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BUSINESS & LAW MIDTERM EXAM WITH COMPLETE SOLUTIONS
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BUSINESS & LAW MIDTERM EXAM WITH COMPLETESOLUTIONS
Flick entered into an oral agreement with Ralphie where he agreed to sneak out at night and
spray paint graffiti on the walls of Warren G. Harding Elementary School in consideration of
$25. The two negotiated over the price and Flick finally agreed to do it when Ralphie "double
dog dared" him. With respect to the laws of contracts, which type of contract is this?
Correct-This is an express, bilateral and void contract.
Precious, at a private party, agreed to sell LaStarshae her new Gucci purse for $2,000.
LaStarshae asked Precious if she would hold the price open until the end of the month when
LaStarshae received a quarterly bonus from her job. Precious agreed to do it for her as a favor.
At the end of the month, LaStarshae approached Precious with $2,000 in hand, but Precious
said "Sorry, LaStarshae, I just sold it to Celine, you're too late." What will be the result if
LaStarshae sues for breach of contract? Correct-Precious wins as there was no exchange of
consideration.
One definition of a contract is Correct-a promise or set of promises enforceable by law.
The contract for the lease of a fleet of delivery trucks, which would be considered equipment,
to FedEx by Ford Motors would be governed by: Correct-the Uniform Commercial Code
, BUSINESS & LAW MIDTERM EXAM WITH COMPLETE
SOLUTIONS
Sarah and James have entered into an agreement where Sarah offered to sell her Camaro to
James for $15,000 and James agreed to buy it for that price. This agreement is known as a/an
Correct-meeting of the minds.
Which of the following stands for the proposition that a contract must involve both sides
receiving and giving up something of legal value? Correct-consideration
Allie, a 24-year-old graduate accounting student, entered into a written agreement with her
father to give up drinking until she completed her master's degree. Her father agreed to pay
her $100,000 if she did so. Does Allie have a right to collect if she lives up to her end of the
bargain? Correct-Yes, because this is a bargained-for exchange and has adequate
consideration
The proper mode of acceptance of an offer up and until the offer has been accepted is
established by Correct-the offeror
Valid contracts can be written or oral Correct-TRUE
, BUSINESS & LAW MIDTERM EXAM WITH COMPLETE
SOLUTIONS
A legal defense renders a contract unenforceable, even though it has the necessary elements
of a valid contract Correct-true
The Science and Philosophy of the Law is commonly called Correct-Jurisprudence
The Purpose of the Law is Correct-The only incorrect answer is To impose a set of rules
meant to subjugate the masses
Which of the following is not a benefit of legal awareness for business owners Correct-
Permits a business to pay more taxes than is legally required
All of the following are examples of sources of Florida law except Correct-English Common
law after 1776
Under the concept of Stare Decisis Correct-Prior Court Decisions from courts of Appeal in
the same jurisdiction are considered precedent and generally must be followed
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