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Bus 302L Business Law Questions with Detailed
Verified Answers
As to common law offers, an acceptance that is materially different from the term of
the offer is
Ans: A rejection of the offer
To prove assault, the plaintiff must establish that
Ans: The threatened contact took place
Under section 402A of the "Restatement (second) of Torts"
Ans: The plaintiff must prove a breach of duty on the defendants part
Tom discovered that Gallop Motors had made fraudulent statement that had induced
him to buy a car from them. Are result Tom may
Ans: All of the above
In an action for breach of contract, the statue of limitation time period would be
computed from the date of the
Ans: Breach of the contract
Civil law
Ans: Defines public wrongs prohibited by a state or federal government
Which of the following statements is correct concerning compensatory damages
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Ans: Courts will not award damage if the plaintiff's loss is speculative
Which of the true statements concerning offers except
Ans: The death of the offeror terminates the offer
Much to Mrs. Howell's dismay, her beloved Howell's signs offer $500 to find his dog.
Marry except his offer
Ans: Yes, Marry will get $500, when she brings his dog
Karen offers to sell Grace five pairs of Jimmy Chu shoes she has never worn. Grace
decides to consider the offer. However, before Grace has a chance to accept, Karen
changes her mind and tells Grace that she revokes her offer. Grace becomes angry and
tells Karen that she (Karen) had no right to revoke the offer before Grace had made a
decision about the shoes. Is Grace correct?
Ans: No, because Karen can revoke her offer any time before Grace accepts
Which of the following statements is true?
Ans: To accept an offer to enter into a bilateral contract, the offeree must make the
promise requested by the offeror
While performing their professional duties, doctors, lawyers, and accountants must
generally exercise the knowledge, skill, and care of
Ans: those in the profession
During a televised, title prize fight at a Las Vegas hotel, Oscar threw a punch which hit
Mike in the face. As a result:
Ans: Since Mike consented to the fight, he has no legal action against Oscar.
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Pip owns Great Expectations, a restaurant in West Hollywood. Pip enters a contract
with Estella, a meat supplier. Estella gives Pip a form supply contract to sign which
contains an arbitration clause. The clause states that "Miss Havisham will serve as an
arbitrator for any dispute arising from this contract." Pip does not know that Miss
Havisham is Estella's aunt. Estella delivered a shipment of meat that Pip believed was
defective. Estella contended that the shipment fulfilled her obligation under their
contract. In accord with the contract arbitration provision, the dispute between Pip
and Estella was submitted to Miss Havisham. After Miss Havisham filed her decision in
favor of Estella, Pip discovered her relationship to Estella. Which of the following
statements is most accurate?
Ans: Since Pip agreed to have Miss Havisham as the arbitrator, her award is binding.
Randi had her brakes fixed by Independent Car Repair. Randi paid $400 for the repair,
but immediately noticed that the brakes were not functioning. She continued to drive
the car without complaining to Independent Car Repair. The next day, Randi collided
into a concrete wall when the brakes failed. Randi was uninjured. However, her
$12,000 car was completely destroyed. Under these circumstances
Ans: Independent Car Repair breached the contract by failing to correctly fix the
brakes. It owes Randi a refund of $400 for that breach. A court would probably find
that it did not owe Randi the $12,000 since Randi had a duty to mitigate her
contractual damages by reducing the risk of further damage; i.e.returning the car for
repair
Bill has decided to sell his car, but he knows that the radiator leaks. He pours "Stop
Leak" into the radiator, which temporarily prevents the leak. Bill does not tell the
buyer about the radiator problem. Bill's action
Ans: is equivalent to making an untrue assertion
Catherine, a new property owner, was told by the previous owner that the home she
purchased had no termites and no termite damage. One month after taking possession
of the property, Catherine knew that her home was infested with termites because
she saw evidence of their presence. In addition, an exterminator told her that the
© Get it right 2025 Getaway - Stuvia US All rights reserved
Bus 302L Business Law Questions with Detailed
Verified Answers
As to common law offers, an acceptance that is materially different from the term of
the offer is
Ans: A rejection of the offer
To prove assault, the plaintiff must establish that
Ans: The threatened contact took place
Under section 402A of the "Restatement (second) of Torts"
Ans: The plaintiff must prove a breach of duty on the defendants part
Tom discovered that Gallop Motors had made fraudulent statement that had induced
him to buy a car from them. Are result Tom may
Ans: All of the above
In an action for breach of contract, the statue of limitation time period would be
computed from the date of the
Ans: Breach of the contract
Civil law
Ans: Defines public wrongs prohibited by a state or federal government
Which of the following statements is correct concerning compensatory damages
© Get it right 2025 Getaway - Stuvia US All rights reserved
,Click here for more: Scholars nexus
Ans: Courts will not award damage if the plaintiff's loss is speculative
Which of the true statements concerning offers except
Ans: The death of the offeror terminates the offer
Much to Mrs. Howell's dismay, her beloved Howell's signs offer $500 to find his dog.
Marry except his offer
Ans: Yes, Marry will get $500, when she brings his dog
Karen offers to sell Grace five pairs of Jimmy Chu shoes she has never worn. Grace
decides to consider the offer. However, before Grace has a chance to accept, Karen
changes her mind and tells Grace that she revokes her offer. Grace becomes angry and
tells Karen that she (Karen) had no right to revoke the offer before Grace had made a
decision about the shoes. Is Grace correct?
Ans: No, because Karen can revoke her offer any time before Grace accepts
Which of the following statements is true?
Ans: To accept an offer to enter into a bilateral contract, the offeree must make the
promise requested by the offeror
While performing their professional duties, doctors, lawyers, and accountants must
generally exercise the knowledge, skill, and care of
Ans: those in the profession
During a televised, title prize fight at a Las Vegas hotel, Oscar threw a punch which hit
Mike in the face. As a result:
Ans: Since Mike consented to the fight, he has no legal action against Oscar.
© Get it right 2025 Getaway - Stuvia US All rights reserved
, Click here for more: Scholars nexus
Pip owns Great Expectations, a restaurant in West Hollywood. Pip enters a contract
with Estella, a meat supplier. Estella gives Pip a form supply contract to sign which
contains an arbitration clause. The clause states that "Miss Havisham will serve as an
arbitrator for any dispute arising from this contract." Pip does not know that Miss
Havisham is Estella's aunt. Estella delivered a shipment of meat that Pip believed was
defective. Estella contended that the shipment fulfilled her obligation under their
contract. In accord with the contract arbitration provision, the dispute between Pip
and Estella was submitted to Miss Havisham. After Miss Havisham filed her decision in
favor of Estella, Pip discovered her relationship to Estella. Which of the following
statements is most accurate?
Ans: Since Pip agreed to have Miss Havisham as the arbitrator, her award is binding.
Randi had her brakes fixed by Independent Car Repair. Randi paid $400 for the repair,
but immediately noticed that the brakes were not functioning. She continued to drive
the car without complaining to Independent Car Repair. The next day, Randi collided
into a concrete wall when the brakes failed. Randi was uninjured. However, her
$12,000 car was completely destroyed. Under these circumstances
Ans: Independent Car Repair breached the contract by failing to correctly fix the
brakes. It owes Randi a refund of $400 for that breach. A court would probably find
that it did not owe Randi the $12,000 since Randi had a duty to mitigate her
contractual damages by reducing the risk of further damage; i.e.returning the car for
repair
Bill has decided to sell his car, but he knows that the radiator leaks. He pours "Stop
Leak" into the radiator, which temporarily prevents the leak. Bill does not tell the
buyer about the radiator problem. Bill's action
Ans: is equivalent to making an untrue assertion
Catherine, a new property owner, was told by the previous owner that the home she
purchased had no termites and no termite damage. One month after taking possession
of the property, Catherine knew that her home was infested with termites because
she saw evidence of their presence. In addition, an exterminator told her that the
© Get it right 2025 Getaway - Stuvia US All rights reserved
