Exam 2

Accounting 352 with Wolfe at University of Delaware

About this deck

By: Melissa Mestre
Created: 2011-04-18
Size: 51 flashcards
Views: 62

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Anita offered to sell her condo to Bill. Before Bill could accept, one of the parties was killed in a car accident the remaining party wishes to go through the contract which of the following best describes this situation

the death of either party terminated the offer

The terms bilateral and unilateral as applied to contracts are based on:

The number of promises that are made in connection with a contract

Kristin offers to sell land to Ian for $5,000. Ian says that $5,000 is too much but he would pay $4,000. Kristin says no. Two days later Ian accepts Kristin's original offer. Which best describes the current situtation

Ian made a counter offer which terminated Kristin's offer

A contract that is formed by the performance of the requested act is what kind(s) of contract

Neither A or B

Under the objective theory of contracts, whether or not a contract exists is based on:

A reasonable person standard

Id an offeree gives a rejection to the offeror, which of the following is true at this point?

The offeree cannot later enter into a contract on the terms of the rejected offer

Janet pulls her car into a line for a car wash, Janet says nothing and her car is washed by the employees there. Janet then refuses to pay for the car wash, stating that there is no contract. What would the results be in a lawsuit over this situation?

Car Wash this is an implied-in0fact contact that has been accepted

Which of the following is correct regarding a "counteroffer"

Is treated as both a rejection of an offer and a new offer

A promise to make a gift

is not enforceable

U.S. Fabrication signs a written contract agreement with Haliburton to erect the steel on a major bridge project which already has the concrete foundation in place. The contract may nor be enforceable if:

Both parties mistakenly believed that the concrete foundation was adequate to support the bridge, which it wasn't

The vice president of International Sales Corporation is negotiating with a representative of Global Distribution, Inc. regarding a business deal. Under the objective theory of contracts, the vice president's words and conduct during contract negotiation are held to mean whatever:

a reasonable person in the representative's position would think they meant

Jerfferson lost his laptop when he left it on a library table and went to the rest room. Her advertises on UD classified that he will pay $100 reward for the laptop's return "no questions" asked. This is a :

an offer in a unilateral contract

In a lawsuit arguing "promissory estoppel" the plaintiff mus prove that

plaintiff justifiably relied on defendant's promise to plaintiff's detriment and defendant knew or should have known that the plaintiff would rely on defendant's promise

Marsha's car does not have an original engine like it was promised so she takes it back. Who wins

Marsha will win because the contract was based on fraud

Winkine wants to start a new business, "Winkie's wonderful Water Ice" so she enters into a contract with Fred to buy all the business assets of "Fred's Frozen Freezes" the contract may not be enforceable is it was formed as a result of:

A Mutual Mistake

Jerry puts up a poster that advertises a reward for the return of a mountain bike that was stolen from the bike rack at Trabant Student Center. This is

an offer in a unilateral contract

Wilbur and Hancock enter into a contract whereby Wilbur agrees to see his house to Hancock. To be enforceable, the contract must be in writing only if:

the contract is in writing

In March 2007, Jennifer and Digital Computer Services (DCS) enter into an oral employment contract in which Jennifer agrees to work as a computer programmer for DCS for two years. This contract is:

not enforceable

Barbie and Ken enter into an into an oral contract under which Ken agrees to provide delivery services for Barbie for six months. this contract is:

enforced by either party

General Contractors, Inc, contracts to build an office building for RP Properties Company. If general breaches the contract yet substantially preforms, RP is entitled to

Compensatory damages

Frank contractually agrees to work as George's personal accountant for one year but dies in the second month of the contract. Frank's estate:

is discharged from and contractual liability

Carla enters a contract with Richardo, a famous advertising designer and pays Ricardo $10,000 to design an advertising campaign for Carla's health club. The next day Ricardo telephones carla and tells her that he has accepted a job in NYC and connot design the campaign. Carla can recover:

10,000

in a written contract juan agrees to purchase 10 acers of land for $100,000Gisela refuses to go through bc some one offers her 125. Juan may recover

the land itself, through specific performance

Jesse and consolidated computerCCC enter into an oral employment contract in which Jesse agrees to work for CCC for 2 years. This contract is:

not enforceable because it is over a year

Shoddy Workmanship, Inc. contacts to build an office building for RIP Services. If Shoddy breaches the contract yet substantially preforms, RIP is entitled to

compensatory damages

"itchy fingers" louie contractually agrees to work as Alberto's body guard for one year but dies in the second month of the contract Louie's estate

is discharged from any contractual liability

In which of the following situations have both parties given consideration to support a contract?

Pat, an accounting professor, agrees to tutor one of her students in the study of French and for 10.00 an hour

Mary promises to give her car to her friend, Mary then changes her mind and decides to keep the car if Harpo sues Mary the court will rule:

Require mary to give her friend the car bc his sale of his car was detrimental reliance on Mary's promise

A computer retailer sells computer games to a minor this contract is

voidable

A contract that has been fully prepared by all parties is said to be:

Discharged

A minor breach of contract is usually a matter of with

substantial performance

Which is the most basic or common remedy available for the breach of a contract

compensatory damages

what is the general goal of awarding compensatory damages in a breach of contract situation

place the non-breaching party in the same position as the contract have been fully preformed

which of the following damages must be foreseeable in order to be collected in a contract action

consequential

the general requirements for liquidated damages clause to be enforceable are that

actual damages are difficult to determine and the liquidated damages amount is reasonable

What does the term migration refer to in connection with damages

the duty of a non breaching party to make reasonable efforts to reduce damages

specific performance is generally awarded:

where the contract involves the sale of property that is unique

What is the definition of a tort

any civil wrong doing that allows the injured person to recover damages

the tort of assault and the tort of battery:

can occur independently or together

a medical dr. who commits medical malpractice has committed what tort?

negligence

which best describes assumption of risk in negligence case

the plaintiff knowingly and willingly subjected herself to a risk and by doing so is not able to collect from a defendant even if all of the elements of negligence are present

Which of the following is true about comparative negligence and contributory negligence

comparative negligence allows the plaintiff to make a partial recovery whereas contributory negligence does not

if a plaintiff knows of the risk of an activity and voluntarily participates in that risky activity that results in injury, what is the most likely defense that can be raised

Assumption of the risk

persons who engage in abnormally dangerous activities such as using dynamite for blasting:

are liable for injuries only if all the elements of negligence are proven against them

in the case of palsgraf v. long island foreseeability was an issue. the wuestiong addresed by the court was

was it foreseeable to the railroad employee helping the passenger onto the train that doing so might lead to injury to Ms. Palsgraf

who can recover for their injuries under product liability law

someone who purchases a product new, someone who uses a product with the owners permission, a nonuser such as a bystander

based on the law of products liability, which of the following is correct

a manufacturer should design its product to take into account foreseeable misuse

in negligence the legal "duty of care" requires you to

act as a reasonable person would act in the same circumstances

Actual Cause

courts have limited liability to those causes which are closely connected to the resulting injury
ex. if you hadn't done this - this wouldn't happen

Proximate Cause

limit to what you are responsible for (butterfly effect)
only responsible for foreseeable an uninterrupted chain of events that happened

Must be in writing to be enforced

interests involving land
preformance which cannot be completed within 1 year
promises made in consideration of marriage
under UCC sale of goods over $500

About this deck

By: Melissa Mestre
Created: 2011-04-18
Size: 51 flashcards
Views: 62

About StudyBlue

“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy