business law 10 t/f, 10 multiple choice ?, & short essay

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true/false (2 points each)
1. _________ a third person does not have the status of an intended third-party beneficiary in a contract unless it is clear at the time the contract was formed that the parties intended to impose a direct obligation with respect to the third person.

2. _________ an assignee of a contract can bring suit on the contract only in the name of the assignor

3. __________ when duties under a contract are delegated, the party making the delegation remains responsible for the performance of the contract just as though no delegation had been made

4. __________ a condition precedent must occur before a party to a contract has an obligation to perform
5. __________ unless a contract so provides, time is ordinarily not of the essence, and performance within a reasonable time is sufficient

6. __________ the federal consumer credit protection act gives the debtor the right to rescind a credit transaction within three (3) business days when the transaction would impose a lien on the debtor’s home.

7. __________ at common law, a tenancy by entirety or a tenancy by the entireties is created when property is transferred to both husband and wife.

8. __________ under the ucc, if a contract calls for both rendering services and supplying materials to be used in performing the services, the contract is classified according to its dominant element.

9. ___________ if a contract contains a delivery term of fob place of shipment, the seller’s obligation under the contract is to deliver the goods to a carrier for shipment.

10 ___________a seller cannot be held liable for the breach of an express warranty if the seller honestly believed that the warranted statement was true.

multiple choice –select the best possible answer (2 points each)
11. an incidental beneficiary of a contract:
a. can sue to enforce the contract.
b. cannot sue to enforce the contract.
c. is a beneficiary specifically named in the contract.
d. is an assignee of the direct beneficiary.

12 the phrase "time is of the essence" means that:
a. the court is in a hurry to dispose of the case.
b. performance under the contract at the times specified in the contract is vital or essential.
c. the contract expressly states that time is of the essence.
d. the price stated in the contract is subject to change without notice.

13 the rule of mitigation of damages requires that a party injured by a breach of contract must:
a. take any and all steps possible to reduce the damages that will be sustained because of the breach.
b. discharge the contract before filing suit for breach.
c. hire someone else to perform the contract.
d. take reasonable steps to reduce the damages that would otherwise be sustained because of the breach.

14 which is not a correct statement concerning the remedy of specific performance?
a. the subject matter of the contract must generally be unique.
b. an award of monetary damages would be an inadequate remedy.
c. the granting of specific performance is discretionary with the court.
d. it is generally available in all breach of contract cases.

15 which is not a correct statement concerning a liquidated damages clause?
a. if the clause is enforced, the injured party can collect no more than the amount specified.
b. if the clause is enforced, the injured party has a choice between compensatory damages or liquidated damages.
c. it must be possible to determine actual damages.
d. the amount of liquidated damages are established by the parties to the contract.

16 barry and eldridge owned blueacre as tenants in common. eldridge died. blueacre is owned:
a. solely by barry because of the survivorship feature.
b. jointly by barry and the state because of escheat.
c. by barry and eldridge's heirs.
d. solely by eldridge's heirs.

17 under article 2 of the ucc, in a situation where it is clear that the parties intended a contract, but a term in the acceptance conflicts with a term in the offer:
a. there is no contract.
b. the acceptance is viewed entirely as a counteroffer.
c. there is a contract for the terms of the offer and acceptance that are consistent, but the conflicting terms cancel out.
d. there is a contract, and the conflicting term in the offer is part of the contract.

18 under article 2 of the ucc if a contract for the sale of goods does not state the price to be paid, the:
a. contract is void because it is too indefinite to be enforced.
b. buyer is required to pay a reasonable price for the goods.
c. buyer can pay whatever price the buyer in good faith believes is a proper price.
d. seller can rightfully charge whatever price the seller in good faith believes is a proper price.

19 which of the following implied warranties is created when the buyer relies on the seller to pick out the goods that the buyer requires to meet a stated need?
a. conformity to description
b. merchantability
c. fitness for a particular purpose
d. conformity to a sample or model

20 sylvia and morris were married and owned their home as tenants by the entirety. when morris died, his will said that he left his half of his home to his brother tim. sylvia objects to this. the ownership of the home:
a. belongs solely to sylvia by survivorship.
b. is now a joint tenancy between sylvia and tim.
c. is now a tenancy in common between sylvia and tim.
d. belongs to sylvia and the state, in equal and divisible shares.

short essay: worth 10 points- this question tests your ability to understand the 5 elements to form a binding contract. before you answer this question, you should make sure you understand the materials found in chapters 12-20 and review professor muffler’s online video lectures for these chapters. (yes, some chapters were covered before the mid-term but you are expected to know their contents for this exam)
21. professor muffler is lecturing to his students about contract law in a real class on the campus of florida keys community college (fkcc). the class is for a semester long (4 months). the students are enrolled in fkcc and have already paid for this class through their tuition. all students in the class are 19, are competent, are above in age and are not on any controlled substances or have drank any alcohol that day. the class is from 6:00 p.m. to 8:00 p.m every weekday. at about 7:00 p.m. he abruptly stops the class and starts to hand out a piece of paper to each student and states that this is a “pop quiz” and all students must sign on the line and hand back the paper without any changes or modifications. (see the document on the last page of this test—this is what professor muffler handed out to the students in the class). when a student started to ask a question about the piece of paper, professor muffler stopped the student and said, just sign this if you want to pass this class. when students were hesitant to sign this document and give it back to professor muffler, he stated “hurry up--- as we need to move on in class and you are wasting valuable time” ultimately all the students signed the document and handed it back to professor muffler without any changes.

a) from the above facts, list the five elements of a binding contract as stated in professor muffler’s videos for these applicable chapters in the book and give a legal definition for each.

b) what is the 1st element, is it met and why/why not using the legal rational and terms you have learned in this class from these chapters?

c) what is the 2nd element, is it met and why/why not using the legal rational and terms you have learned in this class from these chapters?

d) what is the 3rd element, is it met and why/why not using the legal rational and terms you have learned in this class from these chapters?

e) what is the 4th element, is it met and why/why not using the legal rational and terms you have learned in this class from these chapters?

f) what is the 5th element, is it met and why/why not using the legal rational and terms you have learned in this class from these chapters?
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