September – December 2023 Business law Assignment 2

Business & Finance

Richland College – Business Law:ASSIGNMENT #2 (25 POINTS) – DUE:  Oct. 29, 2019 (before TEST #2)CHAPT. 8 – Agreement and Consideration in Contracts1. Abilateral contract in one in which:Two      promises are exchanged.A      promise is given in return for an act.A      third party guarantees the promise of one of the parties.A      unilateral contract accompanies an exchange of promises.2. Which of the following elementsneed notbe proved to establish that animplied contractexists?The      defendant could have rejected the goods or services but did not.The      defendant was unable to and could not have rejected the goods or services.The      plaintiff provided some good or service to the defendant.The      plaintiff expected payment for some good or service and the defendant      should have known this.3. Ordinarily, anagreementis evidenced by:An      offer alone.An      offer plus an acceptance of that offer.A      valid acceptance only.Legal      capacity.4. If Kim tells George, “You know, I’ve been thinking about selling my iPod for under $100,” this constitutes:A      valid offer.A      counteroffer.A      preliminary negotiation.A      statement of intent.5. Filomena offers to sell Rhonda her rare book collection for $3,500. Rhonda states, “I like your book collection but I will not pay $3,500 for it, I’ll only pay $2,750,” what would Rhonda’s statement be called?A      revocation.A      rejection.A      contingent offer.A      counteroffer.6. Ashrink-wrap agreementis one whose terms are:disclosed      on the outside of a shrink-wrapped product so that the buyer can review      them before purchasing the product.typically      favorable to the buyer so that the seller does not have to contend with      returned, unwrapped packages.found      inside a box in which the goods are      agreement wrapped in a plastic substance.7.Considerationis usually broken down into two parts, something oflegally sufficient value and:Some      kind of income redistribution.Some      kind of coercive behavior.A      clear moral hazard.A      bargained-for exchange.8.Rescissionmay be defined as:The      substitution of one contract party for another.The      revision of contract terms to reflect trade usage.The      full performance of a contract.The unmaking      of a contract to return the contract parties to the positions they      occupied before the contract was made.9. In order for a court to apply thedoctrine of promissory estoppel, four requirements must be met. Which of the following elements isnotrequired?Justice      must not be served by enforcing the promise.There      must be a clear and definite promise.There      must have been substantial reliance on this promise.The      promisee must have justifiably relied on the promise.CHAPT. 9 – Capacity, Legality, and Enforceability1. A definition of the termcontractual capacitywould be:The      ability to enter into a void contract.The      ability to enter into a contractual relationship.The      ability to mitigate contractual damages.The      ability to physically write a contract.2. Thegeneral rulewith respect to minors who enter into contracts is:All      such contracts are void.All      such contracts are valid.Some      contracts may be avoided by the minor.Such      contracts may be avoided by the adult party to the contract.3. Ausurious contractis one that involves:Hazardous      chemical materials.An      illegally high rate of interest.Prostitution.Surrogate      motherhood contracts.4. In anexculpatory clause:One      party agrees that the other party is not mentally incompetent.One      party releases the other party from liability in the event of monetary or      physical injury, no matter who is at fault.One      party is able to sue the other party based on the clear fault of the other      party.Both      parties agree to use arbitration, not adjudication, to settle any disputes      arising under the contract containing the clause.5.Mistakes of factoccur in two forms. What are they?Associated      and disassociated.Linear      and nonlinear.Unilateral      and bilateral (mutual).Recessive      and dominant.6. Which of the following isnotan element of fraud?There      must be an intent to deceive.The      innocent party must have justifiably relied on the misrepresentation.The      misrepresentation must concern a material fact.The      innocent party must be under twenty-one years of age.7. If a party to a contract has anintent to deceivethe other party, this is known as:Scienter.Revision.Rescission.Optimization.8. Which of the following isnotcovered by the Statute of Frauds?A      contract for the sale of a new college history textbook that costs $210.A      contract for the sale of land.A      contract for the sale of a new car.A      contract for the sale of the right to cut trees on your land in order to sell      the timber.CHAPT. 10 – Contract Performance, Breach, and Remedies1. The transfer ofcontract rightsto a third person is known as:A      delegation.An assignment.A      restitutionA      reformation.2. When you transfercontractual dutiesto someone else, this is known as:A      revitalization.A      delegation.A      differentiation.An      assignment.3. An intendedthird party beneficiarycannot enforce a contract against the original parties:Until      the rights of the third party have vested.Unless      both of the parties that formed the contract consent to the action.Unless      one of the parties that formed the contract consents to the action.For      two years after the contract was formed.4. The most common way todischarge, or terminate, contractual dutiesis by:rescission.novation.performance.breach.5. If, three weeks before you and Lester are supposed to close your deal for the sale a twenty-acre tract of land, Lester calls you and says, “The deal is off!” Lester has:Substantially      performed the contract.Anticipatorily      repudiated the contract.Discharged      the contract by reformation.Discharged      the contract by novation.6. Suppose that William and Laverne did not cancel their contract, but Laverne’s house burned down before William could paint it. In this case, the contract:Is      terminated by operation of law.Is      terminated by bankruptcy.Is      terminated by performance.Is      terminated by an unspecified lapse.7.Consequential damagesare:damages      in a very small amount, usually $1, to show that the plaintiff did suffer      a legal harm.special,      foreseeable damages that compensate for a loss that does not directly or      immediately result from a breach of contract.damages      that compensate a party for actual losses.damages      that punish a breaching party.8.Liquidated damagesmay be defined as:damages      to compensate a small technical      unspecified dollar amount payable in case of breach of contract.a      punishment for a default on a contractual term.a      specific dollar amount to be paid in the event of a future default or      breach of contract.BONUS POINTS:1. Suppose that Jennifer agrees to tutor Sal’s children during the summer. After one week, Jennifer decides that she can’t handle the children and refuses to tutor them any longer. If Sal sues Jennifer forspecific performance, as opposed to seeking damages for Jennifer’s alleged breach, what would a court likely do or order and explain why? (HINT: review pp. 297-298 of text).2. Cody signs and returns a letter from Dora, referring to her sale of the Bar-D Ranch and its price. When Cody attempts to complete the deal, Dora refuses, claiming that they have no contract. Cody claims they do have a contract because both he and Dora intended to enter into an enforceable contract. Whatstandardwould a court use to determine whether these parties intended to enter into an enforceable and valid contract? (HINT: review pp. 217-218 of text)

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