BUSI301 - Quiz 2 flashcards | Quizlet

BUSI301 - Quiz 2 flashcards | Quizlet - BUSI301 Quiz 2...

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1/3/15 1:10 AM BUSI301 - Quiz 2 flashcards | Quizlet Page 1 of 12 Ready to study? Start with Flashcards BUSI301 - Quiz 2 76 terms by CheckingtheBoxes Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's promise is enforceable as long as he goes to the bank, declares his promise to guarantee Amanda's loan in front of witnesses and shakes hands on the deal giving his word. False If the offer specifies no time limit in which to accept: the offeree has a reasonable time to accept. Josh is negotiating the sale of his car with Jonathan. Jonathan asks if the car has ever been in an accident and Josh replies, "No, it has never been in an accident." In fact, the car was nearly totaled the year before when Sheila, Josh's girlfriend, driving Josh's car, hit a wet spot and skidded into a pole. Shehad it repaired without telling him about the accident. Josh has committed: innocent misrepresentation. Which of the following statements may be grounds for a misrepresentation, innocent or fraudulent, to occur? this car gets 32 miles per gallon in highway driving In Leonard v. Pepsico, the court ruled against Leonard and refused to enforce the purchase of a Harrier Jet because: the advertisement specifically referred to the accumulation of points to purchase items in the catalog and the Harrier was not listed in the catalog
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1/3/15 1:10 AM BUSI301 - Quiz 2 flashcards | Quizlet Page 2 of 12 When an assignment is made, the assignee has the right to reform the contract and change the obligor's rights and duties as they wish. False Generally, courts do enforce a strict compliance standard for contact conditions. True Which of the following is classified as an equitable remedy? reformation Alan has accepted a new job. Which of the following is not a contract condition related to that job? Alan's salary will be $1,000 a week Fred's Flooring (FF) contracts with Harry homeowner to install wood flooring throughout Harry's home. Harry was to purchase the flooring and the contract was solely for installation. Payment was to be 20% at the time that the work commenced and 80% once the flooring was installed. Harry purchased the flooring materials and paid the 20%, so FF began work. When FF was half way completed, Harry realized that he didn't have the money to pay FF upon completion so he bolted the doors and refused access. If FF wants to rescind the contract and be paid for work completed, FF would sue for: restitution UCC gap fillers will not be used and are not applicable to contracts when the contract clearly specifies a contract term or condition.
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