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Exam 3- Business Law Exam 3 Review Questions and Answers (A+)
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Exam 3- Business Law Exam 3 Review Questions and Answers (A+)
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Exam 3- Business Law Exam 3 Review Questions andAnswers (A+)
Sea Harvest Fish Company and Temp Refrigerated Storage Company enter into a long-term
lease for a warehouse. To be enforceable, the lease must be in writing: Correct-regardless
of the amount of the rent to be paid
Abner tells a representative of Brass & Woodwind Musical Instruments, Inc., that he will pay
for Claudia's trumpet if she doesn't. Abner doesn't secure any personal benefit for this
promise. Abner's oral promise is enforceable as a contract by: Correct-No one
Best Silo Storage applies for a business loan from County Credit Union. To help Best Silo get
the loan so that it will be able to stay in business and fulfill a deal it has made with her,
Dakota promises the credit union's loan officer that she will repay the loan if Best Silo
doesn't. To be enforceable, Dakota's promise: Correct-Need not be in writing
Larue buys an iPod for $150 and a new laptop for $1200, and signs a one year employment
contract for $4800 monthly salary to start at the beginning of the next month. The Statute of
Fraud covers: Correct-The employment contract and the laptop purchase only
, Exam 3- Business Law Exam 3 Review Questions and
Answers (A+)
Eleanora offers Flossy the amount of an investment in Flossy's start up business venture if she
marries Eleanora's son Glenn. This promise is enforceable: Correct-only if it is in writing
Bilateral mistake Correct-a mutual misunderstanding concerning a basic assumption on
which the contract was made
Unilateral mistake Correct-made by only one of the parties. Contract is still enforceable.
Mistake as to value Correct-a mistake concerning the future market value or quality of the
object of the contract
Opinion Correct-Not subjects to claims of fraud. Subject to debate.
Fraud Correct-Misrepresentation of a material fact must occur - must be an intent to
deceive - innocent party must rely on the misrepresentation - a party must have been harmed
in order to collect damages.
, Exam 3- Business Law Exam 3 Review Questions and
Answers (A+)
Duress Correct-forced into an agreement.
Essay Question: Scienter Correct-"guilty knowledge" - intent to deceive.
Undue influence Correct-From relationships in which one party can greatly influence
another party, overcoming that party's free will.
A contract entered into under undue influence lacks Correct-voluntary consent and is
voidable.
Unconcscionability Correct-Applies only to contracts for the sale of goods.
Misrepresentation by silence Correct-a party must inform the other party of defects that
cannot be seen just by looking. Failure to do so may make fraud.
Adhesion contracts Correct-Written exclusively by one party and presented to the other
party on a take-it-or-leave-it basis.
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