Business Law > EXAM > BUS 110 Final Exam Questions with 100% Correct Answers | Updated & Verified | Straighterline (All)

BUS 110 Final Exam Questions with 100% Correct Answers | Updated & Verified | Straighterline

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Question text Feedback The correct answer is: Illusory promises Question text Select one: Feedback The correct answer is: Linda's acceptance is effective and a contract is created Question text l Question text On October 29, 1989, Al Glitz agrees to paint Georgia's house during Thanksgiving week for $4,000 in exchange for Georgia's promise to pay him $4,000 in cash immediately upon completion of the work. Which of the following statements is true with regard to this case? Select one: a. Georgia could hire another painter on October 31 without legal liability to Al because until he has painted the house, he has not given any consideration for Georgia's promise to hire him b. Al could back out of the deal on October 31 without legal liability to Georgia because she has not given any consideration for Al's promise to do the work until she pays him c. Both parties are bound on October 29 because each has given consideration for the other's promise and neither may back out without legal liability d. Al could back out of the deal on October 29 without legal liability if he could prove that $4,000 was inadequate consideration to paint Georgia's house i Question text Feedback The correct answer is: The offeree must perform the act requested by the offeror Question text Feedback Question text Feedback The correct answer is: Propriety information Feedback The correct answer is: Bilateral, executory and express Question text Sargent put $5,000 worth of stocks and bonds into an asset management account at Fido Investments. One month later, his account statement indicated that he had a balance in his account of $5 million. Sargent quickly withdrew this amount from his account and put it into a Swiss bank account. Can Fido rescind its payment of $5 million to Sargent on the grounds of mistake? Select one: a. No, because Sargent had given value consideration b. Yes, even though Fido's mistake was probably both negligent and unilateral because Sargent had reason to know that Fido was mistaken in crediting this amount to his account c. No, because Fido should have exercised reasonable care while crediting the amount to Sargent's account d. Yes, Fido may rescind the payment on the grounds of mistake because they stand to bear a loss due to negligence only Feedback Question text Feedback Question text Feedback The correct answer is: May retract the waiver by giving reasonable notice Question text Question text Feedback The correct answer is: The buyer has possession of the goods Question text

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