AIU BUSN 150 Summer 2015 Unit 3 Chapters MCQs 2015

| June 11, 2016

Question
When an original document is unavailable the Best Evidence Rule: (choose 2)

Does not allow copies of a document

Has an exception that allows business records

Has an exception that allows authenticated copies

Mandates that the case is dismissed

Requires that court to fine the party that cannot produce the original

A contract entered into by a minor _____.

Is enforceable if the minor is living with a guardian

Is binding on the parents/guardians of the minor

Is voidable

Is enforceable if the minor is living with his or her parents

Why is writing required in certain types of contracts? (choose 2)

To compare signatures to determine if any fraud exited at the time of formation

So that the contract can be recorded with the court

To establish who is the dominant party to the contract

To help clear up issues if the terms of a contract are challenged

To help establish evidence that the contract exits

Which of the following is considered fraud? (choose 2)

One party believes he is getting a better deal

Bait-and-switch

One party fails to meet his duty to disclose

The parties write the wrong date down on the contract

One party does not sign the contract

Which of the following contracts would have to satisfy the Statute of Frauds? (choose 2)

A contract to buy a used motorcycle for $300

A contract to purchase a laptop computer for $200

A contract to sell four golf courses

A 6 month contract for lawn care service

A professional football player contract that is 3 years long

In order for a contract to be enforceable _____. (choose 2)

The contract must be for a legal purpose

The contract must be recorded with the court

The contract must be signed by both parties

The terms and conditions must be at least 5 pages long

The parties must have legal capacity

A court would not enforce which of the following contracts? (choose 2)

A contract between drug dealers

A contract between husband and wife

A contract for the sale of an airline carrier

A contract for the sale of used goods

A contract to price-fix

Which of the following is not a remedy for breach of contract? (choose 2)

Specific performane

Imprisonment or other criminal law penalties

Money damages

Liquidated damages

Jail time

A breach of contact happens when _____. (choose 2)

The parties do not record their agreement with an neutral arbitrator

The parties fail to put their agreement in writing

One person fails to perform his duties under the contract

One party does not sign the contract

One person violates his legally binding obligation without a valid reason

The court will consider it a total breach of contract if _____. (choose 2)

A party does not perform or offer a suitable alternative

If one party files a motion asking to be excused from the contract

The parties cannot get along

A party fails to make good on the original promise

A party misses 1 shipment deadline in a contract that has several deadlines

A plaintiff in a breach of contract claim can ask a court to apply _____ remedy principles. (choose 2)

Natural

Federal

Legal

Pertinent

Equitable

A _____ breach of contract may still make the contract enforceable. (choose 2)

Minor

Material

Significant

Immaterial/Small

Major

Who or what helps to determine if a breach is minor or material?

The nature of the breach and the effects on the parties

The facts and circumstances of each contract

The National Commission on Breach of Contract (NCBC)

The governor

The district attorney

What effect does a material breach of contract have? (choose 2)

The court may discharge the party’s obligations all together

The court may re-write the contract

The court may force the parties to never enter contracts again

The court may temporarily suspend the obligations of the innocent party

No effect

A third party beneficiary _____. (choose 2)

Cannot enforce a contract

May have the same rights as a party to the contract

Can stand in place of a party to a contract

Has no rights because of privity issues

Can never sue

The doctrine of privity means _____. (choose 2)

That only private individuals can enter contracts

That someone who is not a party to the contract cannot sue to enforce the contract

That minors cannot enter contracts

That only the parties to a contract have rights under the contract

That all contracts must be in writing and signed by the party to be charged

_____ has the authority to regulate commerce in the U.S. (choose 2)

The President

The U.S. House of Representatives and the Senate

The Congress

The U.S. Department of Transportation

The U.S. Supreme Court

Early English contract disputes involve which animals as the bases of early American contract law?(choose 2)

Fish

Dogs

Monkeys

Sheep

Horses

Which of the following is not an element of a contract that is binding and enforceable? (choose 2)

A valid offer

A signed document

Capacity

Fairness

Acceptance

The doctrine of privity means _____. (choose 2)

That all contracts must be in writing and signed by the party to be charged

That minors cannot enter contracts

That someone who is not a party to the contract cannot sue to enforce the contract

That only the parties to a contract have rights under the contract

That only private individuals can enter contracts

Which of the following is not a source of contract law? (choose 2)

The Uniform Commercial Code (UCC)

The Tort Reform Act

The Model Penal Code

The U.S. Constitution

The Common Law

Because of the Commerce Clause, courts have deferred to Congress in _____. (choose 2)

Setting up antitrust laws

Setting employment and minimum wage laws

Appointing lower federal court judges

Interpreting law

Waging War

_____ has the authority to regulate commerce in the U.S. (choose 2)

The President

The U.S. House of Representatives and the Senate

The Congress

The U.S. Supreme Court

The U.S. Department of Transportation

The _____ helped to draft the UCC. (choose 2)

Federal Aviation Commission

National Conference of Commissioners on Uniform State Law

State Department

National Contracts Institute

American Law Institute

Under the common law _____ was a critical part of the offer. (choose 2)

The signature of the person making the offer

The offer had to be in writing

A sworn statement by the offer

The timing in which the contract should be performed

The price of the goods or service

A third party beneficiary _____. (choose 2)

The Offeree rejecting the first offer

The Offer

The Offeree accepting an offer

The Offeror making an offer

The Acceptee making an offer

An offeree is the _____. (choose 2)

The person that can accept the offer

The third party to the contract

Not a party to the contract

The party to which an offer was made and communicated

The person making the initial offer

Which of the following is not an element of a valid offer? (choose 2)

There must be clear and definite terms to the contract

The offeror must have serious intent to make an offer

The offer must be filled with the court

The offer must always be in writing

The third party to a contract

A promise not to sue someone _____. (choose 2)

Is an acceptable form of consideration

Is against public policy

Is considered forbearance and is an acceptable form of consideration

Is illegal and a violation of the Bill of Rights

Is never an acceptable form of consideration

What technology has created new contract problems? (choose 2)

Post Offices Boxes

Text messaging

Emails

U.S. Mail

Face to Face Meetings

An offeror is _____. (choose 2)

The person making a contract offer

The party making a contract offer

Not a party to the contract

The person acepting the offer

The third party to a contract

Under the mailbox rule acceptance of a contract is effective when _____. (choose 2)

When the offeree mails acceptance

When it is mailed

Once the post office certifies receipt

When it is received

Three days after it is mailed

The offeree no longer has the power to accept the original offer if _____. (choose 2)

A counteroffer is made

If the offer is not in writing

A rejection is made

If acceptance is not in writing

If the offeree does not sign the acceptance

In _____ the offer stays open for a certain amount of time before the offeror can revoke the offer.(choose 2)

Contracts in which something of value is given to keep the offer open

Contracts for the sale of goods over $100

Oral contracts

Stock option contracts

All contracts

_____ is merely an invitation to negotiate. (choose 2)

An oral offer

A sales advertisement

A mailed catalog

A faxed offer

An emailed offer

_____ cannot be enforced under contract law. (choose 2)

An illegal activity

An option contract

An oral contract

A contract made via text messaging service

The promise to make a gift

Which of the following is not a common form of consideration? (choose 2)

Drugs

Commodities

Money

Property

Sex

_____ can revoke an offer. (choose 2)

The incapacity of the offeror

The mayor of a city (even if not a party to the contract)

The death of the offeror

No one

All banks (even if not a party to the contract)

The _______________ helps to keep airlines safe.

The Environmental Protection Agency (EPA)

The Federal Aviation Administration (FAA)

The Solicitor General

The Aviation Investment Act

Which of the following is an aim of corporate governance?

To ensure zero revenue losses at all costs

To protect senior corporate leadership

To create a system of checks and balances concerning the management of a corporation

To ensure maximum profitability at all costs

There are _______ Whistle-Blower Statutes.

Only State

Federal and State

No

Only Federal

Corporate officers have the following fiduciary duty:

To avoid government regulation

To eliminate all corporate competition

To protect his or her self-interest and investments

To act in the best interest of the corporation

Corporate officer owe a duty of ____________ to the corporation.

Resilience

Intensity

Loyalty

Profitability

SOX attempts to repair which of the following damages experienced by the whistle-blower?

Paying a bonus to the whistle-blower

Paying student loans

Paying medical treatment costs

Paying child day-care costs

A shareholder is a person that holds _____________ a particular corporation.

Shares in

A lien against

A job in

A contract with

Which of the following would violate a corporate officer’s duty of loyalty to a corporation?

Complying with local zoning restrictions

Making a campaign donation on behalf of the corporation

Hiring an employee that attended the same college as the officer

Diverting corporate assets

The minority shareholders of a corporation typically owns a _________ amount of corporate stock.

Non-controlling

Proportionate

Controlling

Large

The goal of Whistle-Blower Statutes is to:

Expose disloyal employees

Encourage employees to report illegal acts

Protect the board of directors

Protect high level employees

_____________________ is a federal administrative agency that hears and investigates reports by whistle blowers.

The White House

The National Security Agency (NSA)

The Supreme Court of the United States

The Occupational Safety and Health Administration (OSHA)

Which of the following areas do third-party obligations/rights exist? (choose 2)

Marriage

Gifts

Insurance policies

Third-Party Debt Collection

Tax Liens

A _____ contract allows a third party to have rights under the contract. (choose 2)

Negated

Privity

Motion

Third-party beneficiary

Third-party

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