BUSFIN 3500 Final Exam Latest Update -

BUSFIN 3500 Final Exam Latest Update - 160 Questions and 100% Verified Detailed Correct Answers Guaranteed A+ Approved by Professor

2nd Exception to Illegal Agreement - CORRECT ANSWER: Justifiable Ignorance of the Facts: leaves one party unaware of a provisions of the agreement that would make it illegal.

• Requirements to Acquire Damages - CORRECT ANSWER: -Mitigation of Damages:

must demonstrate that he used reasonable efforts to minimize damages resulting from the breach -Foreseeable -Reasonably show how damages are calculated

3rd Exception to Illegal Agreement - CORRECT ANSWER: occurs when one of the

parties withdraws from an illegal agreement. party must have withdrawn before any illegality occurred.

Adequacy of Consideration - CORRECT ANSWER: Court does not rule whether or not

you made a good bargain

Age Discrimination Employment Act of 1967: - CORRECT ANSWER: Enacted to prohibit employers for refusing to hire, discharging or discriminating in terms and conditions of employment against employees age 40 or older

Agreement - CORRECT ANSWER: consists of an offer by one party to enter into a

contract an acceptance of the terms by the other party

Agreements in Contradiction to Public Policy - CORRECT ANSWER: Contracts in

restraint of free trade: anticompetitive agreements are harmful to consumers and against public policy 1 / 3

American w/ Disabilities Act: - CORRECT ANSWER: Preventing employers from discriminating against employees and applicants with disabilities

Anticipatory Repudiation: - CORRECT ANSWER: situation that arises when a party may decide not to complete the contract before the actual time of performance

Bilateral Contract - CORRECT ANSWER: if the offeror wants a promise from the offeree to form a binding contract. Promise for promise

Bilateral Mistakes: - CORRECT ANSWER: All of the following must be present: -Basic assumption about subject matter (about existence, quality, or quantity of items) -Material effect (effect the essence of the agreement) -Adverse effect on a party who did not agree to bear the risk of mistake

Bona Fide Occupational Qualification Defense: - CORRECT ANSWER: allows an employer to discriminate in hiring on the basis sex, religion or national origin when doing so is necessary for the performance of the job. NEVER RACE

Boycott: - CORRECT ANSWER: refusal to deal with, purchase goods from or work for a business

Business Trust - CORRECT ANSWER: organization governed by a group of trustees,

who operate the trust for the beneficiaries, enjoy limited liability

Chain-Style Business Operation (Under Franchise) - CORRECT ANSWER: business

operates under the franchisor's business name and required to follow the standards and methods of the trademark

Civil Rights Act of 1965 (Title VII): - CORRECT ANSWER: Prohibits employers from hiring, firing or otherwise discriminating in terms and conditions of employment and prohibits segregating employees in a manner that would affect their employment 2 / 3

opportunities on the basis of DANGERR. Applies to employers w/ 15+ employees for 20 consc. week

Collective Bargaining: must bargain in good fath: - CORRECT ANSWER: -Reasonable times and confer in good faith -Sign a written agreement if one is reached -Give 60 days if intent to terminate a contract -Neither strike or engage in a lockout during 60 day period

Concealment: - CORRECT ANSWER: active hiding of the truth about a material fact

Conditional Contract: - CORRECT ANSWER: Contracts containing conditions affecting the performance obligation of the parties.

Consideration - CORRECT ANSWER: the bargained-for exchange for his or her

promise under the contract

Consolidated Omnibus Reconciliation Act of 1985 (COBRA): - CORRECT ANSWER: ensures that employees who lose their jobs or have their hours reduced so that they are no longer eligible for benefits can continue receiving those benefits under the employer's policy UNLESS employee is fired for gross misconduct, employer eliminates benefits for everyone

Constructive Discharge: - CORRECT ANSWER: working conditions escalated to such poor levels that you quit

Contract - CORRECT ANSWER: promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty

Contract Law falls under what jurisdiction - CORRECT ANSWER: State

• / 3