Mcs 3040 Final

CHAPTER 5

MULTIPLE CHOICE

1. When asked to secure a supplier for your company, what is the one goal you should be focused on to ensure the task is completed correctly?

b. | to select a reliable supplier, negotiate terms, and secure a written contract. |

2. Which of the following would a lawyer most likely say is the reason that contractual relationships are preferable over casual forms of business arrangements?

c. | They readily provide the means for legal enforceability. |

3. With respect to what the terms contained in a negotiated formal contract should ultimately be representative of, each parties’ reasonable expectations will most likely be founded on which of the following?

d. | the binding commitments that form the essence of the contract |

4. Which of the following is a valid reason for a court to accept that there is a legally binding contract governing the actions of the parties named to it?

d. | The contract clearly contains an offer and acceptance of that offer. |

5. Juha agreed to hire Zen Home Builders Ltd. (Zen) to construct his new home. Juha, Zen, and their lawyers met to review and sign a contract that provided for specific types of environmentally safe construction materials to be used. In many instances, Zen failed to used the stipulated “green” construction materials. What would a court, faced with determining a resolution to the ensuing dispute, rely on the existence of to establish the existence of the contract?

d. | There was an intention between the parties to create a legal relationship. |

6. With respect to the relationship that exists between contractual parties, which of the following is synonymous with the term “meeting of the minds”?

d. | There is agreement upon the intrinsic responsibilities owed to each other. |

7. Two accomplished...