OMGT 4313 Final exam study guide |
questions with 100% Correct Answers |
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In a contract for a sale of goods, what happens if the acceptance contains a term that is
different than a term contained in the offer? ✔✔the battle of the forms analysis is applied
Toy Co. (located in China) contacts with Big Store (located in the U.S.) for a sale of goods.
What law governs their contract? ✔✔the 1980 U.N. Convention on Contracts for the
International Sale of Goods
The concept of fiduciary is key to principal-agent law. What is a fiduciary relationship?
✔✔a relationship involving trust and confidence
Small Co. gave its agent, Sam, $1,000 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
Sometimes there is confusion as to whether a person should be classified as an employee or
as an independent contractor. Why would this classification matter? ✔✔this classification may
decide whether a company is liable for a tort committed by the person or whether the
company owes taxes related to the person
,Who may sue to enforce a valid contract? ✔✔either party
Lara was joking with a friend about selling her new car for $2,000 and only riding her bike to
and from work. The friend said, "I accept your offer." Is there an enforceable contract between
Lara and the 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?) ✔✔No, because Lara did not objectively intend
to be bound by her offer to sell her car for $2,000.
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If a court decides a contract must be rescinded, what follows?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.
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