Please see attached problem. I need this done today please
Please see attached problem. I need this done today please.
The exam will be due at 11:59 pm ET, March 5, 2017, in AssignmentFolder.UMUC – The Undergraduate SchoolBusiness and Professional ProgramsBMGT 380 – Final Exam – Spring OL1 2017Professor Robert MillerGOOD LUCK!!Exam Instructions:Open book exam: may use textbook, class notes/lectures, class conferences (do notuse the internet as many legal sources are inaccurate; you do not need any materialother than the textbook, class notes/lectures, class conferences to complete the exam).No time limit on exam.Submit exam preferably in word doc to assignment folder under “FinalExam”.ALLOW EXTRA TIME TO POST PROPERLY. YOU ARE ENTIRELYRESPONSIBLE FOR CHECKING THAT EXAM POSTS PROPERLY. IF YOUHAVE ANY, ANYDOUBT IT POSTED PROPERLY, PLEASEALSOEMAIL TO ME ATrob.miller@faculty.umuc.edu.Only the post in the assignment folder will be graded,absent any technical problems with reading the file in the assignment folder.There are 25 multiple choice questions; there are 9 essay questions.The exam is worth a total of 100 points.Section: Section I. Multiple Choice: 25 questions/50 pointsUSE THE ANSWER SHEETincluded at the bottom of this page for answers; copyand paste it as is, no changes, please.DO NOT COPY Multiple ChoiceQUESTIONS. YOU MUST PLACE YOUR ANSWER NEXT TO THECORRESPONDING QUESTION NUMBER. FAILURE TO DO SO WILLRESULT IN AN AUTOMATIC 2 POINT DEDCUTION FROM YOUROVERALL SCORE!Each question is worth 2 points.
This is an application-oriented exam; you will not find the answer to questionsverbatim in the text.If you believe a question is not covered in any of the assigned materials, you havemissed the issue and need to re-think.Put letter of correct answer on the answer sheet at the bottom of this page. There isonly one correct answer to each question.1. Sam orally agreed to sell Ramie some land for $500,000. Ramie paid Sam the$500,000; Sam gave Ramie the deed to the land. Ramie took possession of the landand began building a cabin on it. One month later, Sam tried to retake possession ofthe land by arguing that the contract for the sale was invalid because it was oral, notwritten. Sam sued Ramie to invalidate the contract and retake the land.The court will likely conclude that Sam will:a) Win; the sale exceeded $500 so the contract must be written to be valid.b) Win; all land sales contracts must be written.c) Lose; because the contract was fully executed Sam cannot rescind the contract.d) Lose; because Ramie had begun building a cabin on the property, Samcannot rescind the contract.2. On Tuesday, Sam offered to sell his CD collection to Sandy for $100. Sandyreplied, “I’m interested. I’ll think it over and let you know Thursday whether I want tobuy the CDs.” On Wednesday, Sam agreed to sell the CDs to Jason, and Jasonimmediately gave Sam a letter that stated:“Sam, I will buy your CD collection for $100. As we agreed, I will pay you on Fridaywhen I pick up the CDs. Yours truly, Jason.”Upon Sam’s receipt of this letter on Wednesday, what best describes Sam’s contractagreement(s)?a) By forming an agreement with Jason, Sam breached his contract with Sandybecause he did not effectively revoke his offer to Sandy.
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