How can we help?

You can also find more resources in our Help Center.

41 terms

GENB Final

STUDY
PLAY
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