Devry BUSN 420 Week 3 Quiz

Devry BUSN 420 Week 3 Quiz – Simon Jhon –

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(TCO 4) Which of the following is true of the UCC? (Points : 2)

The UCC aims to create a uniform system of accounting among the 50
The common law of contracts normally takes precedence over the provisions of the UCC.
Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation.
Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods.

Question 2. 2. (TCO 4) Craig decides to sell his Double-D Ranch in an auction without reserve. If Craig changes his mind at the auction, he can withdraw his property _____ (Points : 2)

only before the auctioneer announces that the ranch is sold.
only before the auctioneer delivers the deed to the buyer.
under no circumstances.
within thirty days after the auction.

Question 3. 3. (TCO 4) Corner Convenience Store (CCS) takes out a full-page ad in a local newspaper and runs a 30-second commercial on a local television station, offering a reward for information leading to the apprehension of a certain criminal. CCS could normally terminate the offer by placing _____ (Points : 2)

a full-page ad in the local paper and a 30-second commercial on the local station.
a notice in the “Legal Announcements” section of the paper.
a notice to the news departments of the local stations.
any, or none, of the choices.

Question 4. 4. (TCO 4) Elmore offers to sell a Ford F-150 for $7,500 to Grace. Before Grace can respond, Elmore refers to the prices for similar Fords and says, “Forget it. I changed my mind.” Elmore’s offer was terminated by _____ (Points : 2)

Elmore.
Ford
Grace
no one, Elmore’s offer is still open.

Question 5. 5. (TCO 4) Bobbie claims that Carl breached their contract. Carl responds that he never intended to enter into a contract with Bobbie. The intent to enter into a contract is determined with reference to _____ (Points : 2)

the conscious theory of contracts.
the objective theory of contracts.
the personal theory of contracts.
the subjective theory of contracts.

Question 6. 6. (TCO 4) Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away. Sharon agrees to do so, provided she has the time for it. If Sharon fails to check the results and Mary wins the lottery, which of the following would be true for the contract between Mary and Sharon? (Points : 2)

Mary can claim for breach of contract against Sharon.
Sharon can claim for breach of contract against Mary.
Neither Mary nor Sharon can claim breach of contract.
Mary’s promise is supported by consideration.

Question 7. 7. (TCO 4) Which of the following elements has to be proved for a contract to be deemed unconscionable? (Points : 2)

That the weaker party did not enter the contract under duress.
That the parties had equal bargaining power
That the dominant party justly used its baraining power.
That the adhering party had no reasonable alternative.

Question 8. 8. (TCO 4) General Credit Corporation promises to pay its chief finance officer Hughie and other employees a year-end bonus if it seems like a good idea at that time. This is _____ (Points : 2)

an enforceable contract.
an illusory contract
an unconscionablecontract.
a unilateral contract.

Question 9. 9. (TCO 4) Under a contract with Bucolic Farms, Agro Excavation, Inc., begins digging an agricultural pond. In mid-project, Agro asks for $15,000 over the contract price, claiming an increase in the cost of doing business. Bucolic agrees but later refuses to pay. Their agreement is _____ (Points : 2)

unenforceable because Agro’s performance was a preexisting duty.
unenforceable because Bucolic’s promise was illusory
enforceable
unenforceable because its performance is unforeseeably difficult.

Question 10. 10. (TCO 4) 16-year-old Frank bought a video game console from John for $150. Frank is a minor, while John is a competent adult. A month later, the console started malfunctioning on its own. Frank returned the console to John. If Frank disaffirms his contract with John for buying the console, which of the following will be considered true? (Points : 2)

John is not bound by the contract any more as the exchange has been completed.
Frank can reclaim full refund of the amount he paid
Frank can only ask for full refund once he has reaced the age of majority.
Frank is legally obligated to fix the console before returning it to John.

Published at Tue, 30 Apr 2019 20:15:12 +0000

June 6, 2017

Independent Film’s ICO says Goodbye to Hollywood

Independent feature film Braid will set a new precedent for independent film finance by using an ICO funding model. By leveraging the accounting and documenting elements of the Ethereum blockchain this new way of funding promises to disrupt traditional film financing models.

The Evolution of Crowdfunding

Independent film producers have been attracting financial support for their projects through crowdfunding websites like Indiegogo and Kickstarter for years. Funding through these types of websites is usually incentive-based, with backers receiving merchandise, dinners with cast and crew, copies of the film, etc… in exchange for contributions.

This type of traditional crowdfunding has limited potential, however, since it typically doesn’t offer equity participation. With no return on investment, backers tend to be fans rather than serious investors and contributions tend to be modest.

With the advent of blockchain technology, a new crowdfunding model has emerged that allows fans and investors alike to contribute to a film’s funding in exchange for equity participation. This type of crowdfunding is called an ICO or Initial Coin Offering. Ben Arnon of The Huffington Post describes the ICO funding model as “the next frontier of film finance via crowdfunding.”

From the Blockchain to the Silver Screen

The blockchain provides a self-regulating record of smart contracts. This ledger of transactions would represent a very powerful disruption of established film finance models. Film projects which traditionally required expensive accountants, financial managers, and legal teams to maintain these records, are now accessible to everyone. The blockchain mitigates those roles by administrating them all and providing a record.

#blockchain ICOs – the first time that innovators don't need $ or permission to build. they can bootstrap social and tech networks.

— Meltem Demirors (@Melt_Dem) June 5, 2017

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The possibilities really stretch out from there. In the case of film, after the initial coin offering film financiers can resell or hold their positions as they see fit, this could be at any stage of production. As to how much control over the end product this affords will remain to be seen, as the producers and the financial side, at least traditionally, do typical hold some sway over the creative process.

Braid + ICO = A Film Financing Revolution

The first film to use this method will be Braid, which is currently being marketed as a psychological thriller and horror story. Described as “A female version of A Clockwork Orange, Mulholland Drive meets Heavenly Creatures meets Funny Games, with The Others twist at the end,” the film’s producers are using WeiFund’s Ethereum blockchain based crowdfunding platform to raise $1.4 million.

The terms of the crowdfunding ICO are very clearly spelled out on the film’s campaign website, with the use of proceeds outlined as follows:

Unlike traditional crowdfunding, Braid’s ICO promises to pay out 100% of the film’s revenues to token holders until they recover their investment plus an additional 15%. After that, ICO investors will continue to receive 30% of the film’s profits.

With typical Hollywood features accruing hundreds of millions of dollars in investments, and independent features now regularly costing over a million dollars, it does put the amounts raised by other ICOs into perspective. Last month, Gnosis’ ICO raised over $12.5 million – a valuation of $300,000,000 – in less than 15 minutes so precedents have already been set for large figure investments. Watch out Hollywood.

Watch Braid’s official trailer below. Warning: NSFW

[vimeo 137379995 w=500 h=211]

Will the ICO funding model allow enough input and control for investors? Let us know what you think in the comments below.

Images and video courtesy of BraidTheMovie, Twitter, Pixabay

The post Independent Film’s ICO says Goodbye to Hollywood appeared first on Bitcoinist.com.

Devry BUSN 420 Week 3 Quiz – Simon Jhon –