ETH 321 Week 3 Quiz 3

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ETH 321 Week 3 Quiz 3
After reading and completing the activities for the week, complete the 8 question quiz. Submit your answers to each question on the Word document. Click the Assignment Files tab to submit your document.

Quiz – Week 3


1. An _____ contract is one that is partially or completely unperformed.


A.   executed

B.    executory

C.    express

D.   exculpatory

E.    unenforceable


2. A(n) _____ contract is an agreement when one party has the right to withdraw from the promise made without incurring any legal liability.


A.   executory

B.    void

C.    voidable

D.   implied-in-fact

E.    reciprocal


3. Brett offers to sell his old, but working, cell phone to James for $65. James says he will accept the offer if Brett lowers the price to $60. James has:


A.   made an unequivocal acceptance.

B.    made a counteroffer.

C.    demonstrated the mirror image rule.

D.   entered into an option contract.

E.    entered into an executory contract.


4. According to the mailbox rule:


A.   a contract is formed when the offer is mailed.

B.    a contract is formed when the offer is received.

C.    a contract is formed when the acceptance is received.

D.   a contract is formed when the acceptance is mailed.

E.    a contract is formed when the offer is converted in a written document.


5. _____ occurs when a principal voluntarily decides to honor an agreement, which otherwise would not be binding due to an agent's lack of authority.


A.   Novation

B.    Ratification

C.    Negotiation

D.   Release

E.    Waiver


6. Any time an employee is liable for tortious acts in the scope of employment, the employer is also liable. This is because of the tort doctrine of _____.



A.   negotiation

B.    juriscience

C.    respondeat superior

D.   frolic and detour

E.    liability


7.  Which of the following organizations is equally managed by the members unless a manager is designated?


A.   Limited partnership

B.    Corporation

C.    Limited liability company

D.   Sole proprietorship

E.    S corporation


8. When a court finds that the shareholders of a corporation are using the corporate structure to shield themselves from liability when acting for purely personal purposes, the court may disregard the corporate structure and impose personal liability on the shareholders treating them like partners. This is called:


A.   cracking the corporate shell.

B.    piercing the corporate veil.

C.    breaking the corporate shield.

D.   breaching the corporate defense.

E.    rupturing the corporate law.
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