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Flashcards second term comma delimited

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1
Q

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

A

TRUE

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2
Q

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?

A

auction with reserve

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3
Q

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

A

FALSE

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4
Q

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

A

fairness

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5
Q

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

A

offer must be fair

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6
Q

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

A

TRUE

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7
Q

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

A

TRUE

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8
Q

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?

A

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

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9
Q

Under the common law, a counteroffer has what affect?

A

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

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10
Q

One of the elements of fraud is

A

The wrongdoer intended to deceive the innocent party

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11
Q

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.

A

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

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12
Q

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

A

TRUE

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13
Q

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

A

50

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14
Q

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

A

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

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15
Q

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

A

TRUE

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16
Q

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

A

TRUE

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17
Q

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

A

TRUE

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18
Q

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.

A

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

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19
Q

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

A

False-for more than $500

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20
Q

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

A

Termination

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21
Q

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

A

TRUE

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22
Q

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

A

False-it’s just too bad for them

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23
Q

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

A

TRUE

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24
Q

An offer terminates by operation of law under which circumstances?

A

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

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25
Q

When may an offeror revoke or withdraw her offer?

A

Anytime before the offeree accepts the offer

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26
Q

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

A

Bilateral contract

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27
Q

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

A

TRUE

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28
Q

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?

A

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

29
Q

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

A

meeting of the creditors

30
Q

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

A

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

31
Q

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

A

Fair Debt Collection Practices Act

32
Q

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

A

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

33
Q

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?

A

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

34
Q

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

A

Bureau of Consumer Financial Protection

35
Q

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

A

alimony and child support resulting from a divorce decree

36
Q

Your textbook describes the “Moral Minimum’ corporate social responsibility theory as _________.

A

imposing a duty to make a profit while avoiding harming others

37
Q

Bankruptcy cases are resolved in which types of courts?

A

U.S. Bankruptcy Courts

38
Q

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

A

Article 9

39
Q

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

A

Milton Friedman

40
Q

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

A

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

41
Q

Who must file a “proof of claim’ in a bankruptcy case?

A

creditors

42
Q

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

A

collateral

43
Q

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

A

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

44
Q

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

A

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

45
Q

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

A

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

46
Q

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 _____

A

perfection by filing a financing statement

47
Q

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

A

exempt property

48
Q

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

A

Automatic stay

49
Q

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

A

FALSE - is only on personal property

50
Q

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

A

Secondary liability

51
Q

Implied warranties of quality may not be disclaimed.

A

False - Default warranty provisions may be disclaimed or cancelled out

52
Q

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

A

All of these: gender, color, national origin

53
Q

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?

A

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.

54
Q

Identify two types of common carrier contracts under the UCC

A

shipment and destination

55
Q

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?

A

the court looks to state common law of contracts

56
Q

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.

A

TRUE

57
Q

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

A

TRUE

58
Q

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.

A

TRUE

59
Q

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

A

FALSE

60
Q

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

A

greater duties

61
Q

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

A

False. The warranty must have induced the purchase.

62
Q

______ 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.

A

express

63
Q

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

A

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

64
Q

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

A

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”

65
Q

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

A

Equal Employment Opportunity Commission

66
Q

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

A

bona fide occupational qualification

67
Q

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

A

be in writing

68
Q

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

A

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.

69
Q

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

A

any factor other than gender.

law & ethics (1 decks)

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