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BUSN 420 Business Law week 4 Contracts Defenses,


Breach, and Remedies Quiz A+ Complete Answer
BUSN 420 Business Law week 4 Contracts Defenses, Breach, and Remedies Quiz
Answer
BUSN 420 Business Law week 4 Contracts Defenses, Breach, and Remedies Quiz
Answer
Week 4 : Contracts: Defenses, Breach, and Remedies Quiz
Question 1. 1. (TCO 4) Timber, Inc., and Wood Corporation enter into an oral contract
for the sale of a lumber mill and the land on which it is situated from Timber to Wood.
Under the Statute of Frauds, this contract is enforceable by (Points : 2)
the seller.
the buyer.
any interested third party, such as the mortgagee or title company.
None of the above.
Question 2. 2. (TCO 4) Reel Graphics, Inc. agrees to assume a debt of Suave Marketing
Company to Town Credit Union. This promise is for Reels benefit. To be enforceable,
the promise (Points : 2)
must be in writing.
must be in writing only if the debt is valued at $500 or more.
must be in writing only if the debt will not be repaid within one year.
need not be in writing.
Question 3. 3. (TCO 4) Mei orally promises Nester that she will buy his fishing trawler
for $10,000. Before either party acts in reliance on this promise, under the doctrine of
promissory estoppel, the transaction is enforceable by (Points : 2)
the seller or the buyer.
the marina where the trawler is docked.
the state in which the trawler is located.
None of the above.
Question 4. 4. (TCO 4) Lyra induces Moe to enter into a contract for the sale of an
apartment about which Lyra fraudulently misrepresents a number of material facts.
Lyra tells Moe that her commission is 6 percent, but their signed, written contract states
12 percent. The Statute of Frauds governs (Points : 2)
contracts that are induced by fraud.
contracts that must be in writing to be enforceable.
the admissibility in court of oral evidence.
the reformation of oral and written statements into one contract.
Question 5. 5. (TCO 4) Darla sells an all-terrain, off-road vehicle to Esteban without
disclosing that the odometer, which reads 30,000 miles, was disconnected 50,000 miles
ago. Darla is most likely liable for _____. (Points : 2)

duress
fraud
mistake
nothing
Question 6. 6. (TCO 4) Lacy uses undue influence to induce Mina to sign a contract to
invest her National Education Fund student loan money in Overseas Bank. Mina may
(Points : 2)
avoid the contract.
do nothing after Mina signs the contract.
recover from National for a failure to monitor Minas money.
recover from Overseas for a failure to undo Lacys influence.
Question 7. 7. (TCO 4) Chocolate Bites, Inc., and Delite Distribution, Inc., signs a
written contract for sale of goods. To be enforceable, this written contract must include
(Points : 2)
a correct title, such as Purchase Order or Sales Invoice.
a declaration of the subject matter.
a quantity term.
the parties names.
Question 8. 8. (TCO 4) Sid induces Ty to enter into a contract for the sale of a
warehouse about which Sid fraudulently misrepresents a number of material facts. Sid
also tells Ty that his commission is 6 percent, but their signed, written contract states
12 percent. The parol evidence rule governs (Points : 2)
contracts that are induced by fraud.
contracts that must be in writing to be enforceable.
the admissibility in court of oral evidence.
the reformation of oral and written statements into one contract.
Question 9. 9. (TCO 4) In selling paving stones to Yard & Garden Supply, Trey tells
Yard & Gardens buying representative that the stones are soft as carpet. This is
_____. (Points : 2)
unconscionable
fraud
mistake
puffery
Question 10. 10. (TCO 4) Dobry Die & Mold, Inc. enters into a contract with Chets
Refitting Service to fix Dobrys precisely engineered molding equipment. If Chets
delays the repair for five days, knowing that Dobry will lose a certain percentage of
profit for the delay, Dobry might be awarded consequential damages to (Points : 2)
establish, as a matter of principle, that Chets acted wrongfully.
provide Dobry with funds for a foreseeable loss beyond the contract.
provide Dobry with funds for its loss of the bargain.
punish Chets and set an example to deter others from similar acts.

BUSN 420 Business Law week 4 Contracts Defenses,


Breach, and Remedies Quiz A+ Complete Answer