GMGT 3300 EXAM QUESTIONS AND ANSWERS PASS GUARANTEED LATEST UPDATE
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Module
GMGT 3300
Institution
GMGT 3300
GMGT 3300 EXAM QUESTIONS AND ANSWERS PASS GUARANTEED LATEST UPDATE
What is standing? - Answer-Need standing to sue. Must have special interest. Concept prevents frivolous claims.
Parol evidence rule - Answer-Rule preventing party to a contract from later adding a term previously agreed upon...
GMGT 3300 EXAM QUESTIONS AND
ANSWERS PASS GUARANTEED
LATEST UPDATE
What is standing? - Answer-Need standing to sue. Must have special interest. Concept
prevents frivolous claims.
Parol evidence rule - Answer-Rule preventing party to a contract from later adding a
term previously agreed upon but not included in final written contract, to contradict the
contract.
3 Exceptions to Parol evidence rule - Answer-1) Not applied to written contract that
never embodied all the terms.
2) If it does not hinder interpretation of express terms already in the contract.
3) Does not exclude evidence of an oral agreement that the parties may reach after they
have entered into a written agreement.
Condition subsequent - Answer-Uncertain event that brings promisors liability to an end
if it occurs.
Condition precedent - Answer-Future event that must occur before the promisor's
liability is established.
Non est factum - Contract Law - Answer-"not my doing" Helps illiterate people avoid
contractual obligations. It is grounds to impugn a contract.
4 categories for discharging a contract - Answer-- Discharge by performance
- Discharge by agreement
- Discharge by frustration
- Contract provides for its own dissolution
4 Basic limitations of Separate Entity principle in Corporate Law - Answer-Taxation -
eligible to enjoy lower tax rate on its first 200,000
Residence - residence of controlling shareholder determines co.'s residence.
Agency - agent cannot represent SH unless SH agreement has been signed
Fraud
, Donoghue v Stevenson - Answer-Established the neighbour principle.
Rejected the need for contractual relationship for negotiation to exist. (Snail in beer
bottle incident)
Rectification - Answer-Correction of written document. Will be made if:
1. Complete agreement between the parties
2. Parties didn't engage in further negotiation
3. Change is a recording error
Warranty and a Condition - Law of Contract - Answer-Essential terms are conditions.
Non essential terms are warranty's.
Breach of a condition relieves injured party from furthur duty to perform the contract.
3 Bases of Professional Liability - Answer-Criminal Liability
Professional Liability
Contractual Liability
Fiduciary liability
Tort Liability
3 Primary duties of Directors of a Corporation - Answer-Duties of care and skill and duty
of good faith. Duty to disclose interest in contract with the co. b) interception of
corporate opportunity. Owed to corp, SH and public.
4 Basic features of the Articles of Incorporation - Answer-1. Name
2. Place of registered office
3. Classes/Number of shares
4. Rights and restrictions of shares
5. Restriction on transfer of shares
Sale of Goods act - Answer-For sale of goods act to apply must be dealing with chattels
(tangible personal property)
Injunction - Answer-Court order restraining a party from acting in a particular manner,
such as committing a breach of contract.
Presumption of Tort Law - Answer-Intentional torts - it is presumed that the element of
intention exists.
Presumption of Contract Law - Answer-Intention to create legal relations
Capacity
Legality of Contract
Principle of Remoteness - Answer-Whether damages were foreseeable at the time of
the contract.
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