2009 Bus Law Bus 201 MW Final

2009 Bus Law Bus 201 MW Final - Bus 201 Spring 2009 MW...

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True/False Indicate whether the sentence or statement is true or false. ____ 1. A contract must be in writing to be enforceable if performance is impossible within one year. ____ 2. An assignee of a right to receive money acquires any rights to the money held by the assignor. ____ 3. The vesting of contractual rights in a third party will always prevent the original parties to the contract from modifying it. ____ 4. When a condition operates to terminate a party's absolute promise to perform, it is a condition precedent. ____ 5. A seller's duty to deliver becomes absolute once a contract is formed. ____ 6. Compensatory damages are foreseeable damages that arise from a party's breach of a contract. ____ 7. In a contract involving the sale of land, money damages is always the most appropriate remedy to seek when the seller has breached the agreement. ____ 8. Filing a plan under Chapter 13 can be less expensive and less complicated than filing under Chapter 7 or Chapter 11. ____ 9. In a limited liability partnership, a partner can be exempt from personal liability for partnership obligations. ____ 10. A quitclaim deed warrants more than any other deed. Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 11. Able lives next door to Baker’s one acre parcel. Baker’s parcel is vacant but Baker plans on building a house in three months. Able digs a hole thirty feet deep for the purposes of installing a swimming pool. After dig- ging the hole some of the soil on Baker’s property begins to shift onto Able’s property and as a result Baker has a ten foot sink hole on his property. Able was not negligent in any way. If Baker sues Able for the dam- age caused to Baker’s land what is the likely result? a. Baker will prevail since Baker’s land was in a natural state b. Baker will prevail if the jurisdiction follows the “ad coleum doctrine.” c. Baker will not prevail since Able was not negligent d. Baker will not prevail since there was no damage to real property ____ 12. Through fraudulent means, Frank induces Ethel to sign a contract to invest with him the profits from her busi- ness. When Ethel learns the truth, she may a. only enforce the contract. b. only recover what she invested with Frank. c. enforce the contract or recover what she invested with Frank. d. do nothing. ____ 13. Glen owns two all-terrain vehicles (ATVs), worth $1,000 and $500, respectively. Holly agrees to buy "Glen's ATV" for $750. Glen believes, in good faith, that he is selling the $500 ATV. Holly believes, in good faith, that she is buying the $1,000 ATV. In this situation a. Glen is entitled to $750 for the $500 ATV. b.
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This note was uploaded on 11/10/2011 for the course B 2 taught by Professor Staff during the Spring '08 term at Youngstown State University.

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2009 Bus Law Bus 201 MW Final - Bus 201 Spring 2009 MW...

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