ASCM 627
Summer
2016 Midterm Exam
INSTRUCTIONS
a. This Midterm exam covers all materials
presented up to this point in the course. There are a total of 20 questions worth
5 points each for a total of 100 points.
Enter your answer where indicated.
All answers are to be in ‘RED’. This is
an open book/note/conference, etc. test, but it is not a group
project and must be completed individually. You may also require access to LexisNexis Academic through the
online Library. This exam does not
intentionally cover the Legal Considerations in Contracting Student Material;
however, that material may be helpful.
b. Please read each question carefully. For
multiple choice questions, select
the best answer in order to have the
correct answer. I have made efforts to have no trick questions, The answer to the one essay question should be concise (no greater than 250 words per
answer), specific, and to-the-point. APA format and references not required
(except of course where the reference/citation is the answer). Long, rambling answers will result in lost
points.
c. Your completed exam file must be renamed (with your name as part of the
file name) and posted to your Assignments folder no later than the date and
time specified in the Classroom (Sunday, June 19, 2016). There are no
exceptions to the exam deadline date and time, so be sure to double-check that
you have correctly posted the correct exam to your Assignments folder.
NAME:[Enter Your Name Here]
- Agents are said to have
various types of authority. Although
there a number of labels for such authority, I would like you to identify
just three types of authority of agents.
Your Answer =>
2. What
is the generic term for the organization or individual to whom an agent owes
various duties and on whose behalf the agent acts?
Your Answer =>
3. What
“generic” business law has been enacted in all 50 states for the purpose of
establishing uniformity among the laws of the states?
Your Answer =>
4. With
reference to the law referred to in the Question No. 3, which state has not enacted the part of that law
pertaining to the sales of goods? Why
was not enacted in that state?
Your Answer =>
5.
Name the four essential
elements of an enforceable contract. I’m
looking for my list.
Your Answer =>
6.
What two legally significant
actions by the parties constitute an agreement?
Your Answer =>
7. In
the law referred to in Question No. 3, provide the “generic” (i.e., not state
specific) citation for the specific section that describes a “firm offer.”
Your Answer =>
8. Jimmy
John and Donna Jean are negotiating the purchase of their first house. Jimmy
John, fresh out of law school, assures his wife that Article 2 will protect
them even if the contract of sale doesn’t. Jimmy John is:
a. Correct as all of Article 2 of the UCC
covers real estate.
b. Incorrect as Article 2 does not cover
real estate.
c. Misinformed – it’s really Article 2A of
the UCC.
d. Going
to make a great contracts lawyer.
Your Answer =>
9. Prior
to the implementation of the law referred to in Question #3, a party reviewing
an offer had to agree to that offer exactly as the offer was made. What is the name of the legal rule that
embodied this requirement?
Your Answer =>
10.
Part of our common law legal
heritage from England is a statute enacted in the 17th Century that required
certain types of contracts to be in writing to be enforceable. Many states have enacted laws that cover a
similar issue in different ways. What is
the generic name of this type of statute?
Your Answer =>
11.
Under Commercial
Law, what type of contract must be in
writing to be valid? For an extra point, correctly cite the statutory
section specifying this requirement.
Your Answer =>
12.
In what way can an offer be accepted other than in writing (which could include faxes and emails and such) or orally?
Your Answer =>
13. ABC Corporation sends XYZ Ltd. a purchase
order for $100,000 worth of goat cheese. The purchase order contains numerous
terms and conditions. XYZ sends ABC an acknowledgment form with XYZ’s terms and
conditions. XYZ’s form provides for arbitration if there is a dispute, and
limits XYZ’s liability to $50,000. As a result, the parties’ terms conflict. What
is the colloquial term for situation?
What generic UCC reference addresses this situation?
Your Answer =>
14. You
are a Contracting Officer for the Coast Guard. A solicitation is being prepared
for bids to build a new prototype all-electric cutter for the Coast Guard. Your
first impression is to use a cost-plus contract. You know, however, that there
is one type of cost-plus contract that you legally cannot use. That type of
contract is:
a. Cost
plus a fixed fee
b. Cost
plus incentive fee
c. Time
and Materials
d. Cost
plus a percentage of cost
Your Answer =>
15. In
the event that the parties to a contract fail to include a delivery provision, the
“gap filling” provisions of the UCC will deem that delivery will be made:
a. At the nearest warehouse
b. At a convenient train station
c. FOB Buyer’s location
d. None of the above.
Your Answer =>
16. Father
and daughter are in contentious litigation.
Both are represented by counsel.
Father sends daughter a Mother’s Day card that plays the Roy Orbison’s
song, “Anything You Want…” Does that
constitute a settlement offer? Why, or
why not?
Your Answer =>
17. You
receive an email from Fozzie Bear, an employee of Her Majesty’s Imperial Bank
in Brisbane, Australia. He informs you that he is the bank’s head auditor, and
has isolated a long dormant account in the amount of US$4,552,155.24. He
further informs you that the accountholder died many years ago without any
heirs. With the assistance of another employee, he tells you that he can
arrange for a transfer of the funds to your US account. In return for his
services, he only asks for a 20% fee. If you accept Fozzie’s offer, will you
under US law have an enforceable contract?
a. Yes, but I would want a written
agreement.
b. Yes, we’ll both get consideration out
of the arrangement.
c. No,
the subject matter of this contract is probably illegal under US law.
d. Yes, but only if I give the money to
charity.
Your Answer =>
18. The
Federal Acquisition Regulation (FAR) is very specific on requirements for government
contractors regarding equal employment opportunity (EEO). FAR Subpart 22.8
actually implements a Presidential decree requiring federal contractors to
implement EEO requirements. That presidential decree is specifically identified
as:
a. The Equal Employment Opportunity Act of
1972
b. Executive Order 11246 of
September 24, 1965
c. Fair Employment Act of August 20, 1951
d. Buy American Act of July 26, 1962
Your Answer =>
19. As
a general rule, the US Government cannot be sued due to the legal concept of
“sovereign immunity.” Despite that rule, a government contractor can sue the
federal government due to the Government’s “waiver” of sovereign immunity. Relative to contracting and procurement claims, under what law does the
Government waive its immunity?(Hint: You’ll need to cite the name
and legal citation of that law as
found in the US Code. There are
two statutes; I will accept either one as long as it includes the correct
citation.)
Your Answer =>
20. A
government bidder or offeror can file a protest against a federal agency’s
procurement actions both before and after a contract award. Name the 3 venues
in which the contractor can file such a protest.
Your Answer =>
