lumber for 32 houses, the lumber mill which Good pine used to produce all its lumber
and the lumber designated for Harry was struck by lightning and burned down. -
️️A. Good Pine may cease performing the contract on the basis of impossibly
because the subject matter of the contract was destr...
BMGT380 Exam 3
lumber for 32 houses, the lumber mill which Good pine used to produce all its lumber
and the lumber designated for Harry was struck by lightning and burned down. -
✔️✔️A. Good Pine may cease performing the contract on the basis of impossibly
because the subject matter of the contract was destroyed.
An agent may lawfully conceal the _____________ of the principal - ✔️✔️D. Both a
and b:
a. existence
b. identity
Turgeon and Durkin, impoverished employees of the University of Maryland, decide to
make some money on the side. They want to purchase a dilapidated former fraternity
house in College Park, repair and improve it, and then sell it for what they hope is a
quick profit. They want their individual spouses to get title to the house, that is become
part owner, if one of them should die during the time they own the house. When they
purchase the house, they should title it as: - ✔️✔️A. Tenants in common
A third party beneficiary is someone who is not - ✔️✔️a party to the original contract
The parties to a contract may include_____________ a clause that specifies the
amount of money to be paid if one of them should later breach the agreement. -
✔️✔️C. liquidated damages
Specific performance may be ordered when the - ✔️✔️D. all of the above: goods are
unique, subject of the contract is real property, amount of the loss is so uncertain that
there is no fair way to calculate damages.
IF an agent breaches his fiduciary duty to the principal, - ✔️✔️B. the agent will be liable
to the principal for any resulting losses
The relevant factors in deciding whether an agent is an employee or an independent
contractor is: - ✔️✔️D. both a and b:
a. who controls when the work is to be performed
b. who selects the manner in which the work is to be performed
Which of the following is NOT usually considered an independent contractor? - ✔️✔️A.
a delivery driver working for a delivery service
Terry Terp owns a professional football team in Baltimore. He enters into a $180M
contract with Jarbay Construction Company to build a stadium in Camden Yards,
, Baltimore. As part of their bargain, Jarbay agrees to pay $20K for each day of
construction beyond the stated date of completion. This daily payment requirement
constitutes: - ✔️✔️D. liquidated damages
John makes the following oral promise to Nancy: "Go ahead and sell these materials to
my friend George. I will pay for them." This is a: - ✔️✔️A. primary promise enforceable
even though oral
Potter orally engaged Arthur as a salesman on April 5th, 2003 for exactly one year
commencing on May 1st, 2003. Which of the following is correct insofar as the parties
are concerned? - ✔️✔️A. If Arthur refuses to perform and takes another job on April
14th, 2003, he will not be liable if he pleads the Statute of Frauds
Harry buys a used car from Slick Willy who is a used car dealer. Harry signs a
NEGOTIABLE INSTRUMENT on July 2003, agreeing to pay Slick Willy $5K one year
from the date of the signing of the instrument. Willy immediately negotiates the note to
Friendly Finance Company for $4,500. One year later, when Finance Company tries to
collect, Harry refuses to pay contending the he was defrauded in buying the car bc Slick
Willy lied about the mileage. - ✔️✔️C. Harry cannot successfully raise the defense of
fraud against Friendly Finance
The UCC regulates the sale of goods by - ✔️✔️B. Merchants and Non-merchants
Section 2-201 of the UCC provides that, in a majority of states, a contract for the sale of
goods over__________ must be in writing - ✔️✔️C. 500
Which of the following is governed by Article 2, Sales, of the UCC? - ✔️✔️C. a contract
for sale of office supplies
Carl Contractor build a house for harry Homeowner according to specification. The tile
in the bathroom is green. Pink was specified. Since Harry hates green he may: -
✔️✔️B. pay the contractor and collect the cost of installing the proper color title
Jones and Smith enter into a contract providing that Jones is to paint Smith's garage
and then Smith is to pay Jones' landlord , Ross, $900 in back rent. Ross would be a -
✔️✔️B. creditor beneficiary
Johnson takes out a life insurance policy on his employee, making himself beneficiary.
In order to collect at the time of the employee's death Johnson must have: - ✔️✔️A. an
insurable interest in the employee
A owes a debt to B. On December 1, B assigns the claim to C, and on December 10th,
B assigns the same claim to D. On December 15, D gives A notice of the assignment -
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