BMGT 380 Final Exam The Latest VERSION-New

BMGT 380 Final Exam The Latest VERSION-New Question 1 (1 point) Sam orally agreed to sell Jamie some land for $500,000. Jamie paid Sam the $500,000; Sam gave Jamie the deed to the land. Jamie took possession of the land and began building a cabin on it. One month later, Sam tried to retake possession of the land by arguing that the contract for the sale was invalid because it was oral, not written. Sam sued Jamie to invalidate the contract and retake the land. The court will likely conclude that Sam will: Question 1 options: Question 2 (1 point) On Tuesday, Jon 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, Jon agreed to sell the CDs to Jason, and Jason immediately gave Jon a letter that stated: "Jon, 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 Jon's receipt of this letter on Wednesday, what best describes Jon’s contract agreement(s)? Question 2 options: Question 3 (1 point) Assume a salesperson intentionally made one of the following statements ­ knowing that the statement was false ­ to a customer considering a purchase. Which statement could create liability for fraudulent misrepresentation if the customer made the purchase? Question 3 options: Question 4 (1 point) Don promised to buy his girlfriend, Sophie, a new car so Sophie sold her old car. Don now refuses to buy Sophie the car. Sophie has a job that requires her to have a car to get to work. If Sophie sues Don to enforce the promise, the likely result is that the promise will: Question 4 options: Question 5 (1 point) X and Y agreed that X would sell Y his small business, including the land on which the business was situated, for $500,000. Both X and Y knew at the time the contract was formed that the business was actually worth $800,000. Is this a valid, enforceable contract? Question 5 options: Question 6 (1 point) Fine Art Corp. sent a written offer to buy 10,000 pencils for a total of $10,000 from Faber Pencil Co. Both parties are merchants. Faber can accept the offer by: Question 6 options: Question 7 (1 point) Ralph, a 16­year old minor, is manager for the high school football team. Ralph signed a contract to purchase alcoholic beverages from Liquormart, Inc. for the team party. This contract is: Question 7 options: Question 8 (1 point) Kisha operates River Valley Soccer, an athletic equipment shop, as a sole proprietorship. Taxes on the business’s income are paid by Question 8 options: Question 9 (1 point) Assume that Virginia enacted a law prohibiting, until further notice, all grocery stores in Virginia from selling all powdered spices manufactured in, or shipped from, Maryland. This law was enacted because it was discovered that the spices recently manufactured in Maryland were infected with bacteria. Determine the constitutionality of the Maryland statute. The statute is: Question 9 options: Question 10 (1 point) 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? Question 10 options: Question 11 (1 point) Scenario: Jones, a resident of Arizona, booked reservations for a vacation at World Hotels, Inc. in Cabo Mar, Mexico. World Hotels is an international hotel chain incorporated in Delaware with hotels in North and South America; World Hotels has no hotels in Arizona but does advertise and book reservations for all its hotels over the internet, in any state. World Hotels has booked reservations in the past with residents of Arizona. While a guest in the hotel in Cabo Mar, Jones was walking across the hotel lobby, and slipped and fell on the wet marble floor that had been just washed by the maintenance staff. The staff had placed a “wet floor” sign on the lobby floor on the side wall of the lobby. Jones was taken to the nearest Mexican hospital where surgery was necessary to place a pin in his broken leg. Anxious to return home and see his regular doctor, Jones flew out of Mexico shortly after the surgery. He required two plane seats and an ambulance to meet him at various airports. His health insurance would not cover his hospital stay in Mexico as it was located outside the U.S. When back in Arizona, Jones was unable to work for 8 weeks and required another surgery to remove the pin. He also required several weeks of physical therapy.