Deck 4: Business Contracts

Question 1

The best way to ensure legal protection for a hotelier and to indicate acceptance of an offer is?

A) Verbal or non-verbal agreement
B) Acceptance of a deposit
C) Acceptance of partial or full payment
D) Agree to the offer in writing

Answer 1

D

Question 2

The UCC is the acronym for the laws regulating purchase and sale agreements for land, which gives protections only to buyers.

Answer 2

False

Question 3

The two most common types of dispute resolution alternatives are

A) Litigation and settlement
B) Arbitration and mediation
C) Mediation and small claims court
D) Mediation and litigation
E) None of the above is appropriate.

Answer 3

B

Question 4

A valid contract needs consideration flowing to both parties.

Question 5

The Uniform Commercial Code requires you to?

A) Contribute to the cost of your employees' uniforms
B) Ensure that all of your establishment's commercials contain a similar theme and logo
C) Fulfill any promises made in a purchasing or sales contract
D) To place "wholesaler" identity code on all products received in the event that a problem arises in the future

Question 6

Acceptance of an offer must mirror exactly the terms of the offer in order for the acceptance to make the contract valid.

Question 7

In all cases, it is unlawful to breach a contract.

Question 8

It is the responsibility of the courts to decide the relative fairness of consideration.

Question 9

In a lawsuit, the person or entity that initiates litigation against another is known as the _____.

A) Defendant
B) Opposite Party
C) Litigant
D) Plaintiff
E) Respondent

Question 10

In a lawsuit, the person or entity against which litigation is initiated is known as the ______.

A) Defendant
B) Opposite Party
C) Litigant
D) Plaintiff
E) Respondent

Question 11

An enforceable contract contains an offer, an acceptance and _______.

A) a promise to do something
B) it must be in writing
C) consideration
D) a bi-lateral agreement
E) a uni-lateral agreement

Question 12

The Foreign Corrupt Practices Act is a law that applies to U.S. companies when doing international transactions with non-U.S. business partners.

Question 13

"Consideration" in the hospitality industry is often?

A) Money
B) Use of property
C) The promise to act or not act
D) All of the above.

Question 14

The Latin phrase "Caveat Emptor" in the hospitality industry refers to?

A) The burden of determining the quality and price of a product falls to the buyer
B) The burden of determining the quality and price of a product falls to the seller
C) The burden of determining the quality and price of product is decided by the courts
D) There is no burden to determine the quality and price of a product

Question 15

A contract has to be in writing to be enforceable by the courts.

Question 16

When drafting international contracts, it is wise to provide for a dispute resolution format with a provision that has senior executives trying to resolve disputes first.

Question 17

The UCC is the acronym for the law regulating purchasing agreements, which gives protection to buyers, sellers and financial lenders when goods are purchased under contract.

Question 18

All contracts, whether verbal or written, must be for a legal purpose and in order to be enforceable, must consist of an offer, acceptance and consideration.

Question 19

When drafting a hospitality contract, you should do all of the following except ______.

A) Get it in writing.
B) Keep copies of all documents.
C) Get the best deal possible, even if your actions are somewhat ethically questionable.
D) Resolve ambiguities as quick and fair as possible.
E) None of the above appropriate.