BADM 1301 – The proper term from the wordbank

Subject: General Questions / General General Questions
Question
Worksheet Three: Chapters 10, 11 and 13

Matching: Please match the proper term from the wordbank with the definition.

1. ____ is a binding order to pay a fixed sum of money that involves 3 parties.

2. ____ can be used by a business to file bankruptcy when the business wishes to remain in business and not be liquidated.

3. ____ is a valid and sufficient offer of performance under a contract.

4. ____ occurs when there is a passing of title from the seller to the buyer for a price.

5. ____ A party who is not part of an original contract but acquires rights under the contract.

6. _____ are awarded when a Plaintiff has suffered a breach of contract but has not suffered measurable economic loss.

7. _____ is when a customer cannot or will not meet payment obligations.

8. _____ is something of value/something bargained for in exchange for a promise.

9. _____ are an amount specified in the contract to be paid in the event of the breach, when both parties agree that damages might be difficult to accurately measure. The court will not allow them if they are so excessive that they might impose a penalty on a party.

10. _____ are available to the parties at the discretion of the court, are used to compensate a party if money damages for a breach are inadequate, and include specific performance or injunctions.

A. Chapter 11

B. Equitable Remedies

C. Sale

D. Draft

E. Consideration

F. Tender

G. Draft

H. Nominal Damages

I. Third Party Beneficiary

J. Liquidated Damages

Fill In the Blank

1. A helps one party secure payment for goods or services, such as repairs. For example, the most common of these, a , is for work performed on real property. If the owner of the real property does not pay for the work performed on the property, the can force the sale of the property to satisfy the debt.

2. Unlike common law the of under the UCC only requires a contract to be in writing if the sale of goods is for more than . Also, unlike common law of , the writing need not list all of the terms of the contract.

3. A quasi-contract, also known as , is used by the courts to avoid injustice. For example, Bob mows 40 acres of Andy’s 80 acre lawn but quits before mowing all 80 because he wants to go to dinner. Andy refuses to pay unless Bob finishes the entire lawn, but the court would still order Andy to pay Bob for the value of the work up to the point Bob quit, because to do otherwise would mean that Andy was enriched.

4. These are the four types of negotiable instruments: 1) , 2) , 3) , and 4) of . They can be separated into two categories: 1) to pay and 2) to pay.

5. The rule restricts the use of oral statements in a lawsuit when the evidence is to the terms of a written contract.

6. List the elements of a contract:

a.

b.

c.

d.

e.

7. When one party breaches a contract, the injured party is required to take efforts to damages. This means that once a breach has occurred, business as usual must resume. For example, if Taylor Swift cancels a show, the concert venue must stop selling tickets for that show.

8. The of requires the following types of contracts to be in writing to be enforceable:

a. Contracts for the sale of ,

b. Contracts that can’t be performed within ,

c. Promises to pay the of another, including the debts of an , and

d. Promises made in of .

9. The UCC governs contracts for the sale of , but not for the sale of services, real estate, or professional services. However it is still governed by rather than federal law. are all things which are moveable at the time of identification to the contract for sale.”

10. A has the ability to take some of the nonpaying customer’s property (also known as the )to satisfy the debt and is more likely to receive compensation if the debtor files for . An only has the customer’s promise to pay back the loan and is not likely to recover the loan if the debtor files for .

Multiple Choice: Select all of the following answers which are correct responses to the question. This means that you may circle one or more answers in response to a question.

1. Amy is the proud sole proprietor of a bakery. Unfortunately, the bakery’s debts keep piling up—so she takes out a loan from the bank, using the bakery machines and tools as collateral, even though the bank includes a personal guarantee clause in the loan. She goes through a stressful divorce and her husband receives sole custody of their son, but she doesn’t always have enough money to pay the child support she owes. A hail storm crushes the window of her car and she borrows money from her sister to fix it. She forgets to pay taxes on the bakery and eventually runs out of money to even pay the employees. She decides filing for Chapter 7 individual bankruptcy is the only way to go. Her house, which doesn’t qualify for a homestead exemption, is sold to pay the debts of the estate. Assuming each party is owed $1000 and the house is sold for $5000 Who/what gets paid?

a. The child support

b. Her employee’s wages

c. Taxes

d. The bank

e. her sister

f. the trustee’s costs of administering the estate

2. According to the statute of frauds, which of the following contracts must be in writing?

a. Jordan buys a new house

b. Susan agrees to serve as a HR consultant for Ryan’s new business for five years

c. Brad orders a hamburger at the drive through of a local fast food restaurant

d. Jackie promises the funeral director to pay her uncle’s funeral bills

e. Ed leases a truck for 6 months

3. Which of the following debts are not extinguished by a bankruptcy proceeding?

a. Criminal fines

b. Debts owed to Amazon.com

c. Back taxes

d. Water bills

e. Alimony and child support payments

f. Student loans

4. Erin is going door to door in neighborhood selling gutters for houses. He’s a bit new on the job, and when he comes back to the office at the end of the day, he’s signed agreements with the following people: 1) A fifteen year old whose mother was unavailable but knows his parents have been wanting to get gutters on the house for a while, 2) a 24 year old home from work because of a broken leg and who mentioned that she was taking very strong pain medication, 3) a 31 year old mother of three who was distracted by her youngest child’s ear infection, 4) a 29 year old man who did not spoke Spanish, not English (Erin is only fluent in English), but was given the Spanish version of the agreement, and 5) a 79 year old man who was hard of hearing and already had gutters, but Erin convinced him this was a once in a lifetime deal. Which of the agreements will Erin have trouble enforcing in a court of law?

a. The one with the 15 year old boy,

b. The one with the 24 year old with the broken leg,

c. The one with the 31 year old mother,

d. The one with the 29 year old man who spoke only Spanish, and/or

e. The one with the 79 year old man?

5. Xerox has leased a copy machine to Jan’s store. Jan is irritated because once the machine was delivered, no one could get it to work. After a month of having a repair man come out twice a week to get it to work, Xerox replaced the machine in its entirety. Three months later, that machine broke as well and the repairman does not know how to fix it. Xerox is obligated to repair the machine under the lease, but says Jan must call the local repairman to service it and he refuses to come out because he says there is nothing he can do. In the meantime, Jan is spending hundreds of dollars each month going down to Office Depot to make all needed copies for the office. Xerox says Jan is obligated to finish out the 5 month lease, and continue to invoice Jan a flat fee of $500/month for having the machine in the office, regardless of whether it is working. Jan signs a lease with Xerox’ competitor, Lexmark, for another copy machine, because they have fallen behind on several important projects because they lack a working machine. She is going to sue Xerox for breach of contract, but what types of damages will she most likely be awarded?

a. Cost of cover

b. Punitive Damages

c. Incidental damages

d. Consequential damages

e. Special damages

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