Question
i have an exam for Business law and ethics could anyone help me please.
Name: ________________________
Business 515-3
Professor Robert Miller
FINAL Examination
This exam constitutes 30% of your final grade. The exam consists of 25 multiple choice
questions worth 1 point apiece, 25 True/False questions worth 1 point apiece, and 2
essays worth 25 points each. There is only one correct response to each multiple
choice question. You should answer the question by placing the correct answer next to
the corresponding number in the answer key. The essays must be written in paragraph
form with good syntax and annotated using proper APA style annotations. This is an
open book exam but you may not communicate with any of your colleagues and may
not under any circumstance use your cell phone during the exam. Cheating will NOT be
tolerated and if caught, you will receive a zero for the exam.
This is an application-oriented exam; you will not find the answer to questions verbatim
in the text.
If you believe a question is not covered in any of the assigned materials, you
have missed the issue and need to re-think.
Good Luck!
1. Saul orally agreed to sell Ramie some land for $500,000. Ramie paid Saul the
$500,000; Saul gave Ramie the deed to the land. Ramie took possession of the land
and began building a cabin on it. One month later, Saul tried to retake possession of the
land by arguing that the contract for the sale was invalid because it was oral, not written.
Saul sued Ramie to invalidate the contract and retake the land.
The court will likely conclude that Sam will:
A. Win; the sale exceeded $500 so the contract must be written to be valid.
B. Win; all land sales contracts must be written.
C. Lose; because the contract was fully executed Saul cannot rescind the
contract.
D. Lose; because Ramie had begun building a cabin on the property, Saul
cannot rescind the contract.
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2. On Tuesday, Sam offered to sell his CD collection to Sandy for $100. Sandy replied,
"I'm interested. I'll think it over and let you know Thursday whether I want to buy the
CDs." On Wednesday, Sam agreed to sell the CDs to Jason, and Jason immediately
gave Sam a letter that stated:
"Sam, I will buy your CD collection for $100. As we agreed, I will pay you on Friday
when I pick up the CDs. Yours truly, Jason."
Upon Sam's receipt of this letter on Wednesday, what best describes Sam’s contract
agreement(s)?
A. By forming an agreement with Jason, Sam breached his contract with
Sandy because he did not effectively revoke his offer to Sandy.
B. Sam has formed contracts with both Jason and Sandy because Sam did
not effectively revoke his offer to Sandy and created an enforceable
written agreement with Jason.
C. Sam and Jason have formed a valid, enforceable contract; Sam’s offer
to Sandy was properly revoked.
D. Sam effectively revoked his offer to Sandy, but has not formed an
enforceable contract with Jason because Jason has not yet paid for the
CD collection.
3. Ed hired Frankie, who is 13 years old, to buy a computer on Ed’s behalf.
Which of the following identifies the legal relationship between Ed and Frankie?
A. This is a valid agency relationship even though Frankie is a minor, and
Ed would be bound by authorized contracts Frankie enters into on Ed’s
behalf.
B. This is a valid agency relationship even though Frankie is a minor, but
Ed would have the option of disaffirming any contracts Frankie enters
into on Ed’s behalf.
C. This is a valid agency relationship even though Frankie is a minor, but
Frankie would not be entitled to any payment under the terms of the
agency because he is a minor.
D. This is an invalid agency relationship because Frankie is a minor.
4.
Nat signed a two-year contract to play soccer for the Scores, for $100,000 per game.
During the second year of his contract, and just before a big game, Nat demanded that
the team owner pay him an additional $5000 per game on his contract, starting with the
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