Reference no: EM132198313

1. Which of following would be considered an example of a valid contract?

1) George offers to pay Libber $1,000 for killing his neighbor's wife and Libber agrees to it.

2) Nancy agrees to buy her 15-year-old neighbor's car for $10,000.

3) Tim owes Peter money, but the statute of limitations has run out.

4) Tam owes Peters money, but before the statute of limitations ends, Tom is declared bankrupt.

5) Tom owes Pete money, but Pete has waited too long to collect it and the statute of limitations has run out; however, Tom promises to repay half the amount.

2. A(n) _____ is a UCC option made in writing and signed by a merchant, promising to keep an offer open and that needs no consideration.

mirror image rule

option contract

definiteness

firm offer

mailbox rule

3. The human resource department of Alpha-Omega Corp. is reviewing its performance management system to make sure it can show fairness if an employee ever complains of discrimination. Which of the following statements is a problem that must be addressed if Alpha-Omega is to meet that goal?

a) Research shows that female managers give fairer appraisals than male managers.

b) Most appraisal instruments are so objective that supervisors find them inflexible.

c) Employees assume that rating errors are common, though they are rare.

d) Evidence shows that raters tend to give higher ratings to persons of the rater's own race.

e) Performance management systems often punish people for whistleblowing.

4. Unsaved A legal consideration always has to be certain. options:

True

False