Business Law |149 Questions| With Correct Answers.

Disclaimer {Ans: A statement that a particular warranty does not apply}When can you delegate duties {Ans: An obligor may delegate their duties unless: Delegation would violate public policy, or The contract prohibits delegation, or The obligee has a substantial interest in personal performance by the obligor.}Suppose a film producer says to Gigi, "I'll pay you $2 million to star in my new romantic comedy, which we are shooting three months from now in Santa Fe." Gigi says, "It's a deal." {Ans: Bilateral contract, Each party has made a promise to do something. The producer is now bound to pay Gigi $2 million, and Gigi is obligated to show up on time and act in the movie.}Ways of terminating an offer {Ans: Revocation, rejection, counteroffer, Expiration, Destruction of subject material}Cover (Buyer's remedy) {Ans: reasonably obtaining substitute goods; it may then obtain the difference between the contract price and its cover price, plus incidental and consequential damages, minus expenses saved}Suppose Ace Productions hires Reina to star in its new movie, Inside Straight. Ace promises Reina $3 million, providing she shows up June 1 and works until the film is finished. But in late May, Joker Entertainment offers