Questions and Answers of Essentials Business Law

The law provides a remedy for a party injured by the breach of a contract. But the usual remedy, a lawsuit that awards money damages, does not always give the injured party the level of redress
Contract termination by performance seems so final. Do you think that the parties to a contract should be given an opportunity to change their minds if circumstances change after the required
Explain how a contract might be terminated to protect a consumer.
Explain how a contract might be terminated by breach.
Provide an example of a contract terminated by impossibility of performance.
Explain how a contract is terminated by performance.
Discuss termination of a contract by agreement.
Using the Internet and search engines, investigate typical regulations or legislation that governs the assignment of certain contracts. What are some types of contracts typically controlled?
Study each of the following case. Answer the questions that follow with Yes or No.Rodrigos, the leader of a rock-and-roll group, agreed to provide music for the annual Park College Marketing Club
Study each of the following case. Answer the questions that follow with Yes or No.Westerfield contracted with Bradley Building Company for the construction of a ranch house as a wedding gift for his
Study each of the following case. Answer the questions that follow with Yes or No.Beneficiary Benefits Becker, a college student, recognized that she was financially very dependent upon her widowed
Study each of the following case. Answer the questions that follow with Yes or No.Chang, a florist, contracted with Torres to provide delivery services in the local community. Torres discovered that
Under the law, a bankrupt person is allowed to retain certain property—including his or her residence. Is it ethical for a bankrupt person to use the law to avoid payment on his or her legitimate
What are some advantages of using a novation over a contract assignment?
Under what circumstances could the duties under a personal-service contract be delegated?
Should an incidental beneficiary to a contract have any legal recourse if the contract is terminated?
Do you think a third-party beneficiary should be required to sign a contract as one of the parties involved?
Describe the circumstances in which a court might assign rights or duties under a contract.
Identify the three kinds of contracts that cannot be assigned.
Distinguish between the assignment of rights and delegation of duties.
Study each of the following case. Answer the questions that follow with Yes or No.Safran, the owner of an automobile repair shop, placed an order for an engine diagnostic machine from the Mountain
Study each of the following case. Answer the questions that follow with Yes or No.Garcia, an independent computer consultant, was orally engaged by the Eastern Institute of Management, a publisher of
Study each of the following cases. Answer the questions that follow with Yes or No.Coursey orally agreed to sell three acres of land to Oulette for $8,000. After Oulette had paid the $8,000 and the
A person dies without leaving a will. The administrator of the estate refuses to pay the deceased’s debts on the grounds that there is no written evidence of the obligation. Comment on the ethics
Why must a contract that obviously cannot be completed within one year be in writing?
A buyer places a deposit on an item valued at more than $500 but later wishes to cancel the order. Arguing that there is no written contract, could the buyer expect a refund of the deposit?
Under the Statute of Frauds, an oral promise to take on the debts of another is enforceable in some states. Can you think of any other activities that might be legally acceptable despite the fact
Even though the parol evidence rule prohibits any oral amendments to a contract, try to envision circumstances when this rule might be unreasonable.
Why does the Statute of Frauds apply only to executory contracts—that is, contracts that have yet to be performed?
Why do you think a prenuptial agreement dealing with the custody of children would not be enforceable?
In auction sales, how is the legal requirement for a written contract satisfied? What problems might arise from this arrangement?
What is the minimum dollar amount specified in the Uniform Commercial Code as a requirement for written contracts for the sale of personal property? Should this amount be greater?
Study each of the following case. Answer the questions that follow with Yes or No.Rogan, who had worked for eight years as an electrician’s helper, tried several times to pass the state-required
Study each of the following case. Answer the questions that follow with Yes or No.Pickens was one of a group of four army veterans who met once a month to play poker. On one occasion, Pickens lost
The Robinson-Patman Act prohibits price discrimination.What were the ethical reasons that motivated the passage of this federal statute?
Zoning regulations have the effect of restraining trade because they limit the activities of certain kinds of businesses. Explain how society benefits from such limitations.
Various federal and state laws are intended to encourage competition. Analyze and report on the benefits of competition to society
Enforcement of laws that are intended to protect the environment sometimes has unforeseen economic effects, such as plant closings and unemployment. How should society attempt to balance
Most states require people engaged in certain professions or businesses to be licensed. How do licensing requirements protect the public?
How does society benefit from the actions of governments granting monopolies for such services as cellular telephone service, railroads, and so on?
Legislation intended to protect the natural environment can have unexpected consequences and may serve as a disincentive to business. Explain.
Why are contracts made with individuals who are required to be licensed, but are not, usually unenforceable?
Is an illegal agreement enforceable? Why or why not?
Provide an example of an agreement that has been made illegal by statute.
Explain the enforceability of divisible contracts in which some parts have a legal purpose while other parts have an illegal purpose.
Why are courts reluctant to rule on the adequacy of consideration?
Identify four kinds of agreements that lack consideration.
Describe the position generally held by the courts on the matter of adequacy of consideration.
Explain how forbearance can satisfy the requirements of consideration.
Study each of the following case. Answer the questions that follow with Yes or No.Jena, who had been declared mentally incompetent by the courts, purchased a high-powered sports car for $46,000.
Study each of the following case. Answer the questions that follow with Yes or No.Voidable Contract Caroli, who was 17 years old, signed an agreement to buy a used computer from Egan for $150. While
Study each of the following case. Answer the questions that follow with Yes or No.Nguyen, who was 17 years old, purchased a used boat, agreeing to pay for it in monthly installments over a two-year
Is it fair and ethical for a minor to take advantage of the protection accorded by the law to breach a contract made with a person who believed the minor to have reached the age of majority?
Contracts of Persons Who Are Mentally Incompetent If a contract is made by a responsible adult who later becomes mentally incompetent, is the contract enforceable by either party?
The contracts of emancipated minors are usually considered legally binding. Give an example to illustrate why this is necessary.
Is it fair that minors’ contracts are voidable, whereas those of adults are legally binding?
The minimum age required under the law for obtaining a driver’s license is usually lower than the age for drinking or voting. What is the rationale for this?
Contracts made by persons who are mentally incompetent are generally voidable. Are there any exceptions? If yes, explain.
A 17-year-old dancer signed a contract for a season with a ballet company. After rehearsals and two performances, the dancer received a better offer from another company. Could she terminate the
A minor purchased a desk, computer, and printer—all on sale. If the minor later attempted to purchase only the computer, the salesperson could legally refuse to limit the sale to the one item on
Discuss what is meant by “age of majority” and how it affects the legal status of minors entering into contracts.
In some contractual relationships, the bargaining power of one party gives him or her an unfair advantage when dealing with another who might lack the economic power or the education to enter into
Study each of the following case. Answer the questions that follow with Yes or No.Alfieri, a hunting enthusiast, frequently shot birds in his own and his neighbor’s backyard in violation of a city
Study each of the following case. Answer the questions that follow with Yes or No.Helfrich, in a barroom brawl, broke Grady’s arm. Grady brought suit against Helfrich for damages. Before the case
Study each of the following case. Answer the questions that follow with Yes or No.Duggan inherited some nondescript furniture, including an old desk that he sold to Andersen for $50. A short time
A Question of Ethics Agreements between parties of unequal bargaining power are known as contracts of adhesion. For example, an apartment house owner presented a tenant with a lease renewal that
Valid consideration is not necessarily either the performance of an act or the payment of money. One party to a contract, for a variety of reasons, may wish to exchange his or her promise to pay
The most common form of valid consideration is the promise of money by one party for the promise of an act by another. Why is a mere promise deemed adequate in the eyes of the law when consideration
Study each of the following case. Answer the questions that follow with Yes or No.Gallagher Restaurant Supply was in the business of leasing equipment to small restaurants. Quezada, the operator of a
Study each of the following case. Answer the questions that follow with Yes or No.Gortino, while trying to sell his house to Gawlas, was asked if he had ever seen or suspected termites in the house.
Study each of the following case. Answer the questions that follow with Yes or No.Guss, a professor at a small college, offered to sell his five-yearold car to Kantrowitz, a student in one of his
Is the failure to disclose material facts or information to a prospective buyer fair and ethical?
What criteria should a court use in determining whether a contract is shockingly unjust or unfair and thus unconscionable?
Why does the law provide that a mistake must be mutual, and not unilateral, in order for a contract to be voidable?
How should a court decide whether a particular term in a contract is material?
Persuasive statements based on a salesperson’s opinion are referred to as puffing. Provide examples of typical sales situations in which puffing is used.
Explain the UCC provision relating to when a contract is unconscionable.
Using the Internet and search engines, locate web pages that offer goods and services for sale and that specify time periods during which such offers must be accepted.
Why are newspaper advertisements not considered valid offers?
Describe the circumstances under which silence on the part of an offeree will be a valid acceptance. Does this seem reasonable and fair?
Study each of the following case. Answer the questions that follow with Yes or No.Neto learned that Quan, his neighbor, intended to sell his powerboat. Neto texted Quan stating that he wanted to buy
Study each of the following case. Answer the questions that follow with Yes or No.Kallinteris opened a travel agency in her small town. She then received an e-mail message from a local office supply
Study each of the following case. Answer the questions that follow with Yes or No.Redmond offered to sell Goosen her used car for $6,000. Goosen could not make up his mind and, finally, after five
Explain the two requirements of a valid acceptance.
Explain the three requirements of a valid offer.
When a definite time for acceptance has not been set, when does the acceptance time terminate?
Under what circumstances might a specific time be crucial to a transaction that would justify limiting the time for an offer or acceptance?
What are some advantages of written offers and acceptances over spoken ones?
Provide an example of an agreement that would need to be in writing to be enforceable.
The law requires that the purpose of a contract must be legal. Provide an example of a contract that would not be enforceable because it lacks legality of purpose.
The law requires that the parties be competent to enter into a contract. Give an example of a party who lacks competence.
Provide an example of a contracting party offering consideration by doing something that he or she is not legally required to do.
Parties to a contract must have a clear understanding of what they are undertaking—a meeting of the minds. Provide an example of two parties who have reached such a clear understanding.
Provide examples of typical offers and acceptances.
Indicate whether each of the following statements is true or false.To be legally enforceable, contracts must be in writing.
Indicate whether each of the following statements is true or false.Written contracts must be handwritten to be legally enforceable.
Study each of the following case carefully. Briefly state the principle of law and your decision.The New York City charter authorizes the board of health to adopt a health code and to take other
Study each of the following cases carefully. Briefly state the principle of law and your decision.The law in a particular state provided that the commissioner of insurance had the authority to
Study each of the following case. Answer the questions that follow with Yes or No.Technology Unlimited operated a small factory, employing 100 workers. The company manufactured special measuring
Study each of the following case. Answer the questions that follow with Yes or No.Billings lived in a community that required a building permit before any major alterations could be made to

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