MBA 603: FINAL REVIEW EXAM QUESTIONS
WITH ANSWERS RATED A+
No, he cannot collect and they are not required to pay. - ANSWER 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 - ANSWER 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.
- ANSWER Which of the following contracts should be in writing to be
enforceable in courts under the statute of fraud?
Bait and Switch - ANSWER 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 - ANSWER 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. - ANSWER 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. - ANSWER 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) -
ANSWER 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. - ANSWER Delivery of unordered merch
through the mail. Do you have to pay?
No, she paid for an option to keep it for 4 days. - ANSWER 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. - ANSWER Which of the following contracts are voidable by
minors at their option?
A person who has sustained a mental impairment can void a contract. - ANSWER
Which of the following is true in contract law?
ALL of the above - ANSWER 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. - ANSWER 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). -
ANSWER Which of the following is true of the laws constricting Sunday
business?
Obstruction of Justice - ANSWER Jeanie, a prosecutor, agrees that she will not
prosecute Martin's son if he employs her for 2 years after charges are dropped.
What crime has Jeanie committed?
Special Agent - ANSWER An agent who is only authorized to conduct a
particular transaction or a series of related transactions or perform only a
specified act for the principal.
Master - ANSWER A party who agrees and retains complete control over the
methods employed to complete a job is known as?
WITH ANSWERS RATED A+
No, he cannot collect and they are not required to pay. - ANSWER 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 - ANSWER 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.
- ANSWER Which of the following contracts should be in writing to be
enforceable in courts under the statute of fraud?
Bait and Switch - ANSWER 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 - ANSWER 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. - ANSWER 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. - ANSWER 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) -
ANSWER 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. - ANSWER Delivery of unordered merch
through the mail. Do you have to pay?
No, she paid for an option to keep it for 4 days. - ANSWER 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. - ANSWER Which of the following contracts are voidable by
minors at their option?
A person who has sustained a mental impairment can void a contract. - ANSWER
Which of the following is true in contract law?
ALL of the above - ANSWER 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. - ANSWER 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). -
ANSWER Which of the following is true of the laws constricting Sunday
business?
Obstruction of Justice - ANSWER Jeanie, a prosecutor, agrees that she will not
prosecute Martin's son if he employs her for 2 years after charges are dropped.
What crime has Jeanie committed?
Special Agent - ANSWER An agent who is only authorized to conduct a
particular transaction or a series of related transactions or perform only a
specified act for the principal.
Master - ANSWER A party who agrees and retains complete control over the
methods employed to complete a job is known as?
