Business Law Ch6-10 MCQs Set 2

Question Questions What is an irrevocable offer under the Uniform Commerce Code? Under the Uniform Commerce Code name three things that are required to expressed in a sales contract to satisfy the statute of frauds? The provisions of the Uniform Commerce Code were drafted with the goal of promoting the what of a sales contract? Name two factors that may indicate the formation of a contract under Article 2? When one who is regularly engaged int he sale of a particular type of good offers to hold open an offer to sell the goods with an explicit promise in writing this is a? Under the Uniform Commerce Code name two things that are not required to be expressed in a sales contract to satisfy the statute of frauds? The Uniform Commerce Code’s statute of frauds requires which of the following contracts to be in writing in order to be enforced? Miami Beach Surf Shop sends a purchase order to Beach Wear Manufacturing for 500 pairs of “Extreme Board Shorts” bathing suits by December 1. Beach Wear sends back an acknowledgement letter that includes an arbitration clause in the event of a dispute. It the arbitration clause part of the contract? Miami Beach Surf Shop sends a purchase order to Beach Wear Manufacturing for 500 pairs of “Extreme Board Shorts” bathing suits by December 1. The purchase order contains an arbitration clause. Beach Wear sends back an acknowledgement letter for the merchandise. What is included in the terms of the contract? Miami Beach Surf Shop sends a purchase order to Beach Wear Manufacturing for 500 pairs of “Extreme Board Shorts” bathing suits by December 1. Beach Wear sends back an acknowledgement letter that includes an arbitration clause in the event of a dispute. Which of the following are the terms of the contract? The legal rules in the UCC that determine which party in a sales contract bears the financial burden in the case the goods are destroyed in transit are referred to as: The legal term for the right of ownership of a good is? On January 2 Laila University (LU) signed an agreement to purchase 1000 baseballs from Regional Sports Equipment (RSE) and the parties agree that it is a destination contract. RSE arranges for the baseballs to be placed with a local delivery company with instructions for delivery to LU. While en route to LU the delivery truck is in an accident and the baseballs are dstroyed. Who had title at the time of the accident? Unless the parties agree otherwise the UCC characterizes any agreement for the sale of goods and delivery as a what contract? When one party in a contract for the sale of goods has reasonable grounds to believe that another party will not perform the UCC provides that party with the right to demand what of performance? On January 2 Laila University (LU) signed an agreement to purchase 1000 baseballs from Regional Sport Equipment (RSE). RSE arranges for the baseballs to be placed with a local delivery company with instructions for delivery to LU. While en route to LU the delivery truck is in an accident and the baseballs are destroyed. The parties do not have any express agreement as to risk of loss. Who had title at the time of the accident? On January 2 Laila University (LU) signed an agreement to purchase and pick up 1000 baseballs from Regional sports Equipment (RSE). RSE arranges for the baseballs to be marked “Sold” and placed in the RSE warehouse for pickup by LU’s athletic department crew. Before the LU truck arrives the baseballs are stolen from the warehouse. Who had title at the time of loss? Buyer and seller enter into a contract that provides for delivery of goods at the buyer’s place of business. The contract stated “Seller assumes all risk until goods are delivered at destination.” The parties have entered into a what contract? T/F: The case of Mattison v. Johnston held that competition is not a valid excuse to break a restrictive covenant that was created to avoid just such practices and that inducing someone to break a restrictive covenant is tortious conduct T/F: Ms. Bobbin your ethics teacher is a first year professor just out of school and she is very tough and demanding. You’ve done poorly on the first two tests and you think it’s her fault. Someone tells you that she has a criminal past and without verification you spread this allegation. In fact Ms. Bobbin has been a model citizen and never broken the law. As a result of your actions she is put on probation pending an investigation. She cannot sue for defamation because as a professor she is a public figure and your conduct was intentional but not a careless disregard of the truth or with malice T/F: Sally is walking her 6 month old baby in a stroller. Mark a stranger looks into the stroller and says “Wow that’s one ugly baby.” Sally is furious and sues Mark for intentional infliction of emotional distress. She will likely lose T/F: Jimmy is annoyed because his neighbor’s dog is constantly barking. He intentionally walks up to the dog in his neighbor’s yard and viciously kicks it. Jimmy is guilty of battery T/F: Because there is no general duty to act or assist others a store is not liable should they wash a floor and fail to notify the public of the slippery condition and someone is injured. Stores do it as a convenience to customers but not due to a legal duty T/F: Mike is having coffee in a coffee house when he sees Jordan who is the dean of a Midwest business school. Mike used to teach at Jordan’s prior school and was considered a very valuable faculty member. They haven’t seen each other for years and Jordan has no idea what Mike has been doing or where he’s currently working. She tells him that she has a position for him if he’s interested. The next day Mike quits the university he’s under contract with and signs a contract with Jordan’s school. Jordan’s school can be sued for tortious interference with existing contractual relationship T/F: Employers in some states enjoy an absolute privilege when giving employment references as long as the reference is factual and without malice T/F: Brad is drunk and driving his car 20 miles over the speed limit. He hits Angelina who is crossing the street against a red light. Angelina has over $95000 in medical bills and has significant pain and suffering. If Angelina sues in a state that still follows the theory of contributory negligence she will get nothing T/F: Professor Smith announces to his dean that the students in his noon class are the worst students that he has ever had and that they should never have been admitted to the school. The students are actually as qualified as any other students admitted to the school. The students may sue Professor Smith for slander T/F: Disparagement has to do with industries companies and corporations and not individuals T/F: Bill has shoplifted at a local store stealing three mobile phones. The theft is not detected until store camera videos are examined later that afternoon. Store management has the right to go to Bill’s home and detain him until police arrive T/F: Regarding defamation a qualified privilege exists in courtrooms and legislative hearings T/F: A party injured by another’s negligence but who is found to have committed comparative negligence will recover nothing The civil counterpart to theft is? Assumption of risk is a defense to? One who commits a tort is called the? In Belanger v. Swift Transportation Inc. after Belanger had an accident driving a company vehicle the accident was reported to a government website. Belanger claimed that Swift acted with malice and lost any reference related privilege by reporting information to a third party website Bill is a lab technician and in charge of safety inspections and injury prevention due to faulty equipment at a university chemistry lab. One morning as a result of his inspection Bill discovers a gas burner with a broken valve. Bill gets distracted and fails to put an “OUT OF ORDER/DO NOT USE” sign on the faulty burner. When the morning class arrives Halle uses the faulty burner and is burned when it catches fire. Bill’s negligence is based on? In which of the following situations would res ipsa loquiter likely apply? Name three categories of torts Santiago rents a boat slip at the Angler hotel dock based on misrepresentations by the manager that a full-time security guard was employed to watch the dock. One night the boat next to Santiago’s is burglarized. in a lawsuit against Angler Hotel for fraudulent misrepresentation who would prevail? Pennsylvania passes a state statute that gives the right for any dairy farmer to sue any party who wrongfully defames milk produced in Pennsylvania. This is an example of a what statute Alfredo owns a car dealership that competes with Hector’s. Cassandra is one of Hector’s best sales reps and is restricted by contract from working for any of Hector’s competitors for at least two years from termination. one day she becomes frustrated with her salary and quits. The next week she goes to work for Alfredo. In a lawsuit against Alfredo who would prevail? What element of defamation require the aggrieved party to be able to prove pecuniary (monetary) harm? The law recognizes an absolute privilege defense to defamation claims against? Jamal rents a locker at Moe’s Storage based on misrepresentations by the manager that a full-time security guard is employed to watch the storage lockers. One night Jamal’s storage locker is burglarized. In a lawsuit against Moe’s Storage for fraudulent misrepresentation who would prevail? Florida passes a state statute that gives the right for any citrus farmer to sue any party who wrongfully defames Florida-grown oranges. This is an example of a what statute? Carmine owns an electronics store that competes with Kim’s/ Jeremy is one of Kim’s best sales reps so carmine invites Jeremy to a lavish meal to discuss potential employment at her store. When Jeremy informs Carmine that he is restricted by contract from working for any of Kim’s competitors for aat least two years after termination Carmine offers hime $5000 to break the contract immediately and Jeremy begins work for carmine. in a lawsuit against Carmine who would prevail? When a tortfeasor is willful in bringing about a particular event that caused harm it falls into which category of tort? The law does not recognize an absolute privilege defense to defamation claims against what? Doug rented a space in Boswell’s Parking to store his trailer. One night Doug’s trailer catches fire and is destroyed. After the fire Doug learns about a brochure quoting the manager of Boswell’s Parking that a full-time security guard watched the lot at night; however no such guard existed. In a lawsuit against Boswell’s Parking for fraudulent misrepresentation who would prevail Idaho passes a state statute that gives the right for potato farmer to sue any party who wrongfully defames potatoes grown in Idaho. This is an example of a what statute Keith provides consulting services to Troy Manufacturing. Mei-Ling has been trying to get Troy’s business for more than a year and finally offers to undercut Keither’s rates by 50 percent. After the Keith-Troy contract expires Troy switches to Mei-Ling. In a lawsuit by Keith against Mei-Ling over the Troy account who would prevail? If one party fails to act reasonably and causes harm to another party without any harmful intent this category of tort is called? Name two elements of negligence? Green Grocer operates a supermarket. Niles is shopping in the supermarket and slips on a recently mopped floor. Green Grocer owes Niles which of the following special duties Friendly Motel posted a sign near its pool “Danger–No lifeguard on duty. Pool closes at sunset.” Antonin sees the sign but takes a midnight swim anyway. He is injured when he hits his head on the bottom of the pool because no lights are on. In a negligence claim which of the following is Friendly Motel’s best defense? Name two elements of negligence High End china operates a chain of kitchenware stores. Rockefeller is a guest at one of the stores and trips on a ripped rug near the cash register. High End China owes Rockefeller which of the following special duties? Name three elements of negligence Troy’s boss invites Troy and his colleagues to a dinner at his home. On the way up the walkway to his boss’s house Troy falls on a step that was cracked. Troy’s boss owes him which of the following special duties? T/F: Debtors may keep certain assets after they have filed for liquidation T/F: An automatic stay halts all creditors’ collection actions except for ones brought by government agencies T/F: The court cannot force creditors to agree to a reorganization plan even if it is fair equitable and feasible T/F: Chapter 7 allows business entities to keep some exempt property T/F: An individual filing for Chapter 7 may always keep their car T/F: Creditors can force a company into bankruptcy proceedings Whose only legal remedy is to bring a lawsuit against a borrower to try to recover the money loaned? A petition for bankruptcy that is filed by creditors against a debtor is known as what type of filing? A creditor with an interest in real property is called a/an: What does going through the process of accord and satisfaction do? The reorganization plan is unique to what type of bankruptcy filing? Name the three requirements for undue hardship What is the main difference between Chapters 7-11? This bankruptcy chapter filing option liquidates the debtor’s property to repay creditors and discharge the debts How is a debtor protected in bankruptcy from the moment of filing? What businesses typically need a personal guarantee in order to receive a loan? What is the name of the legislation that helps homeowners avoid foreclosure by offering certain guarantees when refinancing a mortgage? Which chapter of the bankruptcy code is best thought of as temporary protection from creditors while a business goes through a planning process to pay creditors while continuing to do business? Secured creditors require what (property assets or land) to secure the debt of a borrower The most common form of unsecured credit is what? Name two secured creditors a secured creditor must what their security interest in the collateral in order to be fully protected under UCC Article 9 For small and mid-sized business ventures a creditor will typically require a what from the principals of the business in order to help secure a business loan Hawkings applies for a loan to fund a business project but his credit score is very low and he has no collateral. he convinces his wealthy friend Ethan to cosign the loan. the bank requires Ethan to be primarily liable on the loan. Ethan is a what? what is property assets orland used to secure the debt of a borrower Hawkings applies for a loan to fund a business project but his credit score is very low and he has no collateral. he convinces his wealthy friend Ethan to cosign the loan. Ethan agrees as long as he is not premarily liable on the loan. Ethan is a what? Hawkings applies for a loan to fund a business project but his credit score is very low and he has no collateral. He convinces his wealthy friend Ethan to cosign the loan. Hawkings defaults and the bank pursues Ethan even though they have not exhausted their remedies against Hawkings. Ethan is a what? A(n) what business is when a business venture no longer has adequate assets or revenues to maintain its operations and can no longer pay its bills as they become due Stafford starts a Web-based advertising business but eventually he can no longer pay the company’s bills as they come due. He files a certificate with the state corporation bureau that indicates that he is no longer in business. Stafford chose which alternative available to insolvent businesses? What is the most extreme form of bankruptcy because it requires the debtor to liquidate all of their property in order to pay creditors Name two options that gives the debtor an automatic stay from attempts by creditors to collect a debt? The bankruptcy court has the authority to force a reorganization plan upon creditors over their objection. This is known as the court’s what provision

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