BUA250 Business Law I Final Exam Questions and Verified Answers.
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Course
Business law
Institution
Business Law
BUA250 Business Law I Final Exam Questions and Verified Answers.
BUA250 Business Law I Final Exam Questions and Verified Answers.
BUA250 Business Law I Final Exam Questions and Verified Answers.
BUA250 Business Law I Final Exam Questions
and Verified Answers.
True or False: Contractual obligations will be discharged when the specific subject
matter of the contract is destroyed. - ANS True
True or False: The standard measure of compensatory damages is the value of the
breaching party's actual performance. - ANS False.
Beryl enters into a contract with Clay for a guided tour of Deep Canyon. Clay represents
that he is an experienced, knowledgeable guide, when in reality he has never been in
the canyon. Most likely, Beryl
Select one:
a. can rescind the deal based on fraudulent misrepresentation.
b. might recover damages for the mistake.
c. must comply with the contract because the representation is an opinion.
d. could exert duress to obtain a new guide. - ANS a. can rescind the deal based on
fraudulent misrepresentation.
Bottling Company enters into a contract with Chug's Brewery to provide certain bottling
and delivery services. Before Bottling starts to work, the market price rises for the fuel
for glass ovens. Bottling tells Chug's that due to the added cost it will not perform their
deal. Bottling's contractual obligation to Chug's is
Select one:
a. rescinded.
b. discharged.
c. breached.
d. suspended. - ANS c. breached.
Bill and Charlene enter into a contract for the clearing, plowing, and preparing of
Charlene's 100-acre tract for which she agrees to pay $1,000. Bill transfers his duty
under this contract to Dewey. With respect to the duties under the original contract, this
transfer
Select one:
a. is an invalid transfer of a non-transferable obligation.
b. requires a special form to constitute a valid transfer.
c. extinguishes Bill's obligation to perform.
d. does not relieve Bill of the potential obligation to perform. - ANS d. does not relieve
Bill of the potential obligation to perform.
Don enters into a contract to buy Ezra's office building for a certain price subject to an
appraiser's evaluation of the structure's condition. If the appraiser deems the condition
to be substandard, the parties' obligations will be
Select one:
a. discharged.
, b. breached.
c. altered.
d. performed. - ANS a. discharged.
The Uniform Commercial Code requires parties to form sales and lease contracts with
the same formality used in forming other types of contracts.
Select one:
a. True
b. False - ANS b. False
Sara and Tim enter into a contract for a sale of orchids that requires payment within
thirty days of delivery. The UCC provides that when parties do not specify payment
terms, payment is due at the time and place of delivery. Under the UCC, the specific
payment term in the parties' contract
Select one:
a. is fully enforceable.
b. is enforceable to the extent it mirrors the rule in the UCC.
c. removes the entire transaction from under the requirements of the UCC.
d. is not enforceable. - ANS a. is fully enforceable.
Acceptance of an offer to lease goods can be made by any means reasonable under
the circumstances, including a prompt shipment of the goods.
Select one:
a. True
b. False - ANS a. True
Grains Inc., agrees to sell to Harvest Bread Company a certain quantity of refined
grains. Some of the other terms in the deal are left open. In the case of a dispute, a
court will presume
Select one:
a. whatever is reasonable.
b. whatever favors the nonbreaking party.
c. whatever favors the plaintiff.
d. nothing. - ANS a. whatever is reasonable
An agreement to transfer the right to possess and use goods for a commercial purpose
for a period of time in exchange for payment is a lease.
Select one:
a. True
b. False - ANS a. True
Cruising' Autos, Inc., sells cars to consumers. To avoid liability for oral express
warranties, each sales agreement should note that a car is sold
Select one:
a. subject to warranties included in the written contract only.
b. in perfect condition.
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