ch15 - Ch.15 Quiz Instructions Please read the questions...

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Ch.15 Quiz Instructions Please read the questions carefully. This assessment is worth 100 points. 1. X and Y make a bet concerning whether a particular warehouse will burn down within the next year. Neither has any economic interest in the warehouse. This is a wagering contract, and will be illegal if the state has the normal kind of contract forbidding wagering contracts. (5 points) True False 2. State X has a statute saying that one must be licensed in order to engage in the profession of mowing lawns. The statutes also imposes a $50 annual license fee on anyone who would engage in this business. Joe contracts with Billy for Billy to mow Joe's lawn; the price is $20. Joe is not liable to Billy for the $20 because the contract is illegal. (5 points) True False 3. Non-competition clauses in employment contracts are less likely to be enforced than noncompetition clauses in other kinds of contracts. (5 points) True False 4. Non-competition clauses in employment contracts are especially unlikely to be enforced where they restrict employees from engaging in a common calling. (5 points) True False 5. Exculpatory clauses are enforced so long as the parties to the contract had equal bargaining power. (5 points) True False 6. Bill and Wanda are living together without being married. They make
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This note was uploaded on 02/28/2012 for the course ACCT 460 taught by Professor Charley during the Spring '12 term at Aachen University of Applied Sciences.

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ch15 - Ch.15 Quiz Instructions Please read the questions...

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