If the goods are in the buyer s possession when the buyer breaches the contract, the seller may recover the purchase price?

Question 1
The test of an agent s implied authority is:
A. the justifiable belief of the agent.
B. the specific language the principal used in granting the authority.
C. whether the authority is also apparent.
D. none of the above

Question 2
If a seller wishes to be relieved of the responsibility for implied warranties, the sales contract must clearly provide that the parties did not intend the implied warranties to become part of the contract.
True
False

Question 3
Briefly describe the doctrine of responde at superior

Question 4
A seller may create an express warranty by merely stating an opinion.
True
False

Question 5
The following is true of a LLC:
A. It is a separate legal entity.
B. Members often share management power.
C. Members are not personally liable for the wrongful acts of others.
D. all of the above

Question 6
A fundamental advantage of the corporate form over the partnership form is that:
A. partnership earnings are subject to double taxation.
B. corporations can more easily hold property over long periods of time.
C. the formalities involved in operating a corporation tend to be less.
all of the above.
D. all of the above

Question 7
For ratification to be effective, the principal:
A. need not have capacity.
B. must have had capacity to do the act at the time it was done in the principal s name and when ratification occurs.
C. needs to only have capacity at the time the act is ratified, not at the time it was done in the principal s name.
D. none of the above

Question 8
If the goods are in the buyer s possession when the buyer breaches the contract, the seller may recover the purchase price.
True
False

Question 9
Agents may not delegate acts that involve no judgment or discretion.
True
False

Question 10
Bev ordered an alabaster colored mink coat from Poe s Furs. The coat had been specially made because she requires an unusually large size and requested a particular styling. The coat cost $5,500, of which Bev paid $250. Several months later, she decided that she did not want the coat and canceled the order, even though Poe s had completed the coat. Poe s then filed suit for the balance of the purchase price. What can Bev argue in defense?

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