Business Law Exam 2

Front

Fabien offers to sell his Graphic Signs LLC business to Hanna for $100,000. Hanna replies, "The price is too high, I will pay $75,000." What has Hanna done?

Back

rejected the offer and made a counteroffer

Front

The offeror's act of withdrawing an offer is referred to as

Back

revocation

Front

Rita Contracts to work for Social Media Corporation (SMC) during April for $4,500. On March 31, SMC cancels the contract. Rita declines a similar job with Tech Talk, Inc. which would have paid $3,500. As compensatory damages, Rita can recover..

Back

$1,000

Front

Before either party to a contract has a duty to perform, one of the parties may refuse to perform that party's contractual obligations. This is referred to as

Back

anticipatory repudiation

Front

Ordinarily, every party to a contract has a duty to come forward and disclose facts.

Back

False

Front

A seller who places goods at the disposal of a buyer has tendered delivery, but cannot yet demand payment.

Back

False

Front

Once the electronic record ____ or comes under the control of the recipient, the UETA deems it to have been sent

Back

leaves control of the sender

Front

Intoxicated, Efron enters a contract for the sale of his business, Freight Dispatch, to Gretel for less than its market value. This contract is enforceable if, at the time, Efron understood the legal consequences.

Back

Efron understood the legal consequences.

Front

Some torts can be criminal as well as civil, depending on the laws in place. True or False?

Back

True

Front

To avoid a contract, both parties must fully perform their respective legal obligations.

Back

False