BUL4310: Legal Environment M3A2: Module

BUL4310:Legal Environment M3A2: Module Quiz Which of the following cannot be upheld by a court of law because of some rule of law? Unenforceable contract The rule that an innocent party is not permitted to take advantage of a breach by deliberately raising the level of damages that the other party will have to pay as a consequence of the breach is known as: Duty to mitigate The is a model set of laws designed to govern almost all commercial transactions. Uniform Commercial Code Henrietta offers a $500 reward for the return of Fifi, her lost dog. Silas finds and returns the dog. This is an example of a(n): Unilateral contract Which of the following is true of fair courts? They heard cases involving commercial disputes Beth, 15, enters into a written contract with Joan, also 15. In the contract, Beth agrees to do Joan's math homework for two weeks for $50, which Joan agrees to pay at the end of the two- week period. This contract is: Voidable characterizes any system of law that is consistently applied in the same evenhanded way, no matter who the antagonists might be. Neutrality A(n) type of contract may be canceled by one of the parties. Voidable A proposal made by Braxton, to his friend Mike, indicating willingness to enter a contract to buy Mike's old car for $4000, fulfills which element of the formalist theory of contract law? Mutual Assent In terms of "contracts and other agreements", which of the following statements is true? An agreement may or may not be legally enforceable Webtel Services, Inc. and Acme Co. sign a document which states that Webtel Services will create a web page for Acme and that Acme will pay for this work. This is an example of a(n): Express contract Matrix, Inc. contracts with Smalltown Economic Development Corp. to build a factory in Smalltown that will employ 10,000 workers. Matrix later breaches this contract. Smalltown citizens who are unemployed sue Matrix for breach of its contract. Matrix's best defense to citizen suits involves the legal doctrine of: Privity of contract

BUL4310: Legal Environment M3A2: Module Quiz Which of the following contracts should be in writing to be enforceable in courts under the Statute of Frauds? Contract to pay the debt of another outlines the laws and the procedures followed by merchants in commercial transactions. Uniform Commercial Code Which of the following elements of a contract require an offeror to make a valid offer to enter a contract in terms that are clear and ambiguous and communicated to the offeree, and the offer has been properly made by the offeror and accepted properly by the offeree. Mutual Assent