Reference no: EM132217651
1. Taylor hired Jack to cut all the lumber off of Taylor’s mountainside property. This contract was orally stated and provided that Jack must complete the work within two years from the contract’s date. Which one of the following statements is most correct?
a. This contract is unenforceable since it must be in writing.
b. This contract is enforceable since Jack could possibly perform his obligation within one year although that is improbable.
c. This contract is unenforceable since Jack probably cannot complete the work within one year.
d. This contract is enforceable even though the statute of frauds is applicable.
2. Which of the following statements is most accurate when a tenant assigns to a new third party all the rights and duties under a lease?
a. If a tenant assigns the lease, the assignee will be entitled to receive the lease’s benefits but will not become liable for the rent.
b. If a tenant assigns the lease and the assignee vacates the property prior to the lease’s expiration, the assignee remains liable for nonpayment of future rent.
c. If a tenant assigns the lease and the assignee vacates the property prior to the leases’s expiration, the assignor remains liable for nonpayment of future rent.
d. Upon an assignment of the lease, the assignor is discharged from further liability even without the landlord’s consent.
3. Assume you are living in the United States in a mid-size city in the State of Texas. You are trying to start up an Energy Drink. Please write a detailed description of your product (include complete details of the component parts, and the process of manufacture).
a) Idea development b) Product screening (alternate products considered etc.) c) Preliminary design and testing (pilot, samples, any market tests etc.) d) Final design (components, processes, material, machinery and other resources necessary to manufacture your product- including any outsourcing)