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OMGT 4313 Final Test| questions with 100% Correct Answers | Updated 2024 | Guaranteed success
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OMGT 4313 Final Test| questions with 100% Correct Answers | Updated 2024 | Guaranteed success
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OMGT 4313 Final Test| questions with 100%Correct Answers | Updated 2024 | Guaranteed
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Jim is employed by Little Bookstore. As an agent of Little Bookstore, Jim withdraws cash
every Friday from Little Bookstore's bank account at First Bank. If Jim's agency is terminated,
what type of notice should Little Bookstore give to First Bank? ✔✔direct notice
Paul gives Jane express authority to make a contract with Sue on behalf of Paul. (Sue knows
Jane is an agent for Paul.) If Paul breaches, will Jane be liable and have to pay damages to
Sue? ✔✔No, because Jane had express authority and Paul was a disclosed principal
May a 14-year-old entrepreneur be a principal, contracting with another person to be
his agent? ✔✔No, a person must have contractual capacity to be a principal.
If a court decides a contract must be rescinded, what follows? ✔✔restitution (each side
must return goods, property, or funds previously conveyed under the rescinded contract)
,What is the standard measure of compensatory damages in a contract lawsuit? ✔✔the
difference between the value of the breaching party's contractually promised performance and
the value of the breaching party's actual performance.
In contract law, mitigation of damages means __________. ✔✔to reduce the amount of
damages suffered
How does the UCC differ from the common law of contracts with regard to terms of the
contract? ✔✔the UCC allows contracts to be formed with indefinite terms, whereas
the common law requires definite terms.
If a Defendant loses in a criminal case, the defendant is found ____________. ✔✔guilty
During a 5K, Marge tripped over a curb and fell on Linda, breaking Linda's arm. Linda sues
Marge for the intentional tort of battery. Based on the Week 5 torts lecture, what is the
likely outcome of this lawsuit? ✔✔The court will rule in favor of Defendant Marge because
she did not intend to make physical contact with Linda.
Neo is angry with Agent Smith and wishes to "scare him" by lunging at him. In trying to run
away Agent Smith is injured and sues for physical as well as mental anguish injuries. Neo
never touched Agent Smith. May Neo be liable in a civil lawsuit? ✔✔Yes, Agent Smith may be
able to prove Neo committed the intentional tort of assault.
, Office Hospitality Co. contracts to provide Dunkin' Donuts coffee to the all the breakrooms 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 breakrooms 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 Hospitality Co. sues for payment, what is the likely outcome?
✔✔The Court will find Office Hospitality Co. substantially performed the contract and is entitled
to payment.
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. ✔✔future event
Which of the following are defenses to a negligence claims? I. superseding event, II.
assumption of risk, III. res ipsa loquitor ✔✔I and II only
Does an international sales contract for the sale of goods exceeding $500 have to be in
writing to be enforceable in court? ✔✔No, because the 1980 U.N. Convention on Contracts
for the International Sale of Goods does not include a Statute of Frauds
Define lease ✔✔Transfer of the right to possess a good (or goods) for a limited time
in exchange for payment
What is the purpose of compensatory damages in contract? ✔✔to cover direct losses
and expenses
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