Business Law II final exam

QUESTION 1

1.    Steve buys a house from Jim. There is no written contract. However, Steve pays the purchase price, moves onto the property, and begins to build a new garage. Jim seeks to evict Steve from the property stating that there was never a valid contract. Is Jim likely to succeed? Why or why not?

10 points   

QUESTION 2

1.    Tony contracts with Paulie for Paulie to build him a house. They contract for a particular brand of pipes to be used. However, Paulie decides to use a slightly cheaper brand that is of a slightly lesser quality. Tony claims that this breach of the contract allows him to avoid the contract. Is he correct?

10 points   

QUESTION 3

1.    Frida agrees to sell a car to Johnny for $900. However, Johnny reneges on the written contract. Frida is able to find another buyer for the car at $700. What damages may she recover from Johnny?

10 points   

QUESTION 4

1.    What are the three main types of warranties under Article 2 of the UCC and how are they created?

10 points   

QUESTION 5

1.    What kind of contracts are covered by Article 2 of the Uniform Commercial Code?

10 points   

QUESTION 6

1.    Name the characteristics that are protected against discrimination by Article VII of the Civil Rights Act?

10 points   

QUESTION 7

1.    Nymeria buys a promissory note off of Yolanda for $300. Nymeria buys the note in good faith, and she is unaware of the fact that Yolanda secured the note from Georgia through Fraud in the Inducement. Nymeria seeks to enforce the note. Can she?

10 points   

QUESTION 8

1.    In what ways do administrative agencies perform the functions of all three branches of government?

10 points   

QUESTION 9

1.    What oversight can each branch of government provide over administrative agencies?

10 points   

QUESTION 10

1.    WWhat is the difference between Article I and Article II of the Sherman Act?