Quiz 1

A  Length of time the contract prices exists.

B  Identification of Who is authorized to modify the contract

C  Deposit and Cancellation policies

D  all the above

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  Meeting Space Contracts

B  all the above

C  Group Lodging Contracts

D  Franchise-related Contracts

E  Management Operating Contracts

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  all the above

B  Verbal or nonverbal agreement

C  Acceptance of a deposit

D  Acceptance of partial or full payment

E  Agreement in writing

A  all the above

B  Consideration

C  Offer

D  Acceptance

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  Franchise

B  all the above

C  Management Contract

D  Condo Hotels/Shared Services

E  Owner-Operator

A  General Partnership

B  all the above

C  C Corporation

D  Sole Proprietorship

E  Limited Partnership

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  all the above

B  Internal Revenue Service (IRS)

C  Equal Employment Opportunity Commission (EEOC)

D  Occupational Safety and Health Administration (OSHA)

E  Food and Drug Administration (FDA)

A  Be aware of the major entities responsible for regulation.

B  Understand how to resolve conflicting regulations.

C  Stay abreast of changes in regulations that affect your segment of the industry.

D  all the above

E  Be aware of the process for responding to an inquiry or complaint from a regulatory entity.

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  all the above

B  Would I publicize my action?

C  Am I being honest?

D  Is it fair?

E  Is it legal?

A  It is possible to use the philosophy of preventive management to manage the legal environment and minimize the chances of litigation.

B  all the above

C  Laws have historical origins, and the manager needs to know them

D  Laws have an evolutionary nature, based on changes in society.