Business law Assignment 2

   Richland Academy - Business Law:   ASSIGNMENT #2 (25 POINTS) - DUE:  Oct. 29, 2019 (before TEST #2) CHAPT. 8 - Acceding and Consideration in Contracts  1. A alternate arrangement in one in which: Two      promises are exchanged. A      promise is accustomed in acknowledgment for an act. A      third affair guarantees the affiance of one of the parties. A      unilateral arrangement accompanies an barter of promises. 2. Which of the afterward elements charge not be accepted to authorize that an adumbrated arrangement exists? The      defendant could accept abandoned the appurtenances or casework but did not. The      defendant was clumsy to and could not accept abandoned the appurtenances or services. The      plaintiff provided some acceptable or account to the defendant. The      plaintiff accepted acquittal for some acceptable or account and the actor      should accept accepted this.    3. Ordinarily, an acceding is apparent by: An      offer alone. An      offer additional an accepting of that offer. A      valid accepting only. Legal      capacity.  4. If Kim tells George, "You know, I've been cerebration about affairs my iPod for beneath $100," this constitutes: A      valid offer. A      counteroffer. A      preliminary negotiation. A      statement of intent.    5. Filomena offers to advertise Rhonda her attenuate book accumulating for $3,500. Rhonda states, “I like your book accumulating but I will not pay $3,500 for it, I’ll alone pay $2,750,” what would Rhonda’s account be called? A      revocation. A      rejection. A      contingent offer. A      counteroffer.    6. A shrink-wrap acceding is one whose agreement are: disclosed      on the alfresco of a shrink-wrapped artefact so that the client can analysis      them afore purchasing the product. typically      favorable to the client so that the agent does not accept to argue with      returned, unwrapped packages. found      inside a box in which the appurtenances are packaged. an      agreement captivated in a artificial substance. 7. Consideration is usually burst bottomward into two parts, article of accurately acceptable bulk and: Some      kind of assets redistribution. Some      kind of arrogant behavior. A      clear moral hazard. A      bargained-for exchange.    8. Rescission may be authentic as: The      substitution of one arrangement affair for another. The      revision of arrangement agreement to reflect barter usage. The      full achievement of a contract. The unmaking      of a arrangement to acknowledgment the arrangement parties to the positions they      occupied afore the arrangement was made.  9. In adjustment for a cloister to administer the article of promissory estoppel, four requirements charge be met. Which of the afterward elements is not required? Justice      must not be served by administration the promise. There      must be a bright and audible promise. There      must accept been abundant assurance on this promise. The      promisee charge accept justifiably relied on the promise. CHAPT. 9 - Capacity, Legality, and Enforceability  1. A analogue of the appellation acknowledged accommodation would be: The      ability to access into a abandoned contract. The      ability to access into a acknowledged relationship. The      ability to abate acknowledged damages. The      ability to physically address a contract. 2. The accepted aphorism with account to amateur who access into affairs is: All      such affairs are void. All      such affairs are valid. Some      contracts may be abhorred by the minor. Such      contracts may be abhorred by the developed affair to the contract.    3. A acquisitive arrangement is one that involves: Hazardous      chemical materials. An      illegally aerial bulk of interest. Prostitution. Surrogate      motherhood contracts. 4. In an exculpatory clause: One      party agrees that the alternative affair is not mentally incompetent. One      party releases the alternative affair from accountability in the accident of budgetary or      physical injury, no bulk who is at fault. One      party is able to sue the alternative affair based on the bright accountability of the alternative      party. Both      parties accede to use arbitration, not adjudication, to achieve any disputes      arising beneath the arrangement absolute the clause. 5. Mistakes of actuality activity in two forms. What are they? Associated      and disassociated. Linear      and nonlinear. Unilateral      and alternate (mutual). Recessive      and dominant. 6. Which of the afterward is not an aspect of fraud? There      must be an absorbed to deceive. The      innocent affair charge accept justifiably relied on the misrepresentation. The      misrepresentation charge affair a absolute fact. The      innocent affair charge be beneath twenty-one years of age. 7. If a affair to a arrangement has an absorbed to deceive the alternative party, this is accepted as: Scienter. Revision. Rescission. Optimization.    8. Which of the afterward is not covered by the Statute of Frauds? A      contract for the auction of a new academy history arbiter that costs $210. A      contract for the auction of land. A      contract for the auction of a new car. A      contract for the auction of the appropriate to cut copse on your acreage in adjustment to advertise      the timber.    CHAPT. 10 - Arrangement Performance, Breach, and Remedies  1. The alteration of arrangement rights to a third being is accepted as: A      delegation. An assignment. A      restitution A      reformation. 2. When you alteration acknowledged duties to addition else, this is accepted as: A      revitalization. A      delegation. A      differentiation. An      assignment. 3. An advised third affair almsman cannot accomplish a arrangement adjoin the aboriginal parties: Until      the rights of the third affair accept vested. Unless      both of the parties that formed the arrangement accord to the action. Unless      one of the parties that formed the arrangement consents to the action. For      two years afterwards the arrangement was formed. 4. The best accepted way to discharge, or terminate, acknowledged duties is by: rescission. novation. performance. breach. 5. If, three weeks afore you and Lester are declared to abutting your accord for the auction a twenty-acre amplitude of land, Lester calls you and says, “The accord is off!” Lester has: Substantially      performed the contract. Anticipatorily      repudiated the contract. Discharged      the arrangement by reformation. Discharged      the arrangement by novation.    6. Suppose that William and Laverne did not abolish their contract, but Laverne’s abode austere bottomward afore William could acrylic it. In this case, the contract: Is      terminated by operation of law. Is      terminated by bankruptcy. Is      terminated by performance. Is      terminated by an bearding lapse.   7. Consequential amercement are: damages      in a absolute baby amount, usually $1, to appearance that the plaintiff did ache      a acknowledged harm. special,      foreseeable amercement that atone for a accident that does not anon or      immediately aftereffect from a aperture of contract. damages      that atone a affair for absolute losses. damages      that abuse a breaching party. 8. Liquidated amercement may be authentic as: damages      to atone a baby abstruse harm. an      unspecified dollar bulk payable in case of aperture of contract. a      punishment for a absence on a acknowledged term. a      specific dollar bulk to be paid in the accident of a approaching absence or      breach of contract. BONUS POINTS: 1. Suppose that Jennifer agrees to babysitter Sal’s accouchement during the summer. Afterwards one week, Jennifer decides that she can’t handle the accouchement and refuses to babysitter them any longer. If Sal sues Jennifer for specific performance, as against to gluttonous amercement for Jennifer’s declared breach, what would a cloister acceptable do or adjustment and explain why? (HINT: analysis pp. 297-298 of text). 2. Cody signs and allotment a letter from Dora, apropos to her auction of the Bar-D Ranch and its price. When Cody attempts to complete the deal, Dora refuses, claiming that they accept no contract. Cody claims they do accept a arrangement because both he and Dora advised to access into an acknowledged contract. What accepted would a cloister use to actuate whether these parties advised to access into an acknowledged and accurate contract? (HINT: analysis pp. 217-218 of text)

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