acc538 module 4 midterm latest 2017

Module 4 midterm

Essay Questions

1) Strict Liability and Negligence are both causes of action under tort law. Please provide a short answer on the differences between strict liability and negligence and include an example of each of these tort actions.

2) Provide a short answer to the facts below. Your answer will be as the Judge and determine if you would require Uncle Tupelo to make payment. Your answer should analyze the situation under basic contract principles and fully explain the legal reasoning supporting your conclusion.

Facts: Tweedy is an aspiring restaurateur. He wants to start his own French restaurant, but he lacks the needed start-up money. Tweedy's wealthy Uncle Tupelo wants to help Tweedy out, and he makes the following promise. "I think you've got what it takes. I am going to give you $10,000 to get this project off the ground." Tweedy is ecstatic. He quits his job, buys $8,000 worth of kitchen equipment, $4,000 worth of furniture, and enters a lease for space. However, shortly thereafter, Uncle Tupelo later becomes mired in a messy divorce and he refuses to pay Tweedy.

3) Provide a short answer on why the Uniform Commercial Code was created. Include in your answer what Article 2 of the UCC pertains to and what Article 3 of the UCC provides for.