MBA 603 FINAL REVIEW QUESTIONS AND ANSWERS | COMPLETE
STUDY GUIDE & EXAM PREP (2026/2027)
No, he cannot collect and they are not required to pay. - ANS ✔✔Brandon says he will provide
affordable services to anyone who needs help. Although his licensure exams are not out yet &
he is sure he passed. Legally, are patients required to pay for his services before he gets
licensed?
Bait and Switch - ANS ✔✔An alluring but insincere offer to sell a product or service that the
advertiser does not really intend to sell.
Any contract that takes > 1 year to perform; contract to pay the debt of another. - ANS
✔✔Which of the following contracts should be in writing to be enforceable in courts under the
statute of fraud?
Bait and Switch - ANS ✔✔David went to the store to purchase $120 CD player advertised in the
paper. The sales person only intends to sell from stock of $1000 CD players. What is this
salesperson doing?
Executory - ANS ✔✔Eloise made a contract in Jan. that gave her until the end of the year to
complete her work on a new computer system for Dexter. In mid-July, Eloise is working on the
computer system. The contract in July is?
Yes, you cannot revoke the option. Non-revocable. - ANS ✔✔An option contract: Contract now
with terms later. If I give you a contract with an option in it and we sign the contract, you can
execute that option whenever?
Yes because spaceview performed the required action. - ANS ✔✔High Flight offers $1M to the
makers of the 1st private spacecraft. Within 30 days from High Flight's offer, SpaceView
succeeds, but High Flight refuses to pay. Is High Flight bound by its offer?
, No, the acceptance did not take the form of the contract. (No legal contract) - ANS ✔✔Anthony
offers to sell a computer to Salvador for $900 if Salvador replies by email only no later than
12PM on Sat. Salvador is unable to access his email on Sat but mails a written acceptance
before 12PM on Sat. Is there a legal contract now?
No, you don't even have to send it back. - ANS ✔✔Delivery of unordered merch through the
mail. Do you have to pay?
No, she paid for an option to keep it for 4 days. - ANS ✔✔Brittany found an Apt. she likes and
asked manager to hold. He agreed to hold for 4 days for $100. Brittany finds another Apt she
likes and signs a lease with the manager. Does the 1st manager have to return the $100?
Necessaries, NO.
Executory, YES. - ANS ✔✔Which of the following contracts are voidable by minors at their
option?
A person who has sustained a mental impairment can void a contract. - ANS ✔✔Which of the
following is true in contract law?
ALL of the above - ANS ✔✔Which of the following are ways a principal agency relationship can
he terminated? Insanity, bankruptcy, death?
Yes she committed a tort and no, the employment contract is not enforceable and void. - ANS
✔✔Lizzy works as a journalist. Editor will fire her if she doesn't publish a story defaming a tv
celeb. Once published, editor fires Lizzy. Lizzy wants to bring a lawsuit against her editor for
firing her. Has Lizzy committed a tort and can she bring a lawsuit?
Inhibits the PERFORMANCE of the contract (can enter but not perform). - ANS ✔✔Which of the
following is true of the laws constricting Sunday business?
STUDY GUIDE & EXAM PREP (2026/2027)
No, he cannot collect and they are not required to pay. - ANS ✔✔Brandon says he will provide
affordable services to anyone who needs help. Although his licensure exams are not out yet &
he is sure he passed. Legally, are patients required to pay for his services before he gets
licensed?
Bait and Switch - ANS ✔✔An alluring but insincere offer to sell a product or service that the
advertiser does not really intend to sell.
Any contract that takes > 1 year to perform; contract to pay the debt of another. - ANS
✔✔Which of the following contracts should be in writing to be enforceable in courts under the
statute of fraud?
Bait and Switch - ANS ✔✔David went to the store to purchase $120 CD player advertised in the
paper. The sales person only intends to sell from stock of $1000 CD players. What is this
salesperson doing?
Executory - ANS ✔✔Eloise made a contract in Jan. that gave her until the end of the year to
complete her work on a new computer system for Dexter. In mid-July, Eloise is working on the
computer system. The contract in July is?
Yes, you cannot revoke the option. Non-revocable. - ANS ✔✔An option contract: Contract now
with terms later. If I give you a contract with an option in it and we sign the contract, you can
execute that option whenever?
Yes because spaceview performed the required action. - ANS ✔✔High Flight offers $1M to the
makers of the 1st private spacecraft. Within 30 days from High Flight's offer, SpaceView
succeeds, but High Flight refuses to pay. Is High Flight bound by its offer?
, No, the acceptance did not take the form of the contract. (No legal contract) - ANS ✔✔Anthony
offers to sell a computer to Salvador for $900 if Salvador replies by email only no later than
12PM on Sat. Salvador is unable to access his email on Sat but mails a written acceptance
before 12PM on Sat. Is there a legal contract now?
No, you don't even have to send it back. - ANS ✔✔Delivery of unordered merch through the
mail. Do you have to pay?
No, she paid for an option to keep it for 4 days. - ANS ✔✔Brittany found an Apt. she likes and
asked manager to hold. He agreed to hold for 4 days for $100. Brittany finds another Apt she
likes and signs a lease with the manager. Does the 1st manager have to return the $100?
Necessaries, NO.
Executory, YES. - ANS ✔✔Which of the following contracts are voidable by minors at their
option?
A person who has sustained a mental impairment can void a contract. - ANS ✔✔Which of the
following is true in contract law?
ALL of the above - ANS ✔✔Which of the following are ways a principal agency relationship can
he terminated? Insanity, bankruptcy, death?
Yes she committed a tort and no, the employment contract is not enforceable and void. - ANS
✔✔Lizzy works as a journalist. Editor will fire her if she doesn't publish a story defaming a tv
celeb. Once published, editor fires Lizzy. Lizzy wants to bring a lawsuit against her editor for
firing her. Has Lizzy committed a tort and can she bring a lawsuit?
Inhibits the PERFORMANCE of the contract (can enter but not perform). - ANS ✔✔Which of the
following is true of the laws constricting Sunday business?
