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OMGT Final Exam | 115 questions with 100% Correct Answers | Updated 2024 | Guaranteed success
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OMGT Final Exam | 115 questions with 100% Correct Answers | Updated 2024 | Guaranteed success
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OMGT Final Exam | 115 questions with 100%Correct Answers | Updated 2024 | Guaranteed
success
Generally, employees of a company who deal with third parties are _______ of the company.
✔✔agents
Ms. Talbot hires Lela to sell her condominium. Ms. Talbot dies before Lela finds a buyer for the
condominium. On the day after Ms. Talbot dies, Lela finds a buyer offering double the asking
price. May Lela complete the sale of the condominium? ✔✔No, the death of the principal
terminated the agency relationship
The concept of fiduciary is key to principal-agent law. What is the fiduciary relationship?
✔✔a relationship involving trust and confidence
Construction contracts have a unique measure of damages. What is the usual outcome if the
owner of the construction project breaches before the construction company has begun work?
✔✔lost profits (total contract price minus cost of materials and labor)
If a court decides a contract must be rescinded, what follows?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must return goods, property, or funds previously conveyed under the rescinded contract)
,Define lease. ✔✔transfer of the right to process a good (or goods) for a limited time
in exchange for payment
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 includes a Statute of Frauds
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
Office Hospitality Co. contracts to provide Dunkin' Donuts coffee to 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
Party A and 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 ________. ✔✔novation
, Why was the UCC created? ✔✔to promote uniformity in commercial law
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
Big Apartment Co. offers to pay Jim $5000 to paint 10 apartments. Before Jim replies, a
tornado destroys the 10 apartments. The next day, Jim accepts the offer. Was a contract
formed and does Big Apartment Co. owe Jim $5000? ✔✔No, because destruction of the
subject matter terminated the offer by law
Generally, a contract for a covenant not to compete must be reasonable as to what three
elements? ✔✔geographic area, duration of restriction, and scope of business protected
Small Co. gave its agent, Sam, $1000 to buy a computer for Sam to use to work from home.
When Sam went to the store, he found the computer was discounted 40%. He paid $600, but
kept the $400 for himself. Has Sam breached any duty? ✔✔Yes, he breached agent's duty to
account
To succeed in a negligence claim, a plantiff must prove two types of causation: ✔✔actual
cause and proximate cause
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