Question 1

When drafting international contracts, it is wise to provide for a dispute resolution format with a provision that has senior executives trying to resolve disputes first.

Accepted Answer

A) True 
 B)False

Question 2

The Latin phrase "Caveat Emptor" in the hospitality industry refers to?

Accepted Answer

A)   The burden of determining the quality and price of a product falls to the buyer
B)   The burden of determining the quality and price of a product falls to the seller
C)   The burden of determining the quality and price of product is decided by the courts
D)   There is no burden to determine the quality and price of a productE) B) and D)
F) C) and D)

Question 3

In all cases, it is unlawful to breach a contract.

Accepted Answer

A) True 
 B)False

Question 4

An enforceable contract contains an offer, an acceptance and _______.

Accepted Answer

A)   a promise to do something
B)   it must be in writing
C)   consideration
D)   a bi-lateral agreement
E)   a uni-lateral agreementF) C) and D)
G) A) and C)

Question 5

The Uniform Commercial Code requires you to?

Accepted Answer

A)   Contribute to the cost of your employees' uniforms
B)   Ensure that all of your establishment's commercials contain a similar theme and logo
C)   Fulfill any promises made in a purchasing or sales contract
D)   To place "wholesaler" identity code on all products received in the event that a problem arises in the futureE) A) and B)
F) A) and C)

Question 6

It is the responsibility of the courts to decide the relative fairness of consideration.

Accepted Answer

A) True 
 B)False  False

Question 7

"Consideration" in the hospitality industry is often?

Accepted Answer

A)   Money
B)   Use of property
C)   The promise to act or not act
D)   All of the above.E) A) and D)
F) B) and C)

Question 8

In a lawsuit, the person or entity that initiates litigation against another is known as the _____.

Accepted Answer

A)   Defendant
B)   Opposite Party
C)   Litigant
D)   Plaintiff
E)   RespondentF) C) and D)
G) A) and B)

Question 9

The two most common types of dispute resolution alternatives are

Accepted Answer

A)   Litigation and settlement
B)   Arbitration and mediation
C)   Mediation and small claims court
D)   Mediation and litigation
E)   None of the above is appropriate.F) D) and E)
G) A) and D) B

Question 10

The UCC is the acronym for the law regulating purchasing agreements, which gives protection to buyers, sellers and financial lenders when goods are purchased under contract.

Accepted Answer

A) True 
 B)False

Question 11

The UCC is the acronym for the laws regulating purchase and sale agreements for land, which gives protections only to buyers.

Accepted Answer

A) True 
 B)False

Question 12

The Foreign Corrupt Practices Act is a law that applies to U.S. companies when doing international transactions with non-U.S. business partners.

Accepted Answer

A) True 
 B)False

Question 13

All contracts, whether verbal or written, must be for a legal purpose and in order to be enforceable, must consist of an offer, acceptance and consideration.

Accepted Answer

A) True 
 B)False

Question 14

When drafting a hospitality contract, you should do all of the following except ______.

Accepted Answer

A)   Get it in writing.
B)   Keep copies of all documents.
C)   Get the best deal possible, even if your actions are somewhat ethically questionable.
D)   Resolve ambiguities as quick and fair as possible.
E)   None of the above appropriate.F) B) and C)
G) A) and C)

Question 15

A contract has to be in writing to be enforceable by the courts.

Accepted Answer

A) True 
 B)False

Question 16

Acceptance of an offer must mirror exactly the terms of the offer in order for the acceptance to make the contract valid.

Accepted Answer

A) True 
 B)False

Question 17

The best way to ensure legal protection for a hotelier and to indicate acceptance of an offer is?

Accepted Answer

A)   Verbal or non-verbal agreement
B)   Acceptance of a deposit
C)   Acceptance of partial or full payment
D)   Agree to the offer in writingE) None of the above
F) C) and D) D

Question 18

In a lawsuit, the person or entity against which litigation is initiated is known as the ______.

Accepted Answer

A)   Defendant
B)   Opposite Party
C)   Litigant
D)   Plaintiff
E)   RespondentF) A) and E)
G) All of the above

Question 19

A valid contract needs consideration flowing to both parties.

Accepted Answer

A) True 
 B)False

Exam 4: Business Contracts

When drafting international contracts, it is wise to provide for a dispute resolution format with a provision that has senior executives trying to resolve disputes first.

Correct Answer
verified

The Latin phrase "Caveat Emptor" in the hospitality industry refers to?

Correct Answer
verified

In all cases, it is unlawful to breach a contract.

Correct Answer
verified

An enforceable contract contains an offer, an acceptance and _______.

Correct Answer
verified

The Uniform Commercial Code requires you to?

Correct Answer
verified

It is the responsibility of the courts to decide the relative fairness of consideration.

Correct Answer
verified
False

"Consideration" in the hospitality industry is often?

Correct Answer
verified

In a lawsuit, the person or entity that initiates litigation against another is known as the _____.

Correct Answer
verified

The two most common types of dispute resolution alternatives are

Correct Answer
verified
B

The UCC is the acronym for the law regulating purchasing agreements, which gives protection to buyers, sellers and financial lenders when goods are purchased under contract.

Correct Answer
verified

The UCC is the acronym for the laws regulating purchase and sale agreements for land, which gives protections only to buyers.

Correct Answer
verified

The Foreign Corrupt Practices Act is a law that applies to U.S. companies when doing international transactions with non-U.S. business partners.

Correct Answer
verified

All contracts, whether verbal or written, must be for a legal purpose and in order to be enforceable, must consist of an offer, acceptance and consideration.

Correct Answer
verified

When drafting a hospitality contract, you should do all of the following except ______.

Correct Answer
verified

A contract has to be in writing to be enforceable by the courts.

Correct Answer
verified

Acceptance of an offer must mirror exactly the terms of the offer in order for the acceptance to make the contract valid.

Correct Answer
verified

The best way to ensure legal protection for a hotelier and to indicate acceptance of an offer is?

Correct Answer
verified
D

In a lawsuit, the person or entity against which litigation is initiated is known as the ______.

Correct Answer
verified

A valid contract needs consideration flowing to both parties.

Correct Answer
verified

Exam 4: Business Contracts

When drafting international contracts, it is wise to provide for a dispute resolution format with a provision that has senior executives trying to resolve disputes first.

Correct AnswerverifiedShow Answer

The Latin phrase "Caveat Emptor" in the hospitality industry refers to?

Correct AnswerverifiedShow Answer

In all cases, it is unlawful to breach a contract.

Correct AnswerverifiedShow Answer

An enforceable contract contains an offer, an acceptance and _______.

Correct AnswerverifiedShow Answer

The Uniform Commercial Code requires you to?

Correct AnswerverifiedShow Answer

It is the responsibility of the courts to decide the relative fairness of consideration.

Correct AnswerverifiedFalse

"Consideration" in the hospitality industry is often?

Correct AnswerverifiedShow Answer

In a lawsuit, the person or entity that initiates litigation against another is known as the _____.

Correct AnswerverifiedShow Answer

The two most common types of dispute resolution alternatives are

Correct AnswerverifiedB

The UCC is the acronym for the law regulating purchasing agreements, which gives protection to buyers, sellers and financial lenders when goods are purchased under contract.

Correct AnswerverifiedShow Answer

The UCC is the acronym for the laws regulating purchase and sale agreements for land, which gives protections only to buyers.

Correct AnswerverifiedShow Answer

The Foreign Corrupt Practices Act is a law that applies to U.S. companies when doing international transactions with non-U.S. business partners.

Correct AnswerverifiedShow Answer

All contracts, whether verbal or written, must be for a legal purpose and in order to be enforceable, must consist of an offer, acceptance and consideration.

Correct AnswerverifiedShow Answer

When drafting a hospitality contract, you should do all of the following except ______.

Correct AnswerverifiedShow Answer

A contract has to be in writing to be enforceable by the courts.

Correct AnswerverifiedShow Answer

Acceptance of an offer must mirror exactly the terms of the offer in order for the acceptance to make the contract valid.

Correct AnswerverifiedShow Answer

The best way to ensure legal protection for a hotelier and to indicate acceptance of an offer is?

Correct AnswerverifiedD

In a lawsuit, the person or entity against which litigation is initiated is known as the ______.

Correct AnswerverifiedShow Answer

A valid contract needs consideration flowing to both parties.

Correct AnswerverifiedShow Answer

Correct Answer
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False

Correct Answer
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Correct Answer
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B

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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D

Correct Answer
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Correct Answer
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