mgmt 311 exam 3 Latest Update 2024-2025
Actual Exam from Credible Sources with 120
Questions and Verified Correct Answers Golden
Ticket to Guaranteed A+ Verified by Professor
"duty" - CORRECT ANSWER: Contractual promise
2 different types of vertical restraints which are illegal under the federal laws -
CORRECT ANSWER: 1. Territorial or customer restrictions
2. Resale price maintenance agreements
2 exceptions to the general rule for unilateral mistakes - CORRECT ANSWER: 1. The
other party knew of the mistake or should have known of the mistake and failed to
correct the mistake
2. The mistake was made because of an inadvertent mathematical error and the
mistaken party was not grossly negligent
2 statutes expressly provide that contracts which are made by unlicensed persons are
void and unenforceable - CORRECT ANSWER: 1. regulatory
2. revenue raising
2 types of behavior violate 2 - CORRECT ANSWER: 1. Conduct pursued by a firm that
is already a monopolist is condemned as monopolization if the conduct interferes with
free trade and is intended to preserve the firm's monopoly
2. Conduct intended to capture monopoly power is condemned as an attempt to
monopolize
2 types of performance - CORRECT ANSWER: 1. complete performance
2. substantial performance
,3 requirements of a release - CORRECT ANSWER: 1. The agreement is made in good
faith (honestly)
2. The release contract is in signed writing (required in many states).
3. The contract is accompanied by consideration.
3 steps to establish and implied contract that the plaintiff needs to prove - CORRECT
ANSWER: 1. Plaintiff furnished service/good
2. Plaintiff expected to be paid and defendant should have known that
3. Plaintiff had chance to reject good/service and did not
3rd party beneficiary contracts - CORRECT ANSWER: a contract that is intended to
benefit a 3rd party - stranger to the original contract
4 actions made illegal by clayton act - CORRECT ANSWER: Price discrimination
Exclusionary practices
Corporate mergers
Interlocking directorates
4 elements of a valid contract - CORRECT ANSWER: 1. agreement
2. consideration
3. contractual capacity
4. legality
4 elements of fraud - CORRECT ANSWER: 1. A misrepresentation of a material fact
2. Made with intent to deceive
3. Innocent party justifiably relies on the misrepresentation
4. If seeking damages and NOT just rescission of the contract, the party must prove
harm
, 4 potentially responsible parties for toxic chemical spills - CORRECT ANSWER: 1.
Person who generated waste
2. Person who transported waste
3. Person who owned/operated site at disposal
4. Current owner/operator of site
4 types of discharge by agreement - CORRECT ANSWER: 1. mutual recision
2. discharge by novation
3. settlement agreement
4. discharge by accord and satisfaction
4 types of voluntary consent - CORRECT ANSWER: 1. mistakes
2. fraudulent misrepresentation
3. undue influence
4. duress
5 contracts that "fall under" or "fall within the Statute of Frauds - CORRECT ANSWER:
1. contracts involving interests in land
2. the "one-year" rule
3. collateral promises
4. promises made in consideration of marriage
5. uniform commerical code, contracts for the sale of goods for $500+
5 elements generally required for the Promissory estoppel doctrine - CORRECT
ANSWER: 1. Clear and definite promise
2. Promisor expected the promisee to rely on the promise
3. Promisee reasonably relied on the promise by acting or refraining from some act
4. Promisee's reliance is definite and resulted in substantial detriment
5. Enforcement of the promise is necessary to avoid injustice
Actual Exam from Credible Sources with 120
Questions and Verified Correct Answers Golden
Ticket to Guaranteed A+ Verified by Professor
"duty" - CORRECT ANSWER: Contractual promise
2 different types of vertical restraints which are illegal under the federal laws -
CORRECT ANSWER: 1. Territorial or customer restrictions
2. Resale price maintenance agreements
2 exceptions to the general rule for unilateral mistakes - CORRECT ANSWER: 1. The
other party knew of the mistake or should have known of the mistake and failed to
correct the mistake
2. The mistake was made because of an inadvertent mathematical error and the
mistaken party was not grossly negligent
2 statutes expressly provide that contracts which are made by unlicensed persons are
void and unenforceable - CORRECT ANSWER: 1. regulatory
2. revenue raising
2 types of behavior violate 2 - CORRECT ANSWER: 1. Conduct pursued by a firm that
is already a monopolist is condemned as monopolization if the conduct interferes with
free trade and is intended to preserve the firm's monopoly
2. Conduct intended to capture monopoly power is condemned as an attempt to
monopolize
2 types of performance - CORRECT ANSWER: 1. complete performance
2. substantial performance
,3 requirements of a release - CORRECT ANSWER: 1. The agreement is made in good
faith (honestly)
2. The release contract is in signed writing (required in many states).
3. The contract is accompanied by consideration.
3 steps to establish and implied contract that the plaintiff needs to prove - CORRECT
ANSWER: 1. Plaintiff furnished service/good
2. Plaintiff expected to be paid and defendant should have known that
3. Plaintiff had chance to reject good/service and did not
3rd party beneficiary contracts - CORRECT ANSWER: a contract that is intended to
benefit a 3rd party - stranger to the original contract
4 actions made illegal by clayton act - CORRECT ANSWER: Price discrimination
Exclusionary practices
Corporate mergers
Interlocking directorates
4 elements of a valid contract - CORRECT ANSWER: 1. agreement
2. consideration
3. contractual capacity
4. legality
4 elements of fraud - CORRECT ANSWER: 1. A misrepresentation of a material fact
2. Made with intent to deceive
3. Innocent party justifiably relies on the misrepresentation
4. If seeking damages and NOT just rescission of the contract, the party must prove
harm
, 4 potentially responsible parties for toxic chemical spills - CORRECT ANSWER: 1.
Person who generated waste
2. Person who transported waste
3. Person who owned/operated site at disposal
4. Current owner/operator of site
4 types of discharge by agreement - CORRECT ANSWER: 1. mutual recision
2. discharge by novation
3. settlement agreement
4. discharge by accord and satisfaction
4 types of voluntary consent - CORRECT ANSWER: 1. mistakes
2. fraudulent misrepresentation
3. undue influence
4. duress
5 contracts that "fall under" or "fall within the Statute of Frauds - CORRECT ANSWER:
1. contracts involving interests in land
2. the "one-year" rule
3. collateral promises
4. promises made in consideration of marriage
5. uniform commerical code, contracts for the sale of goods for $500+
5 elements generally required for the Promissory estoppel doctrine - CORRECT
ANSWER: 1. Clear and definite promise
2. Promisor expected the promisee to rely on the promise
3. Promisee reasonably relied on the promise by acting or refraining from some act
4. Promisee's reliance is definite and resulted in substantial detriment
5. Enforcement of the promise is necessary to avoid injustice
