GENB Final

Created by dsmata 

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41 terms

A contract under the UCC may be formed even if the terms conveyed in the acceptance are not identical to those conveyed by the author.

true

If a buyer refuses to accept delivery of goods and has not yet paid for the goods, the seller can store the goods for the buyer in sue to recover the sale prices where the goods are not readily resalable to the customer.

true

One difference between misrepresentation and fraud is the persons' _______ behind the behavior.

intent

The general rule is all contracts can be assigned. An exception is when:

The assignment is against policy

All duties can be delegated.

false

George read in the newspaper: We're bananas about Ford F-150's. The first person to come in with two tons of bananas will receive a new Ford F-150 for 50% the manufacturers' price. Is there a contract?

Yes because of behavior

A contract for lawn mowing services is covered by:

Common Law

While there are exceptions, the general rule is that silence is not considered acceptance.

true

Furniture distributors offered to sell 100 tables for $2,000. The retailer accepts but adds the following terms: must be delivered within two weeks of offer date. The parties have a valid contract.

true

If two parties are mistaken as to a material fact of the contract, either party may request termination of the contractual obligations due to:

Mistake

What serves as an implicit rejection of an offer?

Counter-offer

Any agreements to sell an interest in land must be:

In writing to be enforceable

A guarantor's promise to pay must be in writing to be enforceable.

true

All of the following are required for a valid offer except:

sated in writing

Harvey's to a contract man put a statement in a contract that specifies the amount of damages to be paid by a party that breaches the agreement. Such a statement is called:

Liquidated Damages

Contract law allows for the liquidated damages clause to be used to punish a party for breaching.

false

A party to a contract will not be obligated by an assignment made by the other party until

notified

A handwritten note on a bar napkin will be sufficient to satisfy the requirements under the Statue of Frauds.

true

Cynicism can make it more difficult to act ethically during business.

true

Emancipated minors are liable for necessaries purchases.

true

The obligation of the injured to protect the other party form unnecessary damage is called:

mitigate

If an action is legal it must be ethical.

false

One approach to thinking about ethics asked whether everyone should engage in this type of behavior all the time:

universal ethics

One way of thinking about ethics requires the person to refer to his or her community to define the type of person that he/she aspires to be like:

virtue ethics

Conflict in values involves a situation which your judgement or objectivity is compromised by a relationship you have with an individual or an organization.

false: conflict of interest

A principle must reimburse an agent for any loss or damage suffered by the agent:

in the legitimate performance of duties

What kind of authority is the authority of an agent that reasonably assumes that he/she has?

implied authority

_____ derives from a reasonable belief of the third party.

apparent authority

A major advantage of a corporation is that all the shareholders have a limited personal liability.

true

As a shareholder you can actively manage the corporation.

false

If the true owner of a property does not come forward and the finder wants to claim ownership title, the property:

remains with the finder

A transaction in which the owner of a tangible personal property transfers the property to another while retaining ownership is called a ______

bailment

A person who finds property has no legal responsibility to make an effort to return the property to it's rightful owner.

false

An advantage to a sole proprietor is that the owner has complete authority within the boundaries of the law of running the business.

true

Personal property such as trees purchased at a nursery become real property when they are planted.

true

A person who is of legal age, of normal mentality and capable of understanding a contract:

competent party

Rights to land include the air space above the land to an indefinite height. Subject to the rights of air crafted play that do not pose a hazard to persons or property on the land.

true

A person who acts on behalf of another is known as principle

false

The major disadvantage of a sole proprietorship is the fact that the owner of the establishment has unlimited liability.

true

A & B own a bank account as joint tenants. A dies. Who has the right to A's share of the bank account?

B

A person may delegate his or her duties to a third party if the duties do not involve:

unique skills, talents, or abilities

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