OMGT 4313 Final Exam 2023 with complete solution
The _________________ establishes a deadline by which a party must sue to enforce a contract
Statute of limitations
Under the common law of contracts, a party is entitled to payment if the party substantially performs the contract. The elements ...
omgt 4313 final exam 2023 with complete solution the establishes a deadline by which a party must sue to enforce a contract statute of limitations under the common law of contracts
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OMGT 4313 Final Exam 2023 with complete solution
The _________________ establishes a deadline by which a party must sue to enforce
a contract
Statute of limitations
Under the common law of contracts, a party is entitled to payment if the party
substantially performs the contract. The elements of substantial performance are 1) the
party performed in good faith, 2) the performance must not vary greatly from the
promised performance, and 3) ____________.
the performance creates substantially the same benefit as the contractually promised
performance
Tour Co. contracts to provide tours of Yellowstone National Park to a group of tourists
from Europe in June. The tourists are scheduled to fly back to Europe on July 1st.
Because of a standoff in Congress, national park funding is cut and Yellowstone
National Park is closed to all tourists for the month of June. What is the likely outcome
of this situation?
The contract is discharged and Tour Co. is not required to perform because of
impossibility of performance.
If Party A breaches the contract, Party B may sue for damages. Party B still must
perform any outstanding duties under the contract, unless Party A's breach was
________________, in which case Party B is discharged from performance.
material
Sometimes courts decide monetary damages are not an appropriate remedy for a
breach of contract. In such instances, the court may award an equitable remedy. Which
of the following is a type of equitable remedy? I. specific performance, II. reformation,
III. compensatory damages, IV. rescission and restitution.
I, II, and IV
A contract is not enforceable when a party did not voluntarily consent to the contract.
Which of the following circumstances may create lack of voluntary consent? I. fraud, II.
duress, III. insanity.
I and II
Often a breach of contract lawsuit results in an award of money damages. However,
sale of land contracts are usually treated differently. How do most states resolve
lawsuits where the seller of land has breached and not delivered the parcel of land?
courts order the seller to specifically perform the contract, awarding ownership of the
land to the non-breaching buyer.
Taxi Co. contracts to purchase two limousines from Custom Cars with delivery to occur
on May 1. Taxi Co. explained to Custom Cars that on-time delivery was very important
because the limousines were booked for 4 proms and 8 weddings in May. Custom Cars
breached the contract and never delivered the two limousines. Taxi Co. had to cancel
the prom and wedding contracts. In a lawsuit, will Taxi Co. be able to recover the profits
it lost when it cancelled the prom and wedding contracts?
Yes, because these were consequential damages: indirect losses related to Custom
Cars' breach, which were foreseeable as Custom Cars knew of the prom and wedding
contracts
, Sherry signs a contract for an outdoor adventure class with Wilderness Co. The contract
says Wilderness Co. will not be liable to Sherry for any harm she incurs because of
fraudulent acts on the part of Wilderness Co. Sherry is injured because of a fraudulent
act of Wilderness Co. and brings a lawsuit against Wilderness Co. Wilderness Co. asks
the court to dismiss the lawsuit because of the exculpatory clause in the contract. What
is the probable ruling of the court?
Sherry's lawsuit may proceed because courts usually will not enforce contract
provisions excluding liability for fraudulent acts.
What is the name for a situation where the parties fail to form a contract and have no
contractual legal rights?
void contract
If there is a dispute as to whether a contract was formed, courts look to the
______________ .
the objective facts as interpreted by a reasonable person
Big Co. hires Melody to steal trade secrets (which is a crime) from a competitor. Big Co.
does not pay Melody after she delivers the trade secrets to Big Co. What is the likely
outcome if Melody sues Big Co. for breach of contract?
She will lose because the contract was for an illegal purpose and therefore is void
A plaintiff in a negligence lawsuit proves that the defendant owed a duty of care,
breached the duty of care, and that defendant's breach of the duty caused injury to the
plaintiff. However, the plaintiff fails to prove defendant's breach of duty was proximate
cause for plaintiff's injury. What is the outcome?
Plaintiff has not proven its claim and will not recover a judgment from the defendant.
Which negligence doctrine states the following "violation of a statute that proximately
causes an injury" creates liability?
negligence per se
Ed left his healthy prize bulldog, Bowzer, with Dog Hotel for one weekend. When Ed
arrived to pick up Bowzer, he learned that Bowzer had died. Ed sued Dog Hotel. Ed's
attorney argued the Dog Hotel is liable because of ____________.
res ipsa loquitor
In a contract for a sale of goods, what happens if the acceptance contains a term that is
different than a term contained in the offer?
the battle of the forms analysis is applied
Toy Co. (located in China) contacts with Big Store (located in the U.S.) for a sale of
goods. What law governs their contract?
the 1980 U.N. Convention on Contracts for the International Sale of Goods
The concept of fiduciary is key to principal-agent law. What is a fiduciary relationship?
a relationship involving trust and confidence
Small Co. gave its agent, Sam, $1,000 to buy a computer for Sam to use to work from
home. When Sam went to the store, he found the computer was discounted 40%. He
paid $600, but kept the $400 for himself. Has Sam breached any duty?
Yes, he breached agent's duty to account
Sometimes there is confusion as to whether a person should be classified as an
employee or as an independent contractor. Why would this classification matter?
this classification may decide whether a company is liable for a tort committed by the
person or whether the company owes taxes related to the person
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