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MGMT 455 Final Exam Questions and Correct Answers Latest Update (Already Passed) $8.39
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MGMT 455 Final Exam Questions and Correct Answers Latest Update (Already Passed)
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MGMT 455 Final Exam Questions and Correct Answers Latest Update (Already Passed) True or False: The Statute of Frauds requires that all contracts for the payment of money in excess of $500.00 must be in writing in order to be enforceable. - Answers False: True or False:A Liquidated Damage Claus...

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  • November 15, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgmt 455 final exam questions and correct answers

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  • MGMT 455 Fnal Exm
  • MGMT 455 Fnal Exm

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MGMT 455 Final Exam Questions and Correct Answers Latest Update 2024-2025 (Already Passed)

True or False:

The Statute of Frauds requires that all contracts for the payment of money in excess of $500.00 must be
in writing in order to be enforceable. - Answers False:

True or False:A Liquidated Damage Clause in a contract means that the parties have agreed in advance
the amount of money to be paid in the event of a breach of contract. - Answers True

The damages that are typically recoverable when a contract has been breached and one party has
suffered loss are called:



a. Punitive damages.

b. Emotional distress damages.

c. Compensatory damages.

d. Liquidated damages. - Answers Compensatory Damages

True or False:

Compensatory Damages are those that will allow a successful litigant in a breach of contract case to
recover pain and suffering and mental anguish as a result of breach by the other party. - Answers False

If a plaintiff seeking damages in a breach of contract action receives a $1 in damages, the damages
would most likely be classified as:



a. Punitive damages

b. Exemplary damages

c. Nominal damages

d. Compensatory damages. - Answers Nominal Damages

True or False:

For a breach of contract, one remedy may be to require the defaulting party to complete the contract
and such remedy is known as specific performance. - Answers True

The remedy of specific performance will most likely be granted in the case of a(n):

, a. Employment contract.

b. Contract to buy shares of publicly-traded stock.

c. Contract for the sale of a business.

d. Contract for the sale of Florida oranges - Answers Contract for the sale of a business

True or False:

A person may wait too long in order to file a lawsuit and, thus, not be able to prosecute their case due to
the running of the Statute of Limitations. - Answers True

True or False:

If an employer does not pay a person wages that are due and owing, the person may send a notice to
the employer and if the wages are not paid timely, may consequently sue for twice the wages plus
attorney fees. - Answers True

In America, a party who loses a lawsuit must pay the successful litigant's attorney fees. - Answers False

True or False:

A principal may want to hire individuals as independent contractors so as to avoid paying Social Security
and withholding tax on that individual. - Answers True

True or False:

A principal is generally not liable for contracts entered into by the independent contractor in carrying
out the work performed on behalf of the principal. - Answers True

A principal is not liable for an Independent Contractor contracts and torts except for what... - Answers a.
Mechanic's Liens

b. Extra Hazardous Work

c. Non Delegable Duties

Creation of an agency is by... - Answers Express Authorization

In order for a third party to hold a principal liable for the acts of the agent, the third party must show
the agent had what 4 items... - Answers 1. Express Authority

2. Implied Authority

3. Apparent Authority

4. Authority by ratification

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