QuestionQuestion 1If an offeree accepts an offer before it is revoked:Question 1 options:a voidable contract is formed.a valid contract is formed.a void contract is unenforceable contract is formed.Question 2Bill draws up a simple contract to buy Pam’s horse. Pam initials the contract on the seller’s signature line. Bill signs his full name as the buyer.Question 2 options:Bill has satisfied the Statute of Frauds requirements, but Pam has not.Bill and Pam have not satisfied the Statute of Frauds.Bill and Pam have satisfied the writing requirement as to signatures of the Statute of Frauds.Pam must sign her full name to satisfy the writing requirement as to signatures of the Statute of Frauds.Question 3The Uniform Commercial Code concerns:Question 3 options:none of the goods only.both new and used goods.used goods only.Question 4When it is clear that the parties intended to enter into contract, but a term in the acceptance conflicts with a term in the offer, then:Question 4 options:there is no contract.there is a contract, and the conflicting term in the offer is part of the contract.there is a contract, but the conflicting terms cancel out.the acceptance is viewed entirely as a counteroffer.Question 5When an anticipatory repudiation of a contract occurs, the injured party may:Question 5 options:immediately declare breach of nothing and wait for performance per the contract.consider the contract canceled.all of the above.Question 6Damages in excess of any actual loss are:Question 6 options:compensatory damages.nominal damages.restitution.punitive damages.Question 7The money damages recoverable when a contract has been breached and the other party suffered clear loss are considered:Question 7 options:punitive damages.damages for annoyance and mental upset.liquidated damages.compensatory damages.Question 8Statutes of limitations apply, for the most part, to:Question 8 options:none of the above.criminal wrongs only.both criminal and civil wrongs.civil wrongs only.Question 9Torts are specifically:Question 9 options:physical crimes against persons or property.physical crimes against persons.none of the above.civil wrongs causing injuries to others not arising from breach of contract.Question 10If an offeree dies before the offer has been accepted, the offer:Question 10 options:may be accepted by the surviving spouse of the offeree.may be accepted by the guardian appointed for any minor children of the automatically revoked by the death of the offeree.may be rejected by the surviving spouse of the offeree.Question 11Sam is an employee of Big Time Industries, Inc. He constantly uses high-pressure tactics when selling Big Time’s products. Mark, his boss, finds out about these tactics. In order to maintain an ethical workplace, Mark will most likely:Question 11 options:encourage other employees to use these tactics.look the other way.discharge Sam for unethical behavior.congratulate Sam for achieving profits.Question 12Sam owns a small steel business. The Environmental Protection Agency (EPA) believes his business is polluting the air. The EPA may:Question 12 options:conduct, without notice, a hearing to revoke the company’s operating permits.issue a formal complaint against the company.any of the above.conduct an on-site inspection with no legitimate purpose.Question 13The basis for the law system in the U.S. today has its origins in:Question 13 options:Roman natural law.Greek statutory positivism.French Napoleonic law.English common law.Question 14Susan is a candidate for mayor. Sarah tells the local newspaper that Susan is a drug addict. If the newspaper publishes this information and it is untrue, then it is:Question 14 options:slander.libel.intentional malice.privileged communication.Question 15All goods not existing at the time of a transaction are called:Question 15 options:tangible goods.existing goods.intangible goods.future goods.Question 16Billy has an online business selling wine. One of his disgruntled customers sets up a website using his company name and adds the word “thief” to it. Billy will most likely:Question 16 options:prevail in court.could defend his company by buying the offensive Internet domain.not prevail in court.both B and C.Question 17If a liquidated-damages clause is unreasonably high, the clause will be held to be void as a(n):Question 17 options:punishment.unliquidated damages clause.penalty.both A and C.Question 18The party in a quasi-contractual (unjust enrichment) action can recover:Question 18 options:lost profits.the reasonable value of the benefit conferred upon the defendant.damages for mental distress.for all the damages sustained.Question 19Mike owns Saddle Up, a leather store. Anna owns Hitchen Post, a clothing store, in the same shopping area. Mike sends his employee to stand in front of the doors at Hitchen Post giving out coupons. This may be:Question 19 options:unethical but lawful.wrongful interference with a business relationship.none of the above.lawful because of free enterprise laws.Question 20 Statutes of Limitations never apply to:Question 20 options:criminal and civil wrongs from the same act.criminal wrongs.civil wrongs.none of the above

Leave a Reply

Your email address will not be published.