Question 1

Which of the following is an example of an irrevocable offer?

Accepted Answer

A) counteroffer 
B) gift promise 
C) option contract 
D) accommodation 
A) counteroffer 
B) gift promise 
C) option contract 
D) accommodation C

Question 2

Miranda Airways, a commercial air carrier, has a contract with Wurtherton Inc., an airplane manufacturer, to purchase a new plane.Due to a sudden shortage of cash, Miranda Airways goes to MetrosBank.MetrosBank issues a document to Wurtherton that if Miranda does not pay for the transaction, MetrosBank would.Wurtherton considers the offer, and then sends an acceptance with additional terms.The additional terms stipulates that Miranda Airways could have the new airplane for a period of 10 years, and then return it to Wurtherton.Miranda Airways agrees to the acceptance, and Wurtherton hands the new airplane over to them.
-Which of the following documents did MetrosBank issue to Wurtherton to help Miranda Airways secure the airplane?

Accepted Answer

A) a bill of exchange 
B) a proforma invoice 
C) a letter of credit 
D) a remittance advice 
A) a bill of exchange 
B) a proforma invoice 
C) a letter of credit 
D) a remittance advice C

Question 3

In which of the following can the Statute of Frauds be raised under common law of contract?

Accepted Answer

A) when a seller of specially manufactured goods has made commitments for procurement for an oral agreement 
B) when the party against whom enforcement of an oral sales or lease contract is sought admits of such a contract in court 
C) when the writing must be signed by the party against whom enforcement is sought 
D) when there has been no written confirmation of a contract between two merchants 
A) when a seller of specially manufactured goods has made commitments for procurement for an oral agreement 
B) when the party against whom enforcement of an oral sales or lease contract is sought admits of such a contract in court 
C) when the writing must be signed by the party against whom enforcement is sought 
D) when there has been no written confirmation of a contract between two merchants C

Question 4

In a lease contract, the title of goods is passed from the lessor to the lessee.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following would be considered as goods?

Accepted Answer

A) company shares 
B) crops 
C) trade secrets 
D) money 
A) company shares 
B) crops 
C) trade secrets 
D) money

Question 6

The battle of the forms occurs when the offeror receives an acceptance drafted from the offeree's own form contract.

Accepted Answer

A) True 
 B)False

Question 7

Article 2A of the UCC deals with lessors and lessees.

Accepted Answer

A) True 
 B)False

Question 8

What is "course of dealing" when interpreting the express terms of a written statement?

Accepted Answer

A) the previous conduct of the parties regarding the contract in question 
B) the conduct of the parties in prior transactions and contracts 
C) the conduct of contractual parties with parties not involved in the contract 
D) any practice of dealing that is regularly observed or adhered to in an industry 
A) the previous conduct of the parties regarding the contract in question 
B) the conduct of the parties in prior transactions and contracts 
C) the conduct of contractual parties with parties not involved in the contract 
D) any practice of dealing that is regularly observed or adhered to in an industry

Question 9

What are the different terms used in electronic contracting?

Accepted Answer

Electronic means relating to technology

Question 10

Miranda Airways, a commercial air carrier, has a contract with Wurtherton Inc., an airplane manufacturer, to purchase a new plane.Due to a sudden shortage of cash, Miranda Airways goes to MetrosBank.MetrosBank issues a document to Wurtherton that if Miranda does not pay for the transaction, MetrosBank would.Wurtherton considers the offer, and then sends an acceptance with additional terms.The additional terms stipulates that Miranda Airways could have the new airplane for a period of 10 years, and then return it to Wurtherton.Miranda Airways agrees to the acceptance, and Wurtherton hands the new airplane over to them.
-What UCC rule was applied when Miranda Airways agreed to the additional terms acceptance provided by Wurtherton?

Accepted Answer

A) firm offer rule 
B) mirror image rule 
C) battle of the forms rule 
D) gap-filling rule 
A) firm offer rule 
B) mirror image rule 
C) battle of the forms rule 
D) gap-filling rule

Question 11

Explain the 'open delivery' term.

Accepted Answer

If the parties to a sales contract do no

Question 12

According to the UCC, a seller or buyer who reserves the right to fix a price must do so in good faith.

Accepted Answer

A) True 
 B)False

Question 13

A finance lease involves a lessor leasing money to a lessee.

Accepted Answer

A) True 
 B)False

Question 14

A shipment that is offered to a buyer as a replacement for the original shipment when the original shipment cannot be filled is referred to as a(n)________.

Accepted Answer

A) consideration 
B) accommodation 
C) surrogate 
D) open delivery 
A) consideration 
B) accommodation 
C) surrogate 
D) open delivery

Question 15

How are additional terms in an acceptance to a contract viewed under the common law?

Accepted Answer

A) They are viewed as proposed additions to the contract. 
B) They are seen as a counteroffer. 
C) They are allowed into the contract by the battle of the forms rule. 
D) They must be accepted under the mirror image rule. 
A) They are viewed as proposed additions to the contract. 
B) They are seen as a counteroffer. 
C) They are allowed into the contract by the battle of the forms rule. 
D) They must be accepted under the mirror image rule.

Question 16

If one or both parties to a sales contract are merchants, any additional terms are considered proposed additions to the contract.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following does Article 2A of the Uniform Commercial Code govern?

Accepted Answer

A) mixed sales 
B) sale of goods 
C) leases 
D) letters of credit 
A) mixed sales 
B) sale of goods 
C) leases 
D) letters of credit

Question 18

Shipment of the original offer to a buyer is called an accommodation.

Accepted Answer

A) True 
 B)False

Question 19

A sales contract evidenced by writing cannot be contradicted by a prior oral or written agreement.

Accepted Answer

A) True 
 B)False

Question 20

What are the provisions for contracts with services under Article 2 of the UCC?

Accepted Answer

Contracts for the provision of services-

Exam 18: Formation of Sales and Lease Contracts

Which of the following is an example of an irrevocable offer?

In which of the following can the Statute of Frauds be raised under common law of contract?

In a lease contract, the title of goods is passed from the lessor to the lessee.

Which of the following would be considered as goods?

The battle of the forms occurs when the offeror receives an acceptance drafted from the offeree's own form contract.

Article 2A of the UCC deals with lessors and lessees.

What is "course of dealing" when interpreting the express terms of a written statement?

What are the different terms used in electronic contracting?

Explain the 'open delivery' term.

According to the UCC, a seller or buyer who reserves the right to fix a price must do so in good faith.

A finance lease involves a lessor leasing money to a lessee.

A shipment that is offered to a buyer as a replacement for the original shipment when the original shipment cannot be filled is referred to as a(n)________.

How are additional terms in an acceptance to a contract viewed under the common law?

If one or both parties to a sales contract are merchants, any additional terms are considered proposed additions to the contract.

Which of the following does Article 2A of the Uniform Commercial Code govern?

Shipment of the original offer to a buyer is called an accommodation.

A sales contract evidenced by writing cannot be contradicted by a prior oral or written agreement.

What are the provisions for contracts with services under Article 2 of the UCC?

Legal Heritage and the Digital Age

Courts and Jurisdiction

Judicial,Alternative,and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

E-Commerce and Digital Law

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, Defenses, and Discharge

Banks, E-Money, and Financial Reform

Credit,Mortgages,and Debtor's Rights

Secured Transactions and E-Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment, Worker Protection, and Immigration Law

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Business, Entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, E-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants' Duties and Liability

Wills Trusts and Estates

Family Law

International and World Trade Law

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