Name Rachel Wilkinson ID Number 111730810 1 All promises are legal contracts 1 point BMGT 380 SPRING 2013 2nd MID TERM EXAM APRIL 15 2013 1 2 TRUE FALSE ANSWER FALSE ANSWER TRUE 1 2 1 2 TRUE FALSE TRUE FALSE ANSWER FALSE 3 A simple rejection of an offer will not terminate it 1 point 2 When the language in a contract has more than one meaning it will be interpreted against the party who drafted the contract 1 point 4 The mirror image rule is a common law rule that no longer applies 1 point 5 A promise to do what one already has a legal duty to do is not legally sufficient consideration under most circumstances 1 point 6 Only an unliquidated debt can serve as consideration for an accord and satisfaction 1 2 TRUE FALSE ANSWER FALSE 1 2 TRUE FALSE ANSWER TRUE 1 point ANSWER TRUE 1 2 1 2 TRUE FALSE TRUE FALSE 7 Consideration is the value given in return for a promise 1 point 8 In some states a minor who disaffirms a contract must restore the adult party to the position he or she held before the contract was made 1 point 9 A person who has been adjudged mentally incompetent by a court can enter into legally binding contracts on his or her own 1 point ANSWER TRUE 1 2 TRUE FALSE ANSWER TRUE 1 2 TRUE FALSE ANSWER FALSE 10 point 1 2 TRUE FALSE ANSWER FALSE 11 The essential feature of undue influence is that the party taken advantage of does not exercise free will 1 point To commit fraudulent misrepresentation one party must not intend to mislead another 1 12 Adhesion contracts are always enforced 1 point 13 A detriment suffered can constitute consideration 1 point 1 2 TRUE FALSE ANSWER TRUE 1 2 TRUE FALSE ANSWER FALSE 1 2 TRUE FALSE ANSWER TRUE enforceable 1 point 1 2 TRUE FALSE ANSWER TRUE 14 A promise to answer for the debt of another must always be in writing to be 15 Contracts for transfers of interests in land need to be in writing to be enforceable under the Statute of Frauds 1 point 1 2 TRUE FALSE ANSWER TRUE 1 2 TRUE FALSE ANSWER FALSE 1 2 TRUE FALSE ANSWER FALSE 1 2 TRUE FALSE ANSWER FALSE 16 If the subject of a sale is goods Article 9 of the UCC applies 1 point 17 If the subject of a transaction is a service Article 2 of the UCC applies 1 point 18 The UCC requires that an agreement modifying a contract must be supported by new consideration to be binding 1 point 19 A contract to manufacture special goods is a specialty 1 point 20 Under the Mailbox Rule an offer is deemed accepted upon mailing of the acceptance 1 point 21 A trade custom does not apply to a contract unless it is in writing 1 point 1 2 TRUE FALSE ANSWER FALSE ANSWER TRUE 1 2 1 2 TRUE FALSE TRUE FALSE ANSWER TRUE 1 2 TRUE FALSE ANSWER FALSE 22 In all jurisdictions a contract for lifetime employment must be in writing and signed by both parties 1 point 23 A minor may not disaffirm a contract for necessaries 1 point 1 2 TRUE FALSE ANSWER TRUE 1 2 TRUE FALSE ANSWER TRUE 24 A contract under seal is subject to a longer Statute of Limitations than one not made under seal 1 point GIVE A SHORT DEFINITION OF THE FOLLOWING 25 Statute of Frauds 1 point A statue which requires certain types of contracts to be in writing in order to be enforceable 26 Mirror Image Rule 1 point The rule of contracts that prohibits an offeree from changing the terms of that offer The acceptance must match the offer to form a contract 27 Extrinsic Evidence 1 point Facts or information not embodied in a written agreement 28 Emancipation 1 point A legal way for children to become adults before they turn eighteen with the parents no longer having control or custody of the child 29 Antenuptial Agreement 1 point A written contract between two people who are about to get married that spells out the disposition of assets and liabilities in the event of divorce separation or death 30 A corporation must be registered in a state where it does business in order to have capacity to contract 1 point 31 A person who is intoxicated is said to be under undue influence 1 point ANSWER TRUE 1 2 1 2 TRUE FALSE TRUE FALSE ANSWER FALSE 32 36 List the elements of a contract 5 points 1 Offer and Acceptance 2 Consideration 3 Capacity 4 Legal 37 42 List the types of contracts subject to the Statute of Frauds 6 points 1 Contracts for the sale or transfer of land 2 Contracts that cannot be performed within one year after the date the contract was formed 3 Collateral Contracts 4 Contracts made in consideration of marriage 5 Contracts for the sale of goods valued at 500 or more If you have missed more than 3 classes since the last midterm please state your excuse 43 50 Spelling and honesty count If you have been in regular attendance state what you enjoyed best of the class For both groups state the purpose of contract law with respect to business transactions 8 points I have missed two classes from the time of our first exam to the time of our second exam What I have enjoyed most are your real life examples that you frequently tell the class I enjoy these not only because they are interesting but also because they help tie in the concepts were learning and make them more understandable I also enjoy watching video clips at the beginning of class because they too help me gain a better understanding of the issues we discuss in class and I am able to see them in real world setting The reasons why I missed two classes were because I was overwhelmed with work and studying for other classes There are tons of business transactions that occur every day so it is extremely important for contracts to be written and kept by both parties Contracts are made to guide and govern parties to an agreement with respect to their mutual promises Agreements often breakdown making contracts a great way to re align the parties with their respective promises If one party doesn t fulfill the promises made on the contract they will be held accountable I PLEDGE ON MY HONOR THAT I HAVE NOT GIVEN OR RECEIVED ANY UNAUTHORIZED ASSISTANCE ON THIS EXAM ASSIGNMENT Signature Rachel Wilkinson
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