Question 1

A contract must be in a formal writing to satisfy the statute of frauds.

Accepted Answer

A) True 
 B)False

Question 2

The Restatement of Contracts is another name for the UCC.

Accepted Answer

A) True 
 B)False

Question 3

The subprime lending market collapse in 2008 led to other credit crunches and business impacts.

Accepted Answer

A) True 
 B)False

Question 4

A contract for the sale of a $12.2 million Lear jet would be governed by common law because a document of title is involved.

Accepted Answer

A) True 
 B)False

Question 5

An offer is effectively communicated upon mailing or dispatch.

Accepted Answer

A) True 
 B)False

Question 6

James Reston offered,via letter,to sell his mountain cabin to Jennifer Olsen for $375,000.Before Jennifer could respond,Reston died suddenly.What happens with the offer?​

Accepted Answer

A) ​Theoffer remains open until Reston's estate revokes it. 
B) ​The offer terminated with Reston's death. 
C) Jennifer still has the power of acceptance for a reasonable period of time after Reston's death. 
D) The offer is enforceable against the estate of Reston. 
A) ​Theoffer remains open until Reston's estate revokes it. 
B) ​The offer terminated with Reston's death. 
C) Jennifer still has the power of acceptance for a reasonable period of time after Reston's death. 
D) The offer is enforceable against the estate of Reston.

Question 7

The UCC has no timing rules for acceptance.

Accepted Answer

A) True 
 B)False

Question 8

A contract for the sale of a car for $700,under the old UCC,must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is not part of the CARD provisions on transfer of credit card balances?

Accepted Answer

A) Limits on how quickly credit terms can be changed following the transfer. 
B) Additional disclosures on transfer fees. 
C) Limits on transfer fees. 
D) Prohibitions on additional transfers by the card holder. 
A) Limits on how quickly credit terms can be changed following the transfer. 
B) Additional disclosures on transfer fees. 
C) Limits on transfer fees. 
D) Prohibitions on additional transfers by the card holder.

Question 10

Jane Linden is negotiating with James Paul to buy his2012 Mini-Cooper.The following excerpts from letters have occurred so far: 
Jane: "I would be interested in purchasing your Mini-Cooper."
James: "I am thinking of selling my Mini-Cooper."
Jane: "I am considering selling my diamond tennis bracelet to buy your Mini-Cooper."
Which of the following statements is true?

Accepted Answer

A) James and Jane have a contract to sell the Mini-Cooper. 
B) James and Jane do not have a contract to sell the Mini-Cooper. 
A) James and Jane have a contract to sell the Mini-Cooper. 
B) James and Jane do not have a contract to sell the Mini-Cooper.

Question 11

"I'm thinking of selling my CD player," is an example of offer language.

Accepted Answer

A) True 
 B)False

Question 12

"Drive my car to Albuquerque,and I'll pay you $500," is not a valid offer.

Accepted Answer

A) True 
 B)False

Question 13

Common law does not dictate amounts required for consideration.

Accepted Answer

A) True 
 B)False

Question 14

An applicant for credit need not disclose spousal support income if he is not relying on it as an income source.

Accepted Answer

A) True 
 B)False

Question 15

Name the statutes that affect contract formation in cyberspace.

Accepted Answer

E-sign - The Electronic Signat

Question 16

Contracts for the sale of land must be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 17

Using what you have learned about consumer credit,develop a credit application that would comply with all federal statutes and regulations.

Accepted Answer

Cannot ask for extra sources o

Question 18

Under the UCC and between merchants,additional terms in acceptance:

Accepted Answer

A) are part of the contract unless they are material. 
B) are part of the contract unless the offer was limited. 
C) result in rejection of the original offer. 
D) none of the above 
A) are part of the contract unless they are material. 
B) are part of the contract unless the offer was limited. 
C) result in rejection of the original offer. 
D) none of the above

Question 19

The solicitation of credit card customers is not regulated by the federal government.

Accepted Answer

A) True 
 B)False

Question 20

The spouse of a credit applicant must disclose his or her credit information if the credit application is for the applicant's business operations.

Accepted Answer

A) True 
 B)False

A contract must be in a formal writing to satisfy the statute of frauds.

The Restatement of Contracts is another name for the UCC.

The subprime lending market collapse in 2008 led to other credit crunches and business impacts.

A contract for the sale of a $12.2 million Lear jet would be governed by common law because a document of title is involved.

An offer is effectively communicated upon mailing or dispatch.

James Reston offered,via letter,to sell his mountain cabin to Jennifer Olsen for $375,000.Before Jennifer could respond,Reston died suddenly.What happens with the offer?

The UCC has no timing rules for acceptance.

A contract for the sale of a car for $700,under the old UCC,must be in writing to be enforceable.

Which of the following is not part of the CARD provisions on transfer of credit card balances?

"I'm thinking of selling my CD player," is an example of offer language.

"Drive my car to Albuquerque,and I'll pay you $500," is not a valid offer.

Common law does not dictate amounts required for consideration.

An applicant for credit need not disclose spousal support income if he is not relying on it as an income source.

Name the statutes that affect contract formation in cyberspace.

Contracts for the sale of land must be in writing to be enforceable.

Using what you have learned about consumer credit,develop a credit application that would comply with all federal statutes and regulations.

Under the UCC and between merchants,additional terms in acceptance:

The solicitation of credit card customers is not regulated by the federal government.

The spouse of a credit applicant must disclose his or her credit information if the credit application is for the applicant's business operations.

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance,Remedies,and Collection

Product Advertising and Liability

Business Competition: Antitrust

Business and Intellectual Property Law

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management of Employee Welfare

Management: Employment Discrimination

Filters

Exam 11: Contracts and Sales: Introduction and Formation

A contract must be in a formal writing to satisfy the statute of frauds.

The Restatement of Contracts is another name for the UCC.

The subprime lending market collapse in 2008 led to other credit crunches and business impacts.

A contract for the sale of a $12.2 million Lear jet would be governed by common law because a document of title is involved.

An offer is effectively communicated upon mailing or dispatch.

James Reston offered,via letter,to sell his mountain cabin to Jennifer Olsen for $375,000.Before Jennifer could respond,Reston died suddenly.What happens with the offer?​

The UCC has no timing rules for acceptance.

A contract for the sale of a car for $700,under the old UCC,must be in writing to be enforceable.

Which of the following is not part of the CARD provisions on transfer of credit card balances?

"I'm thinking of selling my CD player," is an example of offer language.

"Drive my car to Albuquerque,and I'll pay you $500," is not a valid offer.

Common law does not dictate amounts required for consideration.

An applicant for credit need not disclose spousal support income if he is not relying on it as an income source.

Name the statutes that affect contract formation in cyberspace.

Contracts for the sale of land must be in writing to be enforceable.

Using what you have learned about consumer credit,develop a credit application that would comply with all federal statutes and regulations.

Under the UCC and between merchants,additional terms in acceptance:

The solicitation of credit card customers is not regulated by the federal government.

The spouse of a credit applicant must disclose his or her credit information if the credit application is for the applicant's business operations.

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance,Remedies,and Collection

Product Advertising and Liability

Business Competition: Antitrust

Business and Intellectual Property Law

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management of Employee Welfare

Management: Employment Discrimination

Filters

James Reston offered,via letter,to sell his mountain cabin to Jennifer Olsen for $375,000.Before Jennifer could respond,Reston died suddenly.What happens with the offer?