ship Peerless from Wichelhaus.
Raffles thought the agreement was for the ship Peerless arriving in December,
Wichelhaus thought the agreement was for the ship Peerless arriving in March. Neither
party may get out of this agreement. - ✔️✔️False. Either party is able to get out of this
agreement.
If one party makes a mistake in a contract, that party may generally get out of the
contract. - ✔️✔️False. Each party is responsible for any agreements made in a
contract. It would be unfair to punish a party that fulfilled their responsibilities of the
contract while rewarded another party that failed to fulfill theirs.
Fraud on the part of one party allows the other party to rescind a contract. - ✔️✔️True.
Each party is responsible for any agreements made in a contract. It would be unfair to
punish a party that fulfilled their responsibilities of the contract while rewarded another
party that failed to fulfill theirs.
The only copy of a contract is on a Flash Drive. This contract is unenforceable if it is one
of the six types of contracts which must be in writing under the Statute of Frauds to be
, enforceable. - ✔️✔️False. Flash Drives are now considered as a valid form of contract
as long as the parties acknowledge the contract and it is approved by the appropriate
court.
Handwritten terms on a contract usually take precedence over conflicting typed terms. -
✔️✔️True. Handwritten terms are more recent additions and amendments to the terms
of a contract and therefore are regarded before any typed terms.
The Parol Evidence Rule generally prevents Leroy from introducing evidence in court of
oral agreements which conflict with the terms on the valid written contract he has with
Tater. - ✔️✔️True. Written terms of a contract take precedence over oral agreements
because there is more evidence supporting terms that can be easily viewed. However,
both written and oral agreements are considered during disputes.
A gift promise in unenforceable by the courts because there isn't adequate
consideration. - ✔️✔️True. The consideration of this gift is not for the courts to decide
but it does nothing to benefit economic growth.
An "Assignment of All Rights" under a contract means an assignment of the rights and a
delegation of the duties under a contract. - ✔️✔️True. All rights under a contract
include the rights, delegations, and duties that are otherwise stated in the original
contract.Failure to fulfill the terms of the contract by the original party or the transferred
party would be a Breach of Contract.
Ke$ha cannot assign her contracts to perform a concert at Auburn University to Lady
GagGag. - ✔️✔️True. This is in accordance with the Specific Performance of a duty.
Even though both performers may have "similar" performing abilities, they are not the
exact same performer and therefore may not assign a contract to another.
Courts generally consider the adequacy of consideration in a contract. - ✔️✔️False.
The adequacy of consideration is never considered by the courts because it is not their
responsibility to determine the worth of the contract to each party.
A breach of a contract usually calls for a monetary remedy since a contract is an
economic transaction. - ✔️✔️True. Whenever a Breach occurs, it is usually taken to
court where the plaintiff asks for damages from the defendant for the losses they have
incurred.
Shimmy Shammy, Inc. offers you a job for $100,000 a year as a cotton broker in Atlanta
upon your graduation. You accept. When you graduate they tell you the job in Atlanta
has been eliminated, but the exact same job and pay are available in Buffalo, NY. You
have a duty of care to mitigate Shimmy Shammy, Inc.'s damages to you. - ✔️✔️False.
You are do not have a duty of care to mitigate damages because the jobs must be
similar enough that no "extreme" differences occur. The difference between Atlanta and
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