Question

In: Accounting

Under common law of contract, the delegation of duties is best described as follows: a. Delegation...

  1. Under common law of contract, the delegation of duties is best described as follows:

a. Delegation of duties occurs when there is a breach of the contract and a third party steps in to perform the contract

b. Delegation of duties occurs when one of the parties to a contract can no longer perform resulting in cancellation of the contract

c. Delegation of duties occurs when one party to the contract transfers his or her obligations to perform to a third party who provides the required performance under the contract.

d. Delegation of duties is never allowed to occur in a contract because performance must be provided by a party to the contract.

  1. Rescission of a contract occurs under which circumstances:

a. Rescission occurs when performance of the contract is in doubt and results in a breach of contract for damages.

b. Rescission occurs when there is a unilateral mistake made in the contract regarding the meaning of the contract.

c. Rescission of a contract is never allowed due to the requirement of performance of all contract obligations.  

d. Rescission occurs when one party to the contract commits fraud entitling the other party to cancel the contract from its inception.

                                                               .

  1. In contract law, a bilateral mistake occurs in which of the following circumstances:
  1. When one party to the contract makes a mistake and does not 0understand the terms and requirements of the contract.
  2. When both parties to a contract have a “meeting of the minds” regarding the total meaning of the contract terms.
  3. When both parties make their own mistake as to the meaning of the terms and provisions of the contract giving either one the right to cancel the contract.
  4. when both parties make their own mistake as to the meaning of the terms and provisions of the contract requiring both of them to agree to cancel the contract.

4. Under the terms of a contract, which of the following statements is correct:

  1. Exculpatory clauses with a release of liability are quite common in contracts and are easily enforced by the Courts
  2. Intoxication is a condition which inhibits a person’s normal capacity to act or think and may result in an unenforceable contract due to a lack of capacity to enter a contract
  3. At common law oral contracts for the purchase and sale of real estate were enforceable if all of the legal requirements were present.
  4. Forbearance is not a legal form of consideration as it does not require the person to act in any capacity.
  1. The Uniform Electronic Transactions ACT or UETA specifies which of the following:
  1. UETA applies to contracts as well as wills and trust agreements
  2. UETA specifically provides one may not deny the existence of a legal contract just because the contract was signed electronically.
  3. UETA requires the use of security procedures such as encryption in order to verify changes to electronic documents.
  4. UETA was challenged in the California courts and determined to be unconstitutional under the California constitution.   
  1. Common law requires that all Offers have the following characteristics to be valid:
  1. Offers must always be in writing to be valid at common law.
  2. Offers must be held open for at least 5 business days so that the Offeree has sufficient time to decide whether to accept it or not.
  3. Offers must be reasonably certain as to the terms so the terms can be ascertained by the parties.
  4. Irrevocable Offers may be withdrawn if they are not accepted after 5 days.
  1. Requirements of a valid contract at common law include which of the following:

                  a.  Contracts must have a valid offer, acceptance, consideration, legal capacity of all parties to the contract as well as a legal purpose.

                  b. Contracts must have offer, acceptance and legal purpose

                  c. Contracts must have legal consideration only to be valid.

                  d. Contracts must have a valid offer, acceptance and consideration.

      8.  Quasi-contracts are contracts that are derived from which of the following:

                a.  Implied contracts imposed to avoid unjust enrichment.

                b. Actual contracts under law with very harsh burdens.

                c. Actual contracts which are used to avoid misconduct or negligence.

                d. Implied contracts which result from a misunderstanding.

         9. A substituted method of acceptance of an offer occurs under which of the following circumstances.

  1. A substituted method of acceptance is never allowed at common law.
  2. A substituted method of acceptance can result in a valid acceptance if it serves the same purpose as the authorized means.
  3. A substituted method of acceptance can only occur when the Offeror is made aware of it and agrees to the method used for acceptance.
  4. A substituted method of acceptance will always be effective upon dispatch.
  1.   Rescission is normally a remedy in a contract under which of the following circumstances.
  1. When one party is incompetent and unable to contract
  2. When one party is a minor and accepted the Offer.
  3. When one party commits a fraud upon the other party.
  4. When one party breaches the contract resulting in damages.

Solutions

Expert Solution

Question 1

c. Delegation of duties occurs when one party to the contract transfers his or her obligations to perform to a third party who provides the required performance under the contract.

Question 2

d. Rescission occurs when one party to the contract commits fraud entitling the other party to cancel the contract from its inception.

Question 3

d. when both parties make their own mistake as to the meaning of the terms and provisions of the contract requiring both of them to agree to cancel the contract.

Question 4

b. Intoxication is a condition which inhibits a person’s normal capacity to act or think and may result in an unenforceable contract due to a lack of capacity to enter a contract

Question 5

UETA specifically provides one may not deny the existence of a legal contract just because the contract was signed electronically.

Question 6

c Offers must be reasonably certain as to the terms so the terms can be ascertained by the parties.

Question 7

d. Contracts must have a valid offer, acceptance and consideration.

Question 8

a.  Implied contracts imposed to avoid unjust enrichment.

Question 9

A substituted method of acceptance can result in a valid acceptance if it serves the same purpose as the authorized means.

Question 10

When one party breaches the contract resulting in damages.

For any clarification, please comment. Kindly Up Vote


Related Solutions

clearly discuss the common law duties seller and purchaser in the contract of purchase and sale...
clearly discuss the common law duties seller and purchaser in the contract of purchase and sale
An insurance contract is under the: a. Uniform commercial Code b. Civil Code c. Common Law...
An insurance contract is under the: a. Uniform commercial Code b. Civil Code c. Common Law d. Special type of contract
A transfer of contractual duties by the obligor to another party for performance is: a. delegation...
A transfer of contractual duties by the obligor to another party for performance is: a. delegation of duties b. assignment of a contractual right c. declaration of duties to a third party d. none of the above 2 points    QUESTION 27 If a contracting party fails to perform a duty owed under a contract, there is: a. a breach of contract b. an illusory remedy available at law c. substantial performance waived d. A and C are appropriate 2...
Distinguish between an auditor's legal liability under common law and statutory law.
Distinguish between an auditor's legal liability under common law and statutory law.
Discuss the principles related to the formation of agency contract under Malaysian law.
Discuss the principles related to the formation of agency contract under Malaysian law.
Under the principles of contract law, even if there is offer and acceptance, consideration and intention...
Under the principles of contract law, even if there is offer and acceptance, consideration and intention a contract may still fail because there is no real consent to it by one or both parties. Which of the following statements are true? A. A party might argue that his or her consent was not genuine because he has made a mistake B. A party might argue that his or her consent was not genuine because the other party used duress or...
According to the Common Policy Conditions, under what circumstances can the insured transfer rights or duties...
According to the Common Policy Conditions, under what circumstances can the insured transfer rights or duties under a policy? Describe how a policy may be canceled by an insurer or an insured according to the Common Policy Conditions. A building values at $400,000. It is insured for $250,000 value. A covered cause of loss happened and caused $10,000 loss. The policy has a $5,000 deductible. Please calculate the amount payable with the following two scenarios: Scenario 1: Co-insurance requirement =...
most of the burden of affirmative proof is on the defendant under common law
most of the burden of affirmative proof is on the defendant under common law
Expatiate on the duties of the seller to the buyer in a contract for sale of...
Expatiate on the duties of the seller to the buyer in a contract for sale of goods.
Question 242 pts Under the common law, common carriers and Innkeepers have a duty of ____________...
Question 242 pts Under the common law, common carriers and Innkeepers have a duty of ____________ regarding the property they are transporting (common carriers) or the personal property that belongs to their guests (innkeepers). reasonable care slight care limited liability strict liability Flag this Question Question 252 pts The federal antitrust legislation that is much broader than other antitrust laws and prohibits all "unfair methods of competition" and "unfair or deceptive acts or practices" is The Federal Trade Commission Act....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT