Reference no: EM131542660
Midterm Exam
1. Bubba is a sales representative for Shrimp Boats R Us company, which is a prospective seller of shrimp boats for your project. Bubba has offered you a great end-of-the year deal that is substantially below the current prices for the desired boats. Other than meeting Bubba at the sellers pre-response (bidders) conference and seeing his business card, you know nothing other of Bubba's employment with Shrimp Boats R Us. In offering you the special pricing, what form of agency is Bubba operating under?
a. Emergency Authority.
b. Express Authority.
c. Sale Agency Authority.
d. Apparent Authority.
2. What is the generic term for the organization or individual to whom an agent owes various duties and on whose behalf the agent acts?
3. What "generic" business law has been enacted in all 50 states for the purpose of establishing uniformity among the laws of the states?
4. With reference to the law referred to in the Question No. 3, which state has not enacted the part of that law pertaining to the sales of goods? (Extra point if you can tell me why it was not enacted in that state.)
5. Name the four essential elements of an enforceable contract.
6. What two key acts are required to create a legally enforceable agreement?
7. In the law referred to in Question No. 3, provide the "generic" (i.e., not state specific) citation for the specific section that describes a "firm offer."
8. Jimmy John and Donna Jean are negotiating the purchase of their first house. Jimmy John, fresh out of law school, assures his wife that Article 2 will protect them even if the contract of sale doesn't. Jimmy John is:
a. Correct as all of Article 2 of the UCC covers real estate.
b. Incorrect as Article 2 does not cover real estate.
c. Misinformed - it's really Article 2A of the UCC.
d. Going to make a great contracts lawyer.
9. Prior to the implementation of a uniform business law in the 1950s, a party reviewing an offer had to agree to that offer exactly as the offer was made. What is the name of the legal rule that embodied this requirement?
10. Part of our common law legal heritage from England is a statute enacted in the 17th Century that required certain types of contracts to be in writing to be enforceable. What is the name of this statute that can be found in various states' laws?
11. Under Maryland Commercial Law, what type of contract must be in writing to be valid? (Extra point: correctly cite the section specifying this requirement.)
12. In what way can an offer be accepted other than in writing or orally?
13. ABC Corporation sends XYZ Ltd. a purchase order for $100,000 worth of goat cheese. The purchase order contains numerous terms and conditions. XYZ ships the product, and also sends ABC an acknowledgment form with XYZ's terms and conditions. XYZ's form provides for arbitration if there is a dispute, and limits XYZ's liability to $50,000. As a result, the parties' terms conflict. What is the legal term for situation?
14. You are a Contracting Officer for the Coast Guard. A solicitation is being prepared for bids to build a new prototype all-electric cutter for the Coast Guard. Your first impression is to use a cost-plus contract. You know, however, that there is one type of cost-plus contract that you legally cannot use. That type of contract is:
a. Cost plus a fixed fee
b. Cost plus incentive fee
c. Time and Materials
d. Cost plus a percentage of cost fee
15. In the event that the parties to a contract fail to include a delivery provision, the "gap filling" provisions of the UCC will deem that delivery will be made:
a. At the nearest warehouse
b. At a convenient train station
c. FOB Buyer's location
d. None of the above.
16. This Maryland case construed the Maryland Commercial Law (its UCC) relative to a number of points involving one of my favorite subjects, boats. Using LexisNexis Academic (through the UMUC Library), find Washington Freightliner, Inc. v. Shantytown Pier Inc., 351 Md. 616, 719 A.2d 541 (1997). Then, summarize the rule established by the court regarding Maryland's Commercial Law Section 2-510 (same as UCC 2-510).
17. You receive an email from Fozzie Bear, an employee of Her Majesty's Imperial Bank in Brisbane, Australia. He informs you that he is the bank's head auditor, and has isolated a long dormant account in the amount of US$4,552,155.24. He further informs you that the accountholder died many years ago without any heirs. With the assistance of another employee, he tells you that he can arrange for a transfer of the funds to your US account. In return for his services, he only asks for a 20% fee. If you accept Fozzie's offer, will you under US law have an enforceable contract?
a. Yes, but I would want a written agreement.
b. Yes, we'll both get consideration out of the arrangement.
c. No, the subject matter of this contract is probably illegal under US law.
d. Yes, but only if I give the money to charity.
18. The Federal Acquisition Regulation (FAR) is very specific on requirements for government contractors regarding equal employment opportunity (EEO). FAR Subpart 22.8 actually implements a Presidential decree requiring federal contractors to implement EEO requirements. That presidential decree is specifically identified as:
a. The Equal Employment Opportunity Act of 1927
b. Executive Order 11246 of September 24, 1965
c. Fair Employment Act of August 20, 1951
d. Buy American Act of July 26, 1962
19. As a general rule, the US Government cannot be sued due to the legal concept of "sovereign immunity." Despite that rule, a government contractor can sue the federal government due to the Government's "waiver" of sovereign immunity. Relative to contracting and procurement claims, under what law does the Government waive its immunity? (Hint: You'll need to cite the name and legal citation of that law as found in the US Code.)
20. A government contractor can file a protest against the US Government both before and after a contract award. Name the 3 venues in which the contractor can file such a protest.