THIS IS A THREE-PART QUESTION.  Each part is worth 3 points….

THIS IS A THREE-PART QUESTION.  Each part is worth 3 points. You are reviewing a contract for your business.  One of the paragraphs states: “To the fullest extent permitted by law, each party agrees to indemnify and hold harmless the others with respect to any loss, damage or claim resulting from or relating to that party’s negligent acts or omissions or those of its representatives.” 1. What are statements like this called? 2.  What does this mean? 3.  Why are statements like this put into contracts?

Tom loves model trains. He wanted to share his enthusiasm wi…

Tom loves model trains. He wanted to share his enthusiasm with like-minded individuals, so he opened a model train store in his small town. He does not get much foot traffic and sales have been poor.  His eBay transactions have always been profitable, and he does not understand why his store is failing.  Which of the following mistakes did Tom likely make?