Posted: April 10th, 2016

When a corporation is held by a family or a small group of people who know one another, the corporation is called?

Question 1
The following is/are true of anticipatory repudiation:
A. It directs that when one party repudiates the contract by advising the other party that it does not intend to perform its obligation, the other party may suspend performance.
B. It can be withdrawn by clearly indicating that the repudiating party does, in fact, intend to perform its obligations.
C. Withdraw must be done before the other party has canceled the contract or materially changed position.
D. all of the above

Question 2
An employer may be liable for the intentional tort of an agent:
A. if the agent s intentional tort was encouraged by the principal.
B. if the employer should
foreseen the intentional tort.
C. if the intentional tort of the employee was committed within the scope of employment.
D. both (a) and (b).

Question 3
Generally, notice to the agent is notice to the principal if it relates to the business of the agency.

Question 4
Tom Tune purchased a new radio that was warranted to be free from manufacturing defects or defects in workmanship for a period of six years. Five years after Tom purchased the radio, he was burned when the radio spontaneously caught fire as a result of a manufacturing defect. Under these circumstances, which of the following statements is most correct?
A. Tom is entitled to recover the difference between the price of the defective radio and its value as warranted, but Tom cannot recover damages for personal injuries unless the contract expressly provided for such recovery.
B. Tom is entitled to recover damages for personal injury as consequential damages but he cannot recover damages for the loss in value of the radio.
C. Tom can recover damages for loss in value of the radio and can recover damages for personal injury as consequential damages for breach of warranty.
D. Tom cannot recover damages from the manufacturer under these facts because his action is barred by the U.C.C. statute of limitations

Question 5
Under the UCC, list three remedies available to a seller when a buyer breaches a contract

Question 6
A buyer can accept only part of a commercial unit, without accepting the whole unit.

Question 7
Buyer, who owns a grocery store, orders bananas from a fruit wholesaler. The bananas arrive, but they are much too ripe to sell in the grocery. Buyer rejects the bananas and promptly notifies the fruit wholesaler of his rejection. What are Buyer s responsibilities regarding the bananas?
A. Buyer must follow any reasonable instructions the seller gives concerning the disposition of the bananas because Buyer is a merchant buyer and seller a merchant seller engaged in the business of selling fruit.
B. Under the UCC, if the seller gives no instructions as to the disposition of the bananas, Buyer must make a reasonable effort to sell them on the seller s behalf since they are perishable goods.
C. neither (a) nor (b).
D. both (a) and (b).

Question 8
If an agent uses the money of the principal for the agent s purposes, the principal does not have the option to sue if he has already signed any papers.

Question 9
Once made, anticipatory repudiation can never be withdrawn.

Question 10
List the factors one should consider in choosing a form of business organization

Question 11
For ratification to be effective:
A. the principal cannot be disclosed to the third person.
B. the agent or purported agent must have acted on behalf of the principal.
C. it must occur within 60 days after cancellation by a third party.
D. it is not necessary that the principal have had knowledge of all material facts

Question 12
Peds, a wholesale shoe distributor, ordered a quantity of shoes from Ma Industries. When Peds received the shipment, it discovered that all of the shoes were cracked and peeling. Peds contacted Ma and stated that it was rejecting the shipment because the shoes were defective. Peds wanted to ship the shoes back to Ma but received no communication from Ma regarding what was to be done with the shipment. Peds did not pay the remainder owed for the shipment and stopped payment on the check that had been initially issued for the order. Subsequently, Peds had the shoes refinished by another company and distributed and sold the shoes. Ma sued for the value of the shipment. Did Peds accept the shipment of shoes and owe Ma for the goods?

Question 13
When a corporation is held by a family or a small group of people who know one another, the corporation is called a:
A. a closely held corporation.
B. a family business.
C. a public private partnership.
D. all of the above

Question 14
Any attempt to limited consequential damages for injury caused to a person by consumer goods is considered prima facie unconscionable.

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