Flashcards second term comma delimited

Question 1

Most statutes of frauds require that contracts involving interests in real property be in writing

Answer 1

TRUE

Question 2

Which type of auction has the seller retaining the right to refuse the highest bid and retaining the right to withdraw the goods from sale?

Answer 2

auction with reserve

Question 3

An agency terminates by operation of law if an agent files a bankruptcy petition

Answer 3

FALSE

Question 4

The doctrines of “equity” in contract law, allow judges to resolve disputes based on

Answer 4

fairness

Question 5

Which of the following is NOT an element of an offer?

Answer 5

offer must be fair

Question 6

An express agency agreement may be either written or oral, unless the Statute of Frauds requires the agency agreement be in writing

Answer 6

TRUE

Question 7

A principal is liable for the intentional torts of its agent if the tort is committed within the agent’s scope of employment

Answer 7

TRUE

Question 8

What if Sue makes a unilateral mistake of fact when entering into a contact with Jane and Jane knew of Sue’s mistake at all times?

Answer 8

Sue may sue to rescind the contract because Jane knew of Sue’s mistake

Question 9

Under the common law, a counteroffer has what affect?

Answer 9

All of these: rejects initial offer, creates a new offer; turns the offeree into the offeror

Question 10

One of the elements of fraud is

Answer 10

The wrongdoer intended to deceive the innocent party

Question 11

Any person who learns of an offer may accept the offer and create a binding contract even if the offeror did not intend to communicate the offer to the person accepting the offer.

Answer 11

False-the offer has to be communicated to the offeree, can’t just overhear

Question 12

In the case In the Matter of Wirth, the Court held that Drexel University’s promise to create a scholarship fund in Wirth’s name was sufficient consideration to establish a contract requiring the estate of Wirth to pay $150,000 to Drexel University

Answer 12

TRUE

Question 13

How many states have enacted a Statute of Frauds, requiring certain types of contracts to be in writing?

Answer 13

50

Question 14

If an agent enters into a contract exceeding his scope of authority, the principal is liable.

Answer 14

False-because it exceeded the agent’s scope of authority

Question 15

Generally, a principal owes a duty to cooperate with and assist the agent in the performance of the agency.

Answer 15

TRUE

Question 16

An agency terminates by operation of law if a principal files a bankruptcy petition.

Answer 16

TRUE

Question 17

Sometimes parties to a contract are not specific oc a term and a dispute arises. In such cases, the court can supply some missing terms if a reasonable term can be implied

Answer 17

TRUE

Question 18

Sheldon intentionally misrepresented a fact to Leonard when they were negotiating a contract. Leonard knew about the misrepresentation all along, did not rely on the misrepresentation, and entered the contract anyway.

Answer 18

Leonard may not rescind the contract because he kneew of the misrepresentation and did not justifiably rely on the misrepresentation.

Question 19

Most statutes of frauds require that contracts inivolving the sale of goods for more than $250 be in writing

Answer 19

False-for more than $500

Question 20

Three key topics in principal-agent law are (1) formation, (2) duties and (3) ————-

Answer 20

Termination

Question 21

An agent owes a duty to notify the principal of any information the agent learns that is important to the principal concerning the agency.

Answer 21

TRUE

Question 22

A party may rescind a contract if there had been a mutual mistake of value

Answer 22

False-it’s just too bad for them

Question 23

A party may rescind a contract if there has been a mutual mistake of a material fact

Answer 23

TRUE

Question 24

An offer terminates by operation of law under which circumstances?

Answer 24

All of these: destruction of subject matter, death or incompetency of offeror or offeree, supervening illegality, lapse of time

Question 25

When may an offeror revoke or withdraw her offer?

Answer 25

Anytime before the offeree accepts the offer

Question 26

Which type of contract may be described as "a promise for a promise?"

Answer 26

Bilateral contract

Question 27

Most statutes of frauds require that contracts involving interests in real property be in writing.

Answer 27

TRUE

Question 28

In the Facebook, Inc. v. Winklevoss, the twins basically allege they were tricked when they agreed to settle their disputes with Facebook in prior litigation. How did the Court rule?

Answer 28

The Court ruled for Facebook, pointing out that the twins are sophisticated parties and had ample counsel and opportunity to determine the facts for themselves prior to settlement

Question 29

A bankruptcy debtor must appear at this event and answer (while under oath) questions from creditors

Answer 29

meeting of the creditors

Question 30

Under a Chapter 7 Bankruptcy case, what does "discharge" mean?

Answer 30

The debtor is no longer legally responsible for paying the dischargeable debts remaining unpaid at the end of the bankruptcy case.

Question 31

Which consumer protection act forbids debt collectors from contacting a debtor at inconvenient places, such as places of worship or social events?

Answer 31

Fair Debt Collection Practices Act

Question 32

In Old Republic National Title Insurance Co. v. Fifth Thrid Bank, what law did the court follow regarding priority of competing mortgages?

Answer 32

first mortgage recorded shall have priority over subsequently recorded mortgages, even if the other mortgages were created earlier.

Question 33

If Joe's Business has a security interest in a set of tools and Jim's Business has an unsecured claim. Who has priority to collect against the set of tools?

Answer 33

Joe's Business because a security interest has priority over unsecured interests.

Question 34

The Dodd-Frank Wall Street Reform and Consumer Protection Act created which new federal government agency?

Answer 34

Bureau of Consumer Financial Protection

Question 35

Which of the following cannot be discharged in a bankruptcy case?

Answer 35

alimony and child support resulting from a divorce decree

Question 36

Your textbook describes the "Moral Minimum' corporate social responsibility theory as _________.

Answer 36

imposing a duty to make a profit while avoiding harming others

Question 37

Bankruptcy cases are resolved in which types of courts?

Answer 37

U.S. Bankruptcy Courts

Question 38

Which article of the UCC govern Secured Transactions in personal property?

Answer 38

Article 9

Question 39

Which Nobel Prize winning economist is associated with the "Maximizing Profits" theory of social responsibility of business?

Answer 39

Milton Friedman

Question 40

In a strict surety arrangement, a third person ( _______) promises to be liable for the payment of another

Answer 40

All of these names may be used to reference the third person promising to be liable: accommodation party, surety co-debtor

Question 41

Who must file a "proof of claim' in a bankruptcy case?

Answer 41

creditors

Question 42

In a secured transaction, the property in which the security interest is taken is called _______.

Answer 42

collateral

Question 43

Hostess initially filed a Chapter reorganization petition. How did the Hostess case conclude?

Answer 43

Hostess could not achieve a plan or reorganization and had to liquidate its business under Chapter 7.

Question 44

What remedy does a housepainter have if her client refuses to pay her for painting her house?

Answer 44

she may file a mechanic's lien for the amount she is owed.

Question 45

The Truth-in-Lending Act and Regulation Z require creditors to disclose which of the following pieces of information?

Answer 45

All of these: number, amounts, and due dates of payments; penalties to be assessed delinquent payments and late charges; finance charge

Question 46

The three main methods of perfecting a security interest under the UCC are perfection by possession of collatera., perfection by purchase money security interest in consumer goods, and _____

Answer 46

perfection by filing a financing statement

Question 47

Not all assets may be used to pay off debts in a bankruptcy case. What are the assets protected from the bankruptcy case called?

Answer 47

exempt property

Question 48

The _____ is a feature of bandruptcy which causes all creditors to suspend any actions to collect against the debtor outside of the bankruptcy case

Answer 48

Automatic stay

Question 49

Article 9 of the UCC covers security interest in land, among other types of property.

Answer 49

FALSE - is only on personal property

Question 50

In a guaranty contract, the guarantor has what type of liability?

Answer 50

Secondary liability

Question 51

Implied warranties of quality may not be disclaimed.

Answer 51

False - Default warranty provisions may be disclaimed or cancelled out

Question 52

Title VII of the Civil Rights Act of 1964 prohibits employment discrimination on several basis, including

Answer 52

All of these: gender, color, national origin

Question 53

Dr Steve surgically places a stent in Patient Tom. The stent subsequently fails and Patient Tom sues Dr. Steve under one of the UCC's implied warranties. What will happen to this case?

Answer 53

Patient Tom will lose because this a mixed sale of goods and services and the transaction was predominately the provision of services, making the UCC inapplicable.

Question 54

Identify two types of common carrier contracts under the UCC

Answer 54

shipment and destination

Question 55

What if the court is deciding a dispute involving a contract for the sale of goods and the UCC is silent on the issue in dispute?

Answer 55

the court looks to state common law of contracts

Question 56

Title I of the ADA requires employers to make a reasonable accommodation to accommodate an individual's disability as long as such accommodation does not cause an undue hardship on the employer.

Answer 56

TRUE

Question 57

The buyer bears the risk of loss during shipping if the contract is classified as a shipment contract

Answer 57

TRUE

Question 58

Under UCC Article 2, a seller's basic obligation is the tender of delivery of goods to the buyer on accord with the sales contract.

Answer 58

TRUE

Question 59

The UCC requires that modifications to a contract be supported by new consideration to be binding.

Answer 59

FALSE

Question 60

Article 2 of the UCC contains several provisions that impose ____ on merchants than on non-merchants

Answer 60

greater duties

Question 61

A buyer may recover for breach of an express warranty even if the warranty did not induce the buyer to purchase the product.

Answer 61

False. The warranty must have induced the purchase.

Question 62

______ warranties are created when a seller affirms (by words or actions) that the goods for sale must contain standards of quality, description, performance, or condition.

Answer 62

express

Question 63

If a seller of goods is a merchant, the goods come with an implied warranty of merchantability, which means

Answer 63

All of these and a few other assurances: the goods conform to any promise or affirmation of fact made on the container or lable, the goods are fit for the ordinary purpose, the goods are adequately contained, packaged, and labeled

Question 64

The UCC requirews parties to obey the express terms of their contract only and imposes no duty of good faith.

Answer 64

False. UCC1-203 states, "Every contract or duty within this Act imposes an obligation of good faith in its performance or enforcement." - duties of good faith & reasonableness. Good faith = "honesy in fact"

Question 65

Which federal agency is responsible for enforcing most federal antidiscrimination employment laws?

Answer 65

Equal Employment Opportunity Commission

Question 66

Under limited circumstances, an employer may discriminate based on gender if the employer can establish gender is a ______.

Answer 66

bona fide occupational qualification

Question 67

Under the UCC Statute of Frauds, all contracts for the sale of goods costing $500 or more must _____

Answer 67

be in writing

Question 68

How did the Lilly ledbetter Fair Pay Act of 2009 benefit employees who suffered pay discrimination?

Answer 68

It caused the 180-day statute of limitations to begin to run each time a paycheck violation occurred, instead of from the one date on which the pay was agreed upon.

Question 69

The Equal Pay Act allows that a differential in wages may be justified by seniority, merit, quantity or quality of product, and _____

Answer 69

any factor other than gender.