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Successful Negotiation Business problems, Finance Assignment Homework Help
Brijesh is negotiating with Sara, who wants to purchase his car. The only issue is price. This is an example of a (select one):
position-based negotiation.
interest-based negotiation.
dispute-resolution negotiation.
all of the above
two of the above
none of the above
1point
2.
In the “House on Elm Street” negotiation, Pat could pay no more than 250,000 for the house. This is Pat’s (select one):
stretch goal.
most-likely price.
reservation price.
BATNA.
ZOPA.
none of the above.
1point
3.
Jing and Tim have parking spaces next to each other at the apartment complex where they live. Tim claims that Jing dented his car when she was driving out of her space. They are negotiating with each other, trying to resolve this dispute. This type of negotiation tends to (select one):
be adversarial.
look to the past.
be interest-based.
all of the above.
two of the above.
none of the above.
1point
4.
Boris is involved in a business dispute with his partner Kaylee. Someone has suggested that they should use a third party process to resolve the dispute. The following are examples of third party processes (select one):
arbitration
mediation
litigation
all of the above
two of the above
none of the above
1point
5.
Someone else has suggested that Boris and Kaylee (#4 above) should use an ADR process. The following are examples of ADR processes (select one):
arbitration
mediation
litigation
all of the above
two of the above
none of the above
1point
6.
Tommaso owns a business and is involved in a dispute with one of his suppliers, Sharmin. Because Tommaso is certain that he is right, he wants to use a rights-oriented process to resolve the dispute. Examples of rights-oriented processes are (select one):
arbitration
mediation
negotiation
two of the above
all of the above
none of the above
1point
7.
Kelly is negotiating a complex deal with Santiago, but they are making little progress. They should consider the following processes, which have been used for deal making (select one):
mediation
litigation
arbitration
all of the above
two of the above
none of the above
1point
8.
Cai is preparing for a cross-cultural negotiation with Yosuke. In preparing for this negotiation, he wants to make sure that he understands Yosuke’s “deep culture.” This means understanding the other side’s (select one):
values.
beliefs.
negotiating style.
all of the above
two of the above
none of the above
1point
9.
Elena is negotiating the purchase of a kitchen table from her neighbor Beixi. Her goal is to acquire it for 250 and she will begin the negotiations by offering 150. If Elena cannot negotiate a price of 300 or less for the table, she will purchase a new table from a store for 400. Beixi’s goal is to sell the table for 350. She will counter Elena’s initial offer by countering with 400. If Beixi cannot get at least 275 from Elena for the table, she will sell it to her nephew for 200. (Select one):
Elena’s stretch goal is 150 and Beiji’s stretch goal is 200.
Elena’s stretch goal is 400 and Beiji’s stretch goal is 400.
Elena’s stretch goal is 250 and Beiji’s stretch goal is 400.
Elena’s stretch goal is 300 and Beixi’s stretch goal is 350.
Elena’s stretch goal is 250 and Beixi’s stretch goal is 275.
none of the above
1point
10.
Based on only the facts in #9, (select one):
Elena’s reservation price is 400 and Beixi’s reservation price is 275.
Elena’s reservation price is 300 and Beixi’s reservation price is 275.
Elena’s reservation price is 400 and Beixi’s reservation price is 200.
Elena’s reservation price is 250 and Beixi’s reservation price is 200.
Elena’s reservation price is 150 and Beixi’s reservation price is 350.
none of the above
1point
11.
Based on only the facts in #9 (select one):
This is an interest-based negotiation.
This is a position-based negotiation.
This is a deal-making negotiation.
all of the above
two of the above
none of the above
1point
12.
Based on only the facts in #9 (select one):
Elena’s BATNA is 300 and Beixi’s BATNA is 275.
Elena’s BATNA is 150 and Beixi’s BATNA is 400.
Elena’s BATNA is 400 and Beixi’s BATNA is 250.
Elena’s BATNA is 250 and Beixi’s BATNA is 350.
Elena’s BATNA is 300 and Beixi’s BATNA is 200.
None of the above
1point
13.
Based on only the facts in #9 the ZOPA ranges from (select one):
250 to 400.
275 to 300.
150 to 250.
250 to 350.
150 to 400.
150 to 275.
1point
14.
Clyde owns a business and needs to hire a temporary employee for one month, beginning November 16. On November 1, he sent Bonnie a written job offer that stated the November 16 start date. Bonnie accepted Clyde’s offer with a written reply on November 2 but said that she could not start until November 18. Clyde sent her a written response on November 3 stating that November 18 was fine with him. Assuming that all other details regarding employment (such as salary, hours, etc.) were spelled out in their messages, Bonnie and Clyde (select one):
formed a contract on November 1.
formed a contract on November 2.
formed a contract on November 3.
formed a contract on November 16.
formed a contract on November 18.
have not formed a contract.
1point
15.
Amanda is beginning to negotiate the sale of her car to Anuj. In deciding whether to make the first offer, the most important psychological tool that she needs to consider is (select one):
the contrast principle.
reactive devaluation.
anchoring.
reciprocity.
whether the other side is authorized to make a deal.
none of the above.
1point
16.
Jessica manufactures components for a product. She has sued one of her customers, Michael, in the United States for payment. Michael claims that the components that Jessica delivered were defective. They are now negotiating a possible settlement. Jessica is asking the court to award her 400,000 in damages and she agreed to pay her attorney a 30% contingency fee. There is a 50% chance that she will win. If they go to court, she estimates that Michael’s attorney’s fees will total 80,000. Based on a decision tree calculation, the value of Jessica’s litigation BATNA based only on these facts is (select one):
400,000.
280,000.
200,000.
140,000.
110,000.
none of the above.
1point
17.
Same facts as #16, except that Jessica files her lawsuit outside the US in a country that uses a "loser pays" rule. Instead of hiring her attorney on a contingency fee, she agrees to pay the attorney a fixed fee of 90,000. Based on a decision tree calculation, the value of Jessica’s litigation BATNA based on these revised facts is (select one):
200,000.
155,000.
115,000.
110,000.
70,000
none of the above.
1point
18.
Harinee is negotiating to sell her car to Sam. During negotiations, Sam asks Harinee whether the car has ever been damaged in an accident. Harinee says “absolutely not.” This is a lie. She was involved in a serious accident in which a passenger in her car was killed. After the accident she had the car completely repaired and the damage is not noticeable. Based on Harinee’s answer, Sam bought the car but later discovered the lie. Harinee has violated which of the following legal rules (select one):
fiduciary duty
unconscionability
fraud
all of the above
two of the above
none of the above
1point
19.
Mark works in sales for Company X and is paid a commission on his sales. After negotiations he enters into a contract to sell a product to a customer at a price that is much higher than what other sales people could negotiate. His boss sends Mark an email stating that she is very pleased with the deal. Despite the high price, the customer is also pleased with the deal and pays Mark a bonus. When Mark’s company later learns about the bonus the company (select one):
can refuse to pay his commission because the unconscionability rule.
can refuse to pay his commission because of the fraud rule.
can refuse to pay his commission because of the fiduciary duty rule.
can refuse to pay his commission because of the Golden Rule.
in this situation, must pay the commission.
none of the above
1point
20.
To increase your power in a negotiation you should (select one):
always make the first offer.
use reactive devaluation.
rely on confirming evidence when preparing for the negotiation.
ask the other side lots of questions
use overconfidence when making decisions relating to the negotiation.
none of the above
1point
21.
Your BATNA strategy should always include (select one):
disclosing your BATNA.
weakening the other side’s BATNA.
strengthening your BATNA.
all of the above.
two of the above.
none of the above.
1point
22.
Company A hired Nick as an agent and gave him a letter authorizing him to make purchases on behalf of the company. In a separate email, the company explained to Nick that he could only make purchases for 100,000 or less. In other words, 100,000 was the reservation price for his negotiations. Nick proceeded to negotiate a contract with a new supplier, B, in which he purchased goods for 95,000. Nick showed B the letter of authority from the company but did not mention the 100,000 limitation that the company explained in the email. Select one:
Company A is bound by the contract because Nick had express authority.
Company A is bound by the contract because Nick had apparent authority.
Company A is not bound by the contract because of illegality.
Company A is not bound by the contract because of unconscionability.
Company A is not bound by the contract because of fraud.
none of the above.
1point
23.
Same fact as #22, except that Nick agreed to pay 105,000 in the contract with B. Select one.
Company A is bound by the contract because Nick had express authority.
Company A is bound by the contract because Nick had apparent authority.
Company A is not bound by the contract because of illegality.
Company A is not bound by the contract because of unconscionability.
Company A is not bound by the contract because of fraud.
none of the above
1point
24.
The best way to avoid the fixed pie assumption is to (select one):
devalue proposals made by the other side.
use a large stretch goal.
search for interests of both sides that aren’t in conflict.
all of the above.
two of the above.
none of the above.
1point
25.
Eshan is preparing for a negotiation to sell his house to Jose. He thinks that the ZOPA range is 250 to 300 when it is really 225 to 325. This is an example of (select one):
reactive devaluation.
overconfidence.
the contrast principle.
all of the above.
two of the above.
none of the above.
1point
26.
Malavica is negotiating to purchase some equipment from Eric for her start-up business. During the negotiation she makes a concession to Eric regarding the delivery date. (The delivery date requested by Eric caused no problems for Malavica.) In gratitude for her concession, Eric agrees to extend the warranty on the equipment he is selling her for an additional time period. This is an example of (select one):
anchoring.
reciprocity.
availability.
all of the above.
two of the above.
none of the above.
1point
27.
Bailey recently moved to France and is negotiating the purchase of a house in a suburb of Paris from a French owner. She has retained her US citizenship. Her contract is governed by (select one):
civil law.
common law.
the United Nations Convention on Contracts for the International Sale of Goods.
the Uniform Commercial Code.
all of the above.
none of the above.
1point
28.
Jing is negotiating to sell her business to Pedro. They have reached agreement on most of the terms of the sale and have just signed an agreement in principle. Agreements in principle are (select one):
always binding contracts.
never binding contracts.
can be binding contracts, depending on the circumstances.
statements summarizing the ethical beliefs of the two sides.
two of the above.
none of the above.
1point
29.
Sarah signed an agreement to rent an apartment from a landlord who also signed the agreement. During the lease negotiations, the landlord agreed to provide Sarah with extra storage space in the basement of the apartment building but this promise was not included in the agreement. The landlord now tells Sarah that he will not provide the extra space. If the landlord admits making the promise, under the parol evidence rule (select one):
he is legally required to provide the extra space because consideration is missing.
he is legally required to provide the extra space because of his fiduciary duty to Sarah.
he is legally required to provide the extra space because of the overconfidence trap.
all of the above.
two of the above.
none of the above.
1point
30.
After both sides signed the lease in #29, the landlord asked Sarah if she would be willing to delay the move-in date by two days. She agreed and they amended the lease. In this situation (select one):
there is no consideration for Sarah’s additional promise.
there is consideration for Sarah’s additional promise because of the illegality principle.
there is consideration for Sarah’s additional promise because of fiduciary duty requirements.
all of the above.
two of the above.
none of the above.
1point
31.
Kathryn and Jose are involved in a business dispute that is going to arbitration. In the typical arbitration (select one):
the arbitrator acts as a facilitator.
the arbitrator decides who wins and who loses.
the arbitrator attempts to bring the parties together to transform their relationship.
all of the above.
two of the above.
none of the above.
1point
32.
In #31, Kathryn and Jose decide to try mediation instead of arbitration. They can select one of the following, which are the typical types of mediation (select one):
faciliative.
baseball.
evaluative.
all of the above.
two of the above.
none of the above.
1point
33.
In #31, assume that Kathryn and Jose are trying to decide whether to resolve their dispute either by one-on-one negotiation or by mediation. Negotiation and mediation are similar except that with mediation (select one):
a third party is present to make a decision.
witnesses testify under oath.
mediators generally follow court procedure.
all of the above.
two of the above.
none of the above
1point
34.
Jed is negotiating a business deal with Steve. They think that there might not be a ZOPA, in which case they are wasting their time. The best process for finding out whether there is a ZOPA is (select one):
avoidance.
arbitration.
mediation.
all of the above.
two of the above.
none of the above.
1point
35.
In every price negotiation, there is (select one):
a ZOPA.
a BATNA.
a reservation price.
all of the above.
two of the above.
none of the above.
1point
36.
If the losing party in an arbitration appeals the decision to the court system, the court will (select one):
always r
