SHORT ANSWER (1 Paragraph or so) 5 Points Each
1) How can an offeror revoke an offer?
2) What are the three major components of a contract?
3) What is an implied-in-fact contract?
4) What is a negotiable instrument?
5) What is a BFOQ?
6) What are the three levels of a corporation and what are their functions?
7) Negligence contains four elements, what are they and what do they mean?
8) What are the protected classes under Title VII of the Civil Rights Act of 1964?
ESSAYS (1-2 Pages) 20 Points Each
1) Assume that you are a webpage designer. One of your customers asks you to create a blog for their website. They state that they will pay you $5,000 to complete the blog page. You agree to create the blog for $5,000.
Have you formed a contract and if so, what kind? What problems might you or your customer have should there be a dispute about this transaction?
2) Describe the four major categories of intellectual property? What do each of these four protect?
3) List five types of business organizations and describe their structure? What liability do the owners have for each?