LEGAL ENVIRONMENT OF BUSINESS EXAM 2021 TEST QUESTIONS AND ANSWERS
5 views 0 purchase
Module
LEGAL ENVIRONMENT OF BUSINESS
Institution
LEGAL ENVIRONMENT OF BUSINESS
LEGAL ENVIRONMENT OF BUSINESS EXAM 2021 TEST QUESTIONS AND ANSWERS
If Juan is buying a tract of land from Ken, in which of the following ways would the legal description NOT be considered part of the contract?
a. The legal description is written on a separate piece of paper and attached to the...
LEGAL ENVIRONMENT OF BUSINESS
EXAM 2021 TEST QUESTIONS AND
ANSWERS
If Juan is buying a tract of land from Ken, in which of the following ways would the legal
description NOT be considered part of the contract?
a. The legal description is written on a separate piece of paper and attached to the
contract with a paper clip.
b. The legal description is written in the contract itself.
c. The legal description is written on a separate piece of paper and mailed separately
from the contract.
d. The legal description is written on a separate piece of paper not attached to the
contract, but in the same envelope. - Answer-c. The legal description is written on a
separate piece of paper and mailed separately from the contract.
Linda and Zeke sign a contract for the sale of Zeke's home to Linda. Although the price
has yet to be determined, the contract states the property clearly to be sold and the date
the house will be delivered to Linda. The contract:
a. constitutes a sufficient writing because it states the date that the house will be
delivered to Linda.
b. constitutes a sufficient writing because it describes the property with sufficient clarity.
c. does not constitute a sufficient writing because it does not meet the writing
requirements of the Uniform Commercial Code.
d. does not constitute a sufficient writing because the contract does not state the price
at which the property will be sold. - Answer-d. does not constitute a sufficient writing
because the contract does not state the price at which the property will be sold.
Garth purchases a boat from a boat manufacturer in another state. The sales contract
contains all terms of the sale in great detail and at the end has the statement: "This
agreement contains the entire agreement of the parties." If Garth later discovers a
problem with the boat and sues for breach of contract, evidence extraneous to the
contract:
a. will be allowed in court because Garth purchased the boat out of state.
b. will be allowed in court because the contract was not a fully integrated contract.
c. will not be allowed in court because the contract was a fully integrated contract.
d. will be allowed in court because the contract was a fully integrated contract. -
Answer-c. will not be allowed in court because the contract was a fully integrated
contract.
, Heather agrees to work for Noah for one year in his law office. Noah writes an
employment contract that states that Heather is to earn $20 per hour and to work forty
hours per week. Noah terminates Heather's employment after six months. Heather sues
to recover what she claims are her losses. At trial, both parties discover that the
contract says that Heather's hourly wage is $0.20 per hour. What can Heather and
Noah do about the error?
a. They are bound by the writing under the Statute of Frauds.
b. They can ask the court to rewrite the contract.
c. They can offer evidence of the consideration that supported their contract.
d. They can offer parol evidence to clarify the clerical error. - Answer-d. They can offer
parol evidence to clarify the clerical error.
James telephones Wanda, expressing interest in purchasing her famous chocolate ice
cream. Wanda receives a purchase order for 100 gallons of ice cream from James for
$300. On the appointed delivery date, Wanda delivers James 100 gallons of vanilla ice
cream, stating that the contract didn't specify what flavor James wanted. James sues
Wanda for the chocolate ice cream. A court will likely find that James:
a. can submit evidence of the written contract because contracts can be subsequently
modified.
b. must accept the vanilla ice cream, because the contract had an orally agreed-upon
condition precedent.
c. can submit evidence of the telephone call expressing interest in chocolate ice cream,
even though the contract was ambiguous on which flavor would be purchased.
d. must accept the vanilla ice cream, because the contract did not specify the flavor. -
Answer-c. can submit evidence of the telephone call expressing interest in chocolate ice
cream, even though the contract was ambiguous on which flavor would be purchased.
Judge Macy has reviewed a contract between Martin and Rowan and has determined
that the written terms of the contract represent the final agreement between the two
parties. According to Judge Macy, their contract is:
a. a prenuptial contract.
b. an integrated contract.
c. a parol contract.
d. an incomplete contract. - Answer-b. an integrated contract.
Max and Juli communicate by text message and Juli agrees to marry Max if he
promises to take care of her daughter as well. His final text message reply says, "Of
course I will take care of her if you marry me. Love you. Max." Juli saves the text
messages as proof of his love for her. After they marry, Max refuses to take care of
Juli's daughter. Juli attempts to enforce the agreement, but Max argues that it has to be
in writing because it is a contract in consideration of marriage. If this ends up in court,
the court likely would:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Perfectscorer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.44. You're not tied to anything after your purchase.
