BADM209-LEGAL ENV OF BUS_FINAL EXAM REVIEW_SPRING 03

BADM209-LEGAL ENV OF BUS_FINAL EXAM REVIEW_SPRING 03 - BADM...

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BADM 209 – LEGAL ENVIRONMENT OF BUSINESS FINAL EXAMINATION REVIEW SPRING SEMESTER, 2003 CHAPTER 10: NATURE AND TERMINOLOGY 131 35. When a word in a contract has more than one meaning, it will be interpreted against the party who drafted the contract. ANSWER: T PAGE: 207 TYPE: N MULTIPLE CHOICE QUESTIONS 1. Contract law shows to what extent society allows people to make promises that a. constitute moral obligations. b. are legally binding. c. exist only between members of the same family. d. none of the above. ANSWER: B PAGE: 198 TYPE: = 2. Employment Resources, Inc., enters into a contract with Pam, a minor. Under the general principles of the common law of contracts, this contract a. might be enforced. b. will definitely be enforced. c. will definitely not be enforced. d. none of the above. ANSWER: A PAGE: 198 TYPE: N 3. Al and Ben enter into a contract for the sale of a warehouse. Al promises to vacate the property, and Ben promises to pay, on July 1. Later, Al promises to take Sue out for lunch. The common law of contracts assures these parties of compliance with a. all of the promises. b. some of the promises. c. none of the promises. d. none of the above. ANSWER: B PAGE: 198 TYPE: N 4. “An assurance that one will or will not do something in the future” is the definition of a. a declaration. b. a moral obligation. c. a promise. d. the plain meaning rule. ANSWER: C PAGE: 198 TYPE: +
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UNIT TWO: CONTRACTS 5. A-One Realtors contracts with Bright Investments, Inc., to sell Bright’s office building for a commission on the sale. The elements of a contract do NOT include a. consideration. b. contractual capacity. C. legality. d. written form. ANSWER: D PAGE: 199 TYPE: N 6. Michelle contracts to tutor Paul in the principles of business law. For the breach of a contractual promise, contract law entitles innocent parties to a. any sort of relief that a court wants to provide. b. no relief. c. some forms of relief. d. none of the above. ANSWER: C PAGE: 199 TYPE: N 7. In deciding whether a valid contract was formed, the courts will not look at a. the statements by the parties when they entered into the contract. b. the ways the parties acted when they entered into the contract. c. the circumstances surrounding the transaction. d. the subjective beliefs of the contractual parties. ANSWER: D PAGE: 199 TYPE: = 8. The apparent intent to enter into a contract is determined by reference to a. the objective theory of contracts. b. the subjective theory of contracts. c. the conscious intent theory of contracts. d. the reasonable person theory of contracts. ANSWER: A PAGE: 199 TYPE: = 9. Defenses to the formation or enforcement of a contract include a. improper form. b.
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BADM209-LEGAL ENV OF BUS_FINAL EXAM REVIEW_SPRING 03 - BADM...

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