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Business law quiz with answers

BUS/415 Quiz >> Can you help me get started here??

1. An offer for a reward is an example of a(n):
a. bilateral contract.
b. executed contract
c. market contract
d. unilateral contract
e. All of the above

2. The UCC applies to which, if any, of the following?
a. Sales of real estate
b. Sales of services
c. Sales of goods
d. Sales of copyrights and patents
e. None of the above

3. A non-breaching party has which, if any, of the following duties:
a. To obtain a windfall at the breaching party's expense
b. To incur as much additional damage as possible
c. To mitigate damages
d. None of the above

4. The Statute of Frauds requires contracts for which, if any, of the following, to be in writing:
a. Sale of Land
b. A term of employment for 18 months
c. Guaranteeing the debt of another
d. All of the above
e. None of the above

5. A contract entered into by a minor is:
a. Void as a matter of law
b. Voidable by the minor for a reasonable time after becoming an adult
c. Voidable by the merchant
d. All of the above
e. None of the above

6. Which of the following, if any, is true regarding the Gallo Winery v. Spider Webs case in chapter 14 of the Cheeseman e-text?
a. Spider Webs was found to have acted in good faith and was allowed to keep the name domain
b. Spider Webs was found to have acted in bad faith and was forced to give the domain name to Gallo.
c. Gallo was found to have acted in bad faith in registering its trademark
d. Both a and c
e. None of the above

7. Which of the following statements is true?
a. A firm offer requires new consideration
b. A firm offer, which does not require new consideration, is specifically allowed under the U.C.C.
c. A firm offer is one that can be accepted only with its mirror image.
d. None of the above is true

8. Which of the following statements is true regarding the Sutton v. Warner case in chapter 12 of the Cheeseman e-text?
a. The Suttons prevailed and they were allowed to keep the house
b. The Warners prevailed and they were allowed to keep the house
c. The Suttons actions, along with the admission of the Warners, satisfied the partial performance exception to the Statute of Frauds
d. Both a and c are true
e. None of the above is true

9. An agreement in which limited rights in a product are transferred in exchange for monetary payment is known as a/an:
a. Copyright
b. Trademark
c. License
d. Voucher
e. All of the above

10. Tom hires Joe for a "personal service." The personal service Joe has agreed to perform for Tom, in exchange for $10,000, involves the murder of Tom's former lover, Amanda, who is also the mother of his two children. Joe meets Amanda at a party, not knowing she is the intended victim. Joe and Amanda fall instantly in love. Later, after realizing it is Amanda that he is supposed to kill, Joe refuses to go through with the murder for hire. If Tom sues Joe for breach of contract:
a. Tom would prevail because Joe has breached the contract without just cause
b. Tom would prevail because Joe should not let his personal feelings get in the way of his promise to Tom
c. Joe would prevail because the contract was "void" and unenforceable
d. Tom would prevail because Amanda is the only one who can void the contract
e. None of the above

Solution Preview

Good luck on your educational future.

1. D
2. C
3. C
4. D
5. B
6. B
7. B
8. D
9. C
10. C

1. An offer for a reward is an example of a(n):
a. bilateral contract.
b. executed contract
c. market contract
d. unilateral contract
e. All of the above

Reasoning: An offer to pay a reward (e.g., for the return of lost property or the capture of a criminal) is an offer to form a unilateral contract. To be entitled to collect the reward, the offeree must (1) have knowledge of the reward offer prior to completing the requested act and (2) perform the requested act.

2. The UCC applies to which, if any, of the following?
a. Sales of real estate
b. Sales of services
c. Sales of goods
d. Sales of copyrights and patents
e. None of the above

Reasoning: Article 2 of the UCC applies to transactions in goods [UCC 2-102]. All states have held that Article 2 applies to the sale of goods. Goods are defined as tangible things that are movable at the time of their identification to the contract [UCC 2-105(1)].

Money and intangible items, such as stocks, bonds, and patents, are not tangible goods. This will immediately eliminates D as an answer.

Real estate is not a tangible good because it is not movable [UCC 2-105(1)]. This immediately eliminates A as an answer.

Contracts for the provision of services - including legal services, medical services, and dental services - are not covered by Article 2. Sometimes, however, a sale involves both the provision of a service and a good in the same transaction. This sale is referred to as a mixed sale; Article 2 applies only to mixed sales if the goods are the predominant part of the transaction. This immediately eliminates B as an answer.

3. A non-breaching party has which, if any, of the following duties:
a. To obtain a windfall at the breaching party's expense
b. To incur as much additional damage as possible
c. To mitigate damages
d. None of the above

Reasoning: A non-breaching party may recover monetary damages from a ...

Solution Summary

Reasoning: An offer to pay a reward (e.g., for the return of lost property or the capture of a criminal) is an offer to form a unilateral contract. To be entitled to collect the reward, the offeree must (1) have knowledge of the reward offer prior to completing the requested act and (2) perform the requested act.

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