OMGT 4313 Final Exam 2023/2024 with complete solution Assured A+.

OMGT 4313 Final Exam 2023/2024 with complete solution Assured A+. The _________________ establishes a deadline by which a party must sue to enforce a contract - ANSWER>>>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) ____________. - ANSWER>>>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? - ANSWER>>>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. - ANSWER>>>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. - ANSWER>>>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. - ANSWER>>>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? - ANSWER>>>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? - ANSWER>>>Yes, because OMGT 4313 Final Exam 2023/2024 with complete solution Assured A+. 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? - ANSWER>>>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? - ANSWER>>>void contract If there is a dispute as to whether a contract was formed, courts look to the ______________ . - ANSWER>>>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? - ANSWER>>>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? - ANSWER>>>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? - ANSWER>>>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 ____________. - ANSWER>>>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? - ANSWER>>>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? - ANSWER>>>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? - ANSWER>>>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? - ANSWER>>>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? - ANSWER>>>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 Who may sue to enforce a valid contract? - ANSWER>>>either party Lara was joking with a friend about selling her new car for $2,000 and only riding her bike to and from work. The friend said, "I accept your offer." Is there an enforceable contract between Lara and the friend? (i.e. If Lara refuses to deliver the car to her friend, will the friend succeed in a lawsuit to compel Lara to deliver the car?) - ANSWER>>>No, because Lara did not objectively intend to be bound by her offer to sell her car for $2,000. Jim is employed by Little Bookstore. As an agent of Little Bookstore, Jim withdraws cash every Friday from Little Bookstore's bank account at First Bank. If Jim's agency is terminated, what type of notice should Little Bookstore give to First Bank? - ANSWER>>>direct notice Paul gives Jane express authority to make a contract with Sue on behalf of Paul. (Sue knows Jane is an agent for Paul.) If Paul breaches, will Jane be liable and have to pay damages to Sue? - ANSWER>>>No, because Jane had express authority and Paul was a disclosed principal.