OMGT Final Exam QUESTIONS AND ANSWERS / GRADED A /2023/2024 / ALL ANSWERS CORRECT
0 view 0 purchase
Course
OMGT GRADED A
Institution
OMGT GRADED A
OMGT Final Exam QUESTIONS AND
ANSWERS / GRADED A /2023/2024 / ALL
ANSWERS CORRECT
Mega Co. contracts with Service Co. to manufacture 100 custom service
trucks, to be delivered in ten months. One month after making the
contract, Mega Co. learns that its supplies will cost double what it
e...
OMGT Final Exam QUESTIONS AND
ANSWERS / GRADED A /2023/2024 / ALL
ANSWERS CORRECT
Mega Co. contracts with Service Co. to manufacture 100 custom service
trucks, to be delivered in ten months. One month after making the
contract, Mega Co. learns that its supplies will cost double what it
expected. Thus, Mega Co. will lose $800,000 if it performs the contract
with Service Co. Mega Co. advises Service Co. that it will not perform
under the contract. This is called ______. - CORRECT ANSWER
Anticipatory repundiation
The ___________ establishes a deadline by which a party must sue to
enforce a contract. - CORRECT ANSWER Statute of limitations
If Party A breaches the contract, Party B can 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
A party's duties under a contract may be discharged (terminated) by the
party's performance of the duties or by ____________. - CORRECT
ANSWER Agreement of the parties
,Which of the following are defenses to negligence claims? I.
superseding event; II. assumption of risk; III. res ipsa loquitor - CORRECT
ANSWER I and II only
Which negligence doctrine states the following "violation of a statute
that proximately causes an injury" creates liability? - CORRECT ANSWER
negligence per se
Which of the following are required elements to prove a lawsuit for
negligence? I. defendant owed duty of care; II. defendant breached
duty; III. injury to plantiff; IV. defendant's break of duty caused by
injury; V. defendant's breach of duty was proximate cause of plantiff's
injury - CORRECT ANSWER I, II, III, IV, and V
What is an unconscionable contract? - CORRECT ANSWER a contract
that a court will not enforce because the contract is too unfair and one-
sided
How does the UCC differ from common law of contracts with regard to
the terms of the contract? - CORRECT ANSWER the UCC allows
contracts to be formed with indefinite terms, whereas the common law
requires definite terms
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
, 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
Lara was joking with a friend about selling her new 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 compel Lara to deliver the car?) - CORRECT
ANSWER No, because Lara did not objectively intend to be bound by
her offer to sell her car for $2000
Marc bought a boat. Which law governs that type of contract (a sale of
goods)? - CORRECT ANSWER The UCC as passed by the state where
the contract occurs
What is the purpose of consequential damages in contract? - CORRECT
ANSWER to cover indirect, but foreseeable losses
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller laurenjames. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
