Reference no: EM132264869

1. The Statute of Frauds requires the following to be evidenced by a writing:

a. Agreements upon consideration of marriage; agreements that cannot be performed within one year; agreements for the sale of land; promises of an administrator or executor of an estate to personally answer for a duty of a decedent; agreements for the sale of goods of $500 or more; and promises to answer for the duty of another.

b. Agreements upon consideration of divorce; agreements that cannot be performed within two years; agreements for the sale of land; promises of an administrator or executor of an estate to personally answer for a duty of a decedent; agreements for the sale of goods of $500 or more; and promises to answer for the duty of another.

c. Agreements upon consideration of marriage; agreements that cannot be performed within one year; agreements for the sale of land; promises of an administrator or executor of an estate to disavow the duty of a decedent; agreements for the sale of goods of $5,000 or more; and promises to answer for the duty of another.

d. All of the above

e. None of the above.

2. Which of the following is the BEST answer?

a. An enforceable contract consists of mutual assent, consideration, and an absence of defenses.

b. An enforceable contract consists of offer, acceptance, a bargained-for-exchange, and the statute of frauds.

c. An enforceable contract consists of offer, acceptance, a bargained-for-exchange plus something of legal value, and an absence of defenses.

d. Both (a) and (c)

e. None of the above

3. At a major credit card? bank, the percentages of people who historically apply for the? Silver, Gold and Platinum cards are 60 %?, 30 % and 10 % respectively. In a recent sample of customers responding to a? promotion, of 200? customers, 109 applied for? Silver, 52 for Gold and 39 for Platinum. Is there evidence to suggest that the percentages for this promotion may be different from the historical? proportions? ?a) What is the expected number of customers applying for each type of card in this sample if the historical proportions are still? true? ?b) Compute the chi squared statistic. ?c) How many degrees of freedom does the chi squared statistic? have?

?a) The expected number of silver card customers is nothing. ?(Type an integer or a? decimal.)

The expected number of gold card customers is nothing. ?(Type an integer or a? decimal.)

The expected number of platinum card customers is nothing. ?(Type an integer or a? decimal.)

?b) chi squared= ?(Round to two decimal places as? needed.) ?

c) df= ?(Type an integer or a? decimal.)

3. Which of the following is the BEST answer?

a. Promissory estoppel is a legal doctrine designed to promote some measure of basic fairness when one party makes a representation or promise in a manner reasonably inducing another person to undertake some obligation or to incur some detriment as a result.

b. Promissory estoppel is an equitable doctrine designed to promote some measure of basic fairness when one party makes a representation or promise in a manner reasonably inducing another person to undertake some obligation or to incur some detriment as a result.

c. Promissory estoppel is applicable when (1) a promisor reasonably expects a promisee to act in reliance on a promise; (2) the promisee, in turn, reasonably or unreasonably so acts; and (3) a court’s refusal to enforce the promise would countenance a substantial injustice.

d. Both (a) and (b)

e. Both (b) and (c)

4. Stringer is a real estate agent and offers to sell 300 acres to Omar for $100,000. Omar accepts the offer, so long as the offer is for 250 acres for $85,000. Which of the following is the BEST answer?

a. There is no mutual assent between the parties.

b. Unless Stringer objects, the agreement is for 250 acres for $85,000.

c. Because Omar’s acceptance was not a “mirror image,” it operates as a counteroffer and terminates Stringer’s original offer.

d. The agreement is for 300 acres for $100,000.

e. Both (a) and (c).

5.  Which of the following is not a party of the business case for why companies should act in a socially responsible manner?

a. acting in a socially responsible manner is overall the best interest of shareholders

b. acting in a socially responsible manner can generate internal benefits

c. to the extent that a company’s socially responsible behavior wins applause from consumers & fortifies its reputation

d. acting in a socially responsible manner reduces the risk of reputation damaging incidents

e. every business has a moral duty to be a good corporate citizen

6. Companies committed to environmental sustainability

a. makes major contributions to local civic & charitable organizations

b. consider commitment to the environment as a first order priority commitment to employees as a second order priority & commitment to shareholders as a third order commitment

c. believe it is essential to strike a balance between shareholder interest & the interests of stakeholders such as suppliers, customers, employees & the communities in which they operate

d. develop & market only products that are environmentally friendly

e. adopts sustainable business practices that meet the needs of the present without compromising the ability to meet the needs of the future.