mgmt 311 exam 3 Latest Update 2024-2025

mgmt 311 exam 3 Latest Update 2024-2025 Actual Exam from Credible Sources with 120 Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor

"duty" - CORRECT ANSWER: Contractual promise

• different types of vertical restraints which are illegal under the federal laws -

CORRECT ANSWER: 1. Territorial or customer restrictions

• Resale price maintenance agreements

• exceptions to the general rule for unilateral mistakes - CORRECT ANSWER: 1. The

other party knew of the mistake or should have known of the mistake and failed to correct the mistake

• The mistake was made because of an inadvertent mathematical error and the

mistaken party was not grossly negligent

• statutes expressly provide that contracts which are made by unlicensed persons are

void and unenforceable - CORRECT ANSWER: 1. regulatory

• revenue raising

• types of behavior violate 2 - CORRECT ANSWER: 1. Conduct pursued by a firm that

is already a monopolist is condemned as monopolization if the conduct interferes with free trade and is intended to preserve the firm's monopoly

• Conduct intended to capture monopoly power is condemned as an attempt to

monopolize

2 types of performance - CORRECT ANSWER: 1. complete performance

• substantial performance
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3 requirements of a release - CORRECT ANSWER: 1. The agreement is made in good

faith (honestly)

• The release contract is in signed writing (required in many states).
• The contract is accompanied by consideration.

• steps to establish and implied contract that the plaintiff needs to prove - CORRECT

ANSWER: 1. Plaintiff furnished service/good

• Plaintiff expected to be paid and defendant should have known that
• Plaintiff had chance to reject good/service and did not

3rd party beneficiary contracts - CORRECT ANSWER: a contract that is intended to benefit a 3rd party - stranger to the original contract

4 actions made illegal by clayton act - CORRECT ANSWER: Price discrimination

Exclusionary practices Corporate mergers Interlocking directorates

4 elements of a valid contract - CORRECT ANSWER: 1. agreement

• consideration
• contractual capacity
• legality

4 elements of fraud - CORRECT ANSWER: 1. A misrepresentation of a material fact

• Made with intent to deceive
• Innocent party justifiably relies on the misrepresentation
• If seeking damages and NOT just rescission of the contract, the party must prove

harm

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• potentially responsible parties for toxic chemical spills - CORRECT ANSWER: 1.

Person who generated waste

• Person who transported waste
• Person who owned/operated site at disposal
• Current owner/operator of site

4 types of discharge by agreement - CORRECT ANSWER: 1. mutual recision

• discharge by novation
• settlement agreement
• discharge by accord and satisfaction

4 types of voluntary consent - CORRECT ANSWER: 1. mistakes

• fraudulent misrepresentation
• undue influence
• duress

• contracts that "fall under" or "fall within the Statute of Frauds - CORRECT ANSWER:
• contracts involving interests in land
• the "one-year" rule
• collateral promises
• promises made in consideration of marriage
• uniform commerical code, contracts for the sale of goods for $500+

• elements generally required for the Promissory estoppel doctrine - CORRECT

ANSWER: 1. Clear and definite promise

• Promisor expected the promisee to rely on the promise
• Promisee reasonably relied on the promise by acting or refraining from some act
• Promisee's reliance is definite and resulted in substantial detriment
• Enforcement of the promise is necessary to avoid injustice
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