BUSN 420 Week 4 Quiz
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1. (TCO 4) Mikayla enters into a contract with Logan to provide surface material for Mikayla's tennis courts by April 1 for a tournament to begin May 1. The contract specifies an amount to be paid if the contract is breached. This is a liquidated damages clause if the amount is
2. (TCO 4) Karson orally agrees to pay Jaime to plant and harvest a quarter of Karson's farm acreage for four corn-planting seasons. After Jaime prepares the land and plants the first crop, Karson says that their deal is off. Jaime can most likely recover
3. (TCO 4) Reel Graphics, Inc. agrees to assume a debt of Suave Marketing Company to Town Credit Union. This promise is for Reel's benefit. To be enforceable, the promise
4. (TCO 4) Lark enters into a contract to mine gravel in Milena's quarry, sell it, and share the profits on its sale with Milena. If the duties under this contract are discharged like those under most contracts, the duties will be _____.
5. (TCO 4) Pure Oil Company enters into a contract with QuikBilt, Inc., to construct an oil pipeline to withstand specific conditions. If QuikBilt fails to meet this standard, which is construed as a breach of contract and a breach of a duty of care, Pure might be awarded punitive damages to
6. (TCO 4) Lou and Mira want to rescind their contract under which Lou sold an MP3 player to Mira for $50. To rescind the contract
7. (TCO 4) Pablo and Melia enter into an oral contract for Pablo's sale to Melia of a laptop computer for $400. Assuming the terms can be proved, the contract is enforceable by
8. (TCO 4) Timber, Inc., and Wood Corporation enter into an oral contract for the sale of a lumber mill and the land on which it is situated from Timber to Wood. Under the Statute of Frauds, this contract is enforceable by
9. (TCO 4) Pete, the owner of Quality Orchards, contracts to sell fruit to Ripe Produce, Inc. When Pete refuses to...