LSB exam 2,.docx

If the parties have formed a valid contract, the legal analysis then turns to the issue of __________. - correct answer enforceability Which element of a valid contract requires both sides to obtain something of value and to give up something of value? - correct answer Consideration Modern courts have held that repudiation occurs in which of the following ways? - correct answer An action by the promisor that renders her contract performance impossible Jackson has offered to sell Lucas six ounces of marijuana for a designated price, and Lucas has accepted Jackson's offer. Lucas plans to use it for recreational purposes. Both live in Alabama, which has not legalized marijuana for either medicinal or recreational use. This contract is __________. - correct answer void per se What is the current trend among contract drafters? - correct answer To use plain English whenever possible Suppose that the minimum wage in North Carolina is $7.25 per hour. (North Carolina recognizes the minimum wage established by federal law, and has not established a higher state minimum wage). Noah, a 18-year-old cook at Cheap Eats, LLC, a Greensboro, North Carolina restaurant, has agreed to work for his employer for $6.75 per hour. (He lives at home with his parents, has minimal expenses, and is just looking for something to occupy his time more than earn income). This agreement is: - correct answer void Suppose that on December 15, 2020, Manager Yang enters into an agreement with Consultant Anderson to provide operation-consulting services for a period of six months to commence on January 2, 2021. On December 20, 2020, Manager Yang is instructed by upper management to cut costs, so he contacts Consultant Anderson the same day by the following e-mail: "Dear Consultant Anderson: We don't require your services. Sorry.—Manager Yang." As of December 20, 2020, Manager Yang has __________ the contract with Consultant Anderson. - correct answer anticipatorily repudiated A speed limit of 55 miles per hour is an example of a(n) __________. - correct answer bright-line rule In terms of contractual capacity, the age of majority is a(n) __________. - correct answer bright-line rule If contracting parties perform their obligations completely, this is known as __________. - correct answer perfect performance Which of the following provides that the acceptance of an offer is generally effective upon dispatch of the acceptance when sent in a commercially reasonable manner, and not when the acceptance is received by the offeror - correct answer The mailbox rule From a practical perspective, the main difference between misrepresentation and fraudulent misrepresentation is __________. - correct answer the legal remedy available to the innocent party When a party to an agreement owes a duty to perform and fails to fulfill her obligation, she has __________ the contract. - correct answer breached Suppose Laura Menendez, a tenant at Ashley Forest Apartments in Durham, North Carolina, moves out of town with nine months remaining on her lease term. Laura is contractually obligated to pay $1,500 per month in rent. Durham has a 98 percent apartment occupancy rate (meaning that 98 percent of all apartments in the city are occupied by tenants). Ashley Forest Apartments will most likely not be able to recover $13,500 in remaining rent from Laura due to its __________. - correct answer duty to mitigate damages The contract provision "This Agreement and the benefits and advantages herein contained are personal to the Member and shall not be sold, assigned or transferred by the Member" is an example of __________. - correct answer legalese When Bavarian Motor Works (BMW), a German company, opened a production facility in Spartanburg, South Carolina in 1994, a number of its existing suppliers (particularly of component parts) opened facilities there as well. Both BMW and its suppliers depend on each other for their business success, and they have developed strong business relationships over many years. The many contracts that BMW and its suppliers enter into each year are known as __________ contracts. - correct answer relational When one party uses unequivocal language to repudiate a contract, the other party may __________. - correct answer file suit immediately Legalese is characterized by __________, __________ sentences written in a __________ voice. - correct answer long; complex; passive Suppose that Farmer McDonald offers to sell his John Deere tractor to Luke for $10,000. Farmer McDonald dies, and Luke would like to accept his offer. Can he? - correct answer no The Americans with Disabilities Act (ADA) requires employers to "reasonably accommodate" disabled employees who are "otherwise qualified" to work, unless the employer would experience an "undue hardship" in so doing. The ADA itself does not specifically define what a reasonable accommodation is, what a disability is, what it means for a worker to be otherwise qualified, or what it means for an employer to experience an undue hardship. The ADA is an example of a(n) __________. - correct answer Open-ended standard jeffrey and Alexa have entered into a contract for the sale of his classic 1968 Camaro for $20,000. Their contract is based on an exchange of words rather than a writing. This contract is __________ due to the __________. - correct answer unenforceable; statute of frauds In terms of contractual capacity, deciding whether an adult is lucid is a(n) __________. - correct answer open-ended standard Mutual assent is typically referred to as __________. - correct answer a meeting of the minds In a contract cancellation known as a __________, each party gives up rights under the contract in exchange for the release by the other party from performing his or her obligations. - correct answer rescission In terms of intoxication as a defense to contract liability, courts use a(n) __________ standard to determine whether __________ that the intoxicated person had sufficient capacity to enter into the agreement. - correct answer objective; a reasonable person would have believed Illegal contracts are - correct answer void In general, contracts for the sale of goods are governed by: - correct answer state statutory law based on the Uniform Commercial Code. Will and Kendrick live in a state that requires that contracts involving transactions over $500 be in writing. If they enter a verbal agreement to buy a car for $1,500, this contract is - correct answer unenforceable In general, contracts for services are governed by - correct answer state common law Aimee and Claire both own their own bakeries in Edwardsville. They both agree with each other to sell their cupcakes for $5.00. Is this contract enforceable? - correct answer no, as it is a restraint on trade which is against public policy. Karen offers to sing five songs at Meyer's wedding for $500.00. Meyer responds that he will pay her $500.00, but he needs her to sing six songs. Meyer's actions constitute - correct answer A counter offer According to the mailbox rule, an acceptance if effective - correct answer when dispatched by the offeree in a commercially reasonable manner.