BUSINESS LAW EXAM 2: Multiple Choice by chapter

Chapter 8 Chapter 9
Which country is the US largest trading partner. Understand and be able to identify a quasi contract.
Can parties to an international contract by two When are implied contracts likely to be enforced.
nations who have adopted CIGS choose to apply the Understand the criteria for an implied contract
UCC in the terms of its contract. What is an express contract
Understand the difference between a payment is
only grease or is a violation of the FCPA.
What is that average tariffs on manufactured goods
of the United States and EU. What is the tariff other
major trading partners impose on manufactured
goods.
Understand the concept of exproproiation in
international law.
What is OPIC and how would a US business use it as
part of its international business.?
What are the major differences between a lawsuit in
France and a lawsuit in the United States.

Chapter 10
Be able to identify the offeree and offeror in a
contract.
Is a price list an offer
Be able to identify a Unilateral Offer?
Can letters of intent rise to the level of an offer. If so
what must be present to make it an offer.
Can offers made in anger or in jest be accepted if
they are so outrageous that no reasonable person
would take it seriously.
Understand what constitutes an offer and what kinds
of things do not constitute offers.
Understand the elements and enforceability of a
requirements contract.
What is the difference between a requirements
contract and an Illusory contract.
Chapter 12
Understand the impact of the enforceability of an
illegal contract
Are non-compete agreements often used and in
enforced in modern times and what kinds of
elements make a non-compete agreement more
likely to be enforeced.
What relationships create an insurable interest.
When are exculpatory clauses likely to be enforced.
Chapter 11
Understand how a pre-existing duty impacts the
element of consideration in a contract.
Understand when an outputs contract will be
enforceable.
What is an unliquidated debt.
Be able to identify and apply the UCC exception to
the doctrine of accord and satisfaction.
Chapter 34
What are the duties of a tenant to the landlord.
Understand when an item becomes a fixture to real
estate and how does that impact the right to
remove the items upon sale.
Be able to distinguish between a profit, license and
an easement in property law.
Unable to find:
Be able to understand how necessary the identification of the subject matter of a contract is an
essential element to a common law real estate contract.
Understand the holding in Kelsoe v. International Wood Products
Is a contract in which one party has violated a revenue raising license statute enforceable?
Which party to a contract pays the duty on goods that are imported.

Found these in other chapters:

Ch 13 Understand how minors can void a contract after attaining majority.
Ch 14 How are contracts that have a term requiring all modifications to be in writing enforced against
subsequent oral modifications.

Essay Questions
Be able to describe how a letter of credit works and why would it be advisable to use one in
international trade. (8)
Describe the doctrine of promissory estoppel and its necessary elements. (9)
Before exporting goods to a foreign government what two federal statutes should be consulted to
ensure that these are the type of goods allowed to be exported. (8)
Be able to distinguish between an unenforceable illusory contract from an enforceable
requirements contract. (10)
Understand how exculpatory clauses are enforced between two large corporations. (12)